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Business Report Generated on 02 June 2016

POLSKI KONCERN NAFTOWY ORLEN SA

EMISid 1454737ISIN Code PLPKN0000018PL DUNS 644308413NIP 7740001454KRS 0000028860REGON 610188201

Headquart ersUl Chemikow 7 Plock Mazowieckie PolandMapPost al Code 09-411T el +48 (24) 3650000Fax +48 (24) 3654040Email zarzadorlenplWebsit e httpwwworlenpl

Main Act ivit ies Gasoline Stations Oil and Gas Extraction Petroleum Refineries

Copyright copy 2016 EMIS all rights reserved A Euromoney Institutional Investor company

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Table of Contents

Table of ContentsCompany Tear Sheet

Contact Information

NAICS Industry Classif ication

Business description

Basic Information

EMIS Financial Score

Share Price information

Key Executives

Ownership Details

Subsidiaries and Affiliates

Key Financial Highlights

Financial Performance Charts

Latest MampA and ECM Deals

Top Competitors

Financial StatementsAnnual Statements

Interim Statements

Ratios

Multiples

Company DocumentsFinancial DocumentsAnnual Reports

Corporate Actions

News amp ReportsNews

Reports

MampA and ECM DealsEMIS DealWatch Deals

EMIS DealWatch Intents

EMIS Credit Analyt icsSummary


EMIS Benchmark Score

EMIS Credit Quota

Conclusions

Company vs Industry Key Stats

Company vs Industry Balance Sheet

Company vs Industry Income Statement

Company vs Industry Cash Flow

EMIS Credit Analytics Assumptions

GlossaryDisclaimer

EMIS Business Report Generated on 2016-06-02

Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company Page 2 of 48

Full name Polski Koncern Naftowy ORLEN SA

Previous name(s) Polski Koncern Naftowy SA ()

Mazowieckie Zaklady Rafineryjne i Petrochemiczne SA ()

Petrochemia Plock SA ()

St at us Listed

Legal Form Public Limited Company

Operat ional St at us Operational

EMISid 1454737

ISIN Code PLPKN0000018

PL DUNS 644308413

NIP 7740001454

KRS 0000028860

REGON 610188201

Incorporat ion Dat e 2001

Headquart ers

Ul Chemikow 7 Plock Mazowieckie Poland

Map

Post al Code 09-411

T el +48 (24) 3650000

Fax +48 (24) 3654040

Email zarzadorlenpl

Websit e httpwwworlenpl

Main Act ivit ies Gasoline Stations (447) | Oil and Gas Ext ract ion (2111) | Petroleum Refineries (32411)

Company Descript ion

PKN ORLEN is the largest manufacturer and distributor of petroleum products and

chemicals in Poland and one of the largest in the region of Central and Eastern

Europe The company deals with the processing of crude oil to unleaded gasoline

diesel heating oil jet fuel plastics and petrochemical products The Group

manages seven refineries in Poland Czech Republic and Lithuania it also has

the largest gasoline stations network in Central Europe

Main Product s

Petroleum products petrol diesel heating oil

T rade Marks

Verva Bliska Platinum Impact Ekoterm Orbiton TankBank Club Vitay Flota

T ot al Employees 4543 (2015)

Out st anding Shares 427709061 (2011)

Regist ered Capit al PLN 534636326 (2003)

Financial Audit ors KPMG (2015)

Rat ings Moodys Baa3 (20-Jun-14) FITCH BBB- (30-Aug-13)

Company Tear Sheet - Contact Information

Company Tear Sheet - NAICS Industry Classif icat ion

Secondary Act ivit ies Management of Companies and Ent erprises (551) | Petroleum and Petroleum Products Merchant Wholesalers (4227)

Company Tear Sheet - Business descript ion

Company Tear Sheet - Basic Information

Company Tear Sheet - EMIS Financial Score

EMIS Financial ScoreEMIS Financial Score was not affected by Conditions

Company Tear Sheet - Share Price information



Last Price 6905

Volume 475900

Turnover 32711179

Previous 6900

Change 005 (0 07)

1 Year Change -271

Index RESPECT

Market Warsaw Stock Exchange

Ticker PKN

Market Cap 29511925

52 Week High 8525

52 Week Low 5764

PE 913

EPS 756

Dividend Yield 165 (July 08 2015)

Bookvalue 22946000

Enterprise Value 39262925

Quote updated on June 02 2016

Note data in PLN Thousands

St at e T reasury 2752

Nat ionale-Nederlanden OFE 912

OFE Aviva BZ WBK 734

Ot her 5602

Company Tear Sheet - Key Executives

Wojciech Jasinski President

Miroslaw Kochalski Vice President

Slawomir Jedrzejczyk Vice President

Krystian Pater Management Board Member

Piotr Chelminski Management Board Member

Zbigniew Leszczynski Management Board Member

Angelina Sarota Supervisory Board Chairman

Adrian Dworzynski Supervisory Board Member

Agnieszka Krzetowska Supervisory Board Member

Arkadiusz Siwko Supervisory Board Member

Artur Gabor Supervisory Board Member

Mateusz Henryk Bochacik Supervisory Board Member

Radoslaw Leszek Kwasnicki Supervisory Board Member

Remigiusz Nowakowski Supervisory Board Member

Company Tear Sheet - Ownership Details



Orlen Insurance Lt d (Malt a)

Anwil SA 100

Pro Lab Sp z oo 9999

Przedsiebiorst wo Uslug T echnicznych Wircom Sp z oo 9705

Balt ic Power Sp z oo 100

Balt ic Spark Sp z oo 100

Inowroclawskie Kopalnie Soli Solino SA 100

Kopalnia Soli Lubien Sp z oo 100

ORLEN Deut schland AG (Germany) 100

Orlen Administ racja Sp z oo 100

Orlen Asf alt Sp z oo 100

Orlen Budonaf t Sp z oo 100

Orlen Cent rum Uslug Korporacyjnych Sp z oo 100

Orlen Eko Sp z oo 100

Orlen Gaz Sp z oo 100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Hrubieszow 100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Jaworzno 100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Krosno Odrzanskie100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Nowa Brzeznica100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Plock 100

Orlen Gaz Sp z oo Rozlewnia Gazu Plynnego Ugoszcz 100

Orlen Pet rogaz Wroclaw Sp z oo 100

Orlen Liet uva AB (Lit huania) 100

Mazeikii Naf t os prekybos namai UAB (Lit huania) 100

Mazeikii Naf t os sveikat os prieziuros cent ras UAB (Lit huania)100

Naf t e lf UAB (Lit huania) 100

Paslaugos t au UAB (Lit huania) 100

Vent us-Naf t a AB (Lit huania) 100

EMAS UAB (Lit huania) 34

Orlen Ochrona Sp z oo 100

Orlen Ochrona Sp z oo Oddzial W Republice Czeskie j (CzechRepublic)

100

Orlen Oil Sp z oo 100

Pet ro-Oil SEEWAX Sp z oo 25

Plat inum Oil Sp z oo 2198

Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo Oddzial WBaranowie

100

Pet ro Oil Wielkopolskie Cent rum Sprzedazy Sp z oo WSuchym Lesie Oddzial W T orniu

Konsorcjum Olejow Przepracowanych Organizacja OdzyskuOpakowan I Ole jow SA

81

Konsorcjum Olejow Przepracowanych Organizacja Odzysku SAOddzial W Krakowie

100

Ran Akant Sp z oo 51

Ran Pet romex Sp z oo 51

Ran Wat t Sp z oo 51

Remwil Sp z oo 100

Przedsiebiorst wo Inwest ycyjno Remont owe Remwil Sp z ooOddzial W Nerat ovicach

100

Orlen Kolt rans Sp z oo 9985

Orlen Projekt SA 9963

Orlen Holding Malt a Limit ed (Malt a) 995

Orlen T ransport Krakow Sp z oo 9841

Orlen T ransport Krakow Sp z oo Oddzial Przemysl 100

Orlen T ransport Krakow Sp z oo Oddzial Rzeszow 100

Raf T rans Sp z oo 100

Orlen Cent rum Serwisowe Sp z oo 9637

Orlen Cent rum Serwisowe Sp z oo Oddzial Kat owice 100

Orlen Cent rum Serwisowe Sp z oo Oddzial Kedzierzyn Kozle100

Orlen Cent rum Serwisowe Sp z oo Oddzial Kie lce 100

Orlen Cent rum Serwisowe Sp z oo Oddzial Lodz 100

Orlen Cent rum Serwisowe Sp z oo Oddzial Nowa Wies Wielka100

Orlen Cent rum Serwisowe Sp z oo Oddzial Rzeszow 100

Orlen Cent rum Serwisowe Sp z oo Oddzial Warszawa 100

Serwis Mazowsze Sp z oo 885

Orlen Laborat orium Sp z oo 9494

Orlen Wir Sp z oo 7659

Orlen Wir Sp z oo Oddzial Na Lit wie Z Siedziba W Kownie 100

UNIPET ROL as (Czech Republic) 6299

BENZ INA sro (Czech Republic) 100

PARAMO as (Czech Republic) 100

MOGUL SLOVAKIA sro (Slovakia) 100

Paramo Oil sro (Czech Republic) 100

UNIPET ROL RAFINERIE sro (Czech Republic) 100

UNIPET ROL RPA sro (Czech Republic) 100

CHEMOPET ROL as (Czech Republic) 100

PET ROT RANS sro (Czech Republic) 1

POLYMER INST IT UT E BRNO spol s ro (Czech Republic) 1

Company Tear Sheet - Subsidiaries and Aff iliates



100

Orlen Paliwa Sp z oo 100

Orlen Paliwa Sp z oo (Widelka) 100

Orlen Paliwa Sp z oo Oddzial Biuro Obslugi Klient a W Plocku100

Orlen Paliwa Sp z oo Oddzial Gaz W Plocku 100

Orlen Paliwa Sp z oo Oddzial Sprzedaz Regionalny W Plocku100

Orlen Paliwa Sp z oo Oddzial Sprzedaz Regiony W Plocku 100

Pet ro Mawi Sp z oo 60

Orlen Poludnie SA 100

Ekonaf t Sp z oo 100

Energomedia Sp z oo 100

Euronaf t T rzebinia Sp z oo 100

Pensjonat Vena Sp z oo 67


8


100

Orlen Serwis SA 100

Orlen Upst ream Sp z oo 100

Pet rolot Sp z oo 100

Pet rolot Sp z oo Port Lot niczy Gdansk T rojmiast o 100

Pet rolot Sp z oo Port Lot niczy Kat owice Pyrzowice 100

Pet rolot Sp z oo Port Lot niczy Krakow Balice 100

Pet rolot Sp z oo Port Lot niczy Poznan Lawica 100

Pet rolot Sp z oo Port Lot niczy Szczecin Goleniow 100

Raf ineria Naf t y Jedlicze SA 100

RAF-Energia Sp z oo 100

Raf Kolt rans Sp z oo 100

UNIPET ROL DOPRAVA sro (Czech Republic) 1

UNIPET ROL SERVICES sro (Czech Republic) 100

UNIPET ROL T RADE as v likvidaci (Czech Republic) 100

Chemapol Schweiz AG (PRODundef ) 100

Vyzkumny ust av anorganicke chemie as (Czech Republic) 100

But adien Kralupy as (Czech Republic) 51

ORLEN HOLDING MALT A (Malt a) 05

UNIPET ROL DEUT SCHLAND GmbH (Germany) 01

PET ROT RANS sro (Czech Republic)

POLYMER INST IT UT E BRNO spol s ro (Czech Republic)

UNIPET ROL DOPRAVA sro (Czech Republic)

Ship Service SA 609

Orlen Aut omat yka Sp z oo 5242

Orlen Aut omat yka Sp z oo Oddzial Na T eryt orium RepublikiLit ewskie j

100

Orlen Aut omat yka Sp z oo Oddzial W T rzebinii 100

Basell Orlen Polyolef ins Sp z oo 50

Basell Orlen Polyolef ins Sprzedaz Sp z oo 100

Plocki Park Przemyslowo T echnologiczny SA 50

Cent rum Edukacji Sp z oo (Plock) 6943

Naf t oport Sp z oo 1795

T elewizja Familijna SA 1196

Dom Wydawniczy Kobiet a I Z ycie Sp z oo 100

Amber T v Sp z oo 75

URODA Sp z oo 7163

Grupa Mult imedialna SA 065

Company Tear Sheet - Key Financial Highlights

FISCAL PERIOD Q1-2013 CONSOLID Q1-2014 CONSOLID Q1-2015 CONSOLID Q1-2016 CONSOLID

Net sales revenue 8722732 7894694 5366537 4096271

Total Operating Revenue 8745929 7993873 5388266 4146296

Operating profit (EBIT) 102957 77903 316278 99293

EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050

Operating Profit Margin 118 099 589 242

Return on Sales (ROS) 053 052 434 207



Return on Equity (ROE) 0 0 0 0

Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030

Provider EMIS - Global EMIS - Global EMIS - Global EMIS - Global


Note data in USD Thousands

Company Tear Sheet - Financial Performance Charts

Company Tear Sheet - Latest MampA and ECM Deals

DAT ECOUNT RY OF

T ARGETT ARGET COMPANY

DEALT YPE

BUYER SELLER DEAL INDUST RIESDEAL VALUE

USD (MN)ST AKE

20-Jan-16CzechRepublic

68 petrol stations of OMV AcquisitionPKNOrlen SA

OMV AG Gasoline Stations NA 10000

16-Nov-15 PolandAssets of EuronaftTrzebinia

AcquisitionPKPCargo SA

PKN Orlen SASupport Activities for RailTransportation Rail Transportation

1502 10000

16-Nov-15 Poland Orlen Transport SA AcquisitionTransPoloniaSA

PKN Orlen SA Truck Transportation 2137 10000

21-Oct-15 Germany13 SUN petrol stations ofGermania Petrol

AcquisitionPKNOrlen SA

GermaniaPetrol GmbH

Gasoline Stations NA 10000

13-Oct-15 Canada Kicking Horse Energy Inc AcquisitionPKNOrlen SA

NA Oil and Gas Extraction 22634 10000

Company Tear Sheet - Top Competitors

Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE

OPERAT INGPROFIT(EBIT )

NETPROFIT (LOSS)

RET URN ONASSET S (ROA)

()

RET URN ONEQUIT Y (ROE)

()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013

BP Europa SEOddzial WPolsce

3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014

Shell SelfService Sp zoo

237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011

Aris Polska Spz oo (Poznan)

146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014

Oil and Gas Extract ion

COMPANYT OT AL

OPERAT INGREVENUE

OPERAT INGPROFIT (EBIT )

NETPROFIT (LOSS)

RET URN ONASSET S (ROA) ()

PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015

Petroleum Refineries

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Orlen Poludnie SA 446323 8937 30232 1760 2763 NA 2014

Rafineria NaftyJedlicze SA

129461 3589 1496 158 317 NA 2011

Janusz FijalkowskiBossoil

82218 128 9 006 111 NA 2011

Fabryka ParafinNaftowax Sp z oo

63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014

Paragran Sp z oosp k

18911 180 241 417 9226 NA 2013

Bitunova Sp z oo(REGON530941152)

17947 1876 1497 1800 2450 NA 2014

Rafineria W JasleSp z oo

11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014




Financial Statements - Annual Statements - EMIS Global Template

REPORTING DETAILS

NAME Y-2011 - CONSOLID Y-2012 - CONSOLID Y-2013 - CONSOLIDY-2014 -

CONSOLIDY-2015 - CONSOLID

Begin date of reporting period 2011-01-01 2012-01-01 2013-01-01 2014-01-01 2015-01-01

End date of reporting period 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2015-12-31

Original units as reported PLN Thousands PLN Thousands PLN Thousands PLN Thousands PLN Thousands

Displaying units USD Thousands USD Thousands USD Thousands USD Thousands USD Thousands

Comments Notes Notes Notes Notes Notes

Audited Audited Audited Audited Audited Audited

Balance Sheet



Exchange rat e used f or currencyconversion (IFRS)

342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340

Non-current assets 8368684 8649826 8933267 7119925 7013919

Property plant and equipment 7777448 7982966 8268260 6456432 6289508

Intangible assets and goodwill 387149 466834 273240 200445 332727

Long-term financial assets 78116 86463 289177 284843 236087

Investment properties 62419 69364 71713

Investments in subsidiaries 3841 3871 204183 191606 198406

Deferred assets 116909 95819 50133 109774 93563

Non-current deferred tax assets 116909 95819 50133 109774 93563

Other non-current assets 9061 17744 52457 68431 62034

Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661

Trade and other receivables 2361740 2605175 2579017 2022126 1702340

Current trade receivables 2361740 2605175 2579017 2022126 1702340

Prepayments accrued income and otherdeferred current assets

9857 29036 19588

Short term Financial assets 85865 118725 54781 245780 249673

Other current financial assets 85865 118725 54781 245780 249673

Cash amp Cash Equivalents 1582831 713318 892762 1122548 601882

Assets of disposal group classified as heldfor sale

8347 20970 4980 9694 24865

Total Equity and liabilities 17186012 16979933 17049137 13322594 12339340

Total equity 7841834 9132469 9147078 5812614 6214657

Equity attributable to owners of the parent 7179076 8542715 8614874 5352133 5683781

Issued capital 309485 341334 351262 301665 271206

Foreign currency translation reserve 116060 4517 -17596 -230953 117146

Retained earnings 6394411 7801007 7873838 4931569 4980903

Other reserves 359119 395858 407371 349852 314527



Minority interest 662758 589754 532205 460481 530876

Total Liabilities 9344178 7847464 7902058 7509979 6124683

Non-current liabilities 3546556 2967157 2604914 3508497 2621568

Non-current loans and borrowings 3083570 2477094 2160359 2757185 2084284

Deferred revenue accrued expenses andother deferred non-current liabilities

221557 221964 181939 21385 172772

Provisions for other liabilities and charges 181828 212931 218459 202156 182000

Other non-current liabilities 59601 55168 44157 527771 182513

Current Liabilities 5797622 4880307 5296813 4001483 3503115

Current loans and borrowings 849215 457156 318725 572251 486273

Trade and other payables 4416376 4083107 4652390 3209683 2773577

Current trade payables 4416376 4083107 4652390 3209683 2773577

Deferred revenue accrued expenses andother deferred current liabilities

39907 54201 41169


Other current liabilities 2361740 2605175 2579017 2022126 1702340

Current income tax liabilities 197121 26778 11952

Liabilities of disposal group classified asheld for sale

33201

Income Statement




296 326 316 315 377

Total Operating Revenue 36435448 37084849 36111401 34117696 23519124

Net sales revenue 36095774 36862023 35930793 33874809 23407830

Cost of Goods Sold -33202235 -34404186 -34113963 -32028741 -20613814

Gross profit 2893539 2457837 1816830 1846068 2794016

Selling and distribution expenses -1235075 -1188404 -1228195 -1242973 -1052261

Administrative expenses -495446 -467750 -458952 -479432 -411259

Raw materials and consumables used -25627619 -22381751 -14452883

Employee benefit expense -663915 -652878 -559121

Social security costs -663915 -652878 -559121

Depreciation amortization and impairmentcharges

-667710 -631316 -502149

Tax and contributions -193260 -207056 -305264

Other costs by nature -8969018 -11255878 -6489514

Other operating expenses -805406 -403296 -225839 -1878411 -358791

Other operating income 339674 222826 180608 242887 111294

Operating profit (EBIT) 697287 621211 84452 -1511861 1082999

Financial result 244726 184154 -47445 -486725 -170121

Finance income 1001638 461612 145498 112248 103345

Other financial income 63537 -30692

Finance costs -756911 -277458 -192943 -598973 -273466


Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company 0 of 48

Share of profit (loss) of associates -117558 -53711 -27202 -5390 104935

Profit before income tax 942013 805365 37007 -1998586 912878

Income tax -262094 -139343 -21192 132541 -123219

Profit after income tax 679920 666022 15815 -1866044 789659

Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377

Net cash flow from (used in) operatingactivities

256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701

Adjustments for Depreciation andimpairment of property plant and equipment

803063 693645 667710 631316 502149

Adjustments for Finance income 128356 104354 85401 75783 52202

Adjustments for Other adjustments -83777 -97601 -30681 1736991 165616

Changes in Inventories -1540368 312754 308077 1301950 -173566

Changes in Trade and other receivables -445130 -41741 128102 292986 333353

Changes in Trade and other payables 364692 -620598 454208 -1039404 -509569

Income tax paid 149572 -197965 -12652 -185812 69161

Net cash flow from (used in) investingactivities

505138 -882403 -772090 -1274681 -1085384

Proceeds from sale of property plant andequipment

109565 13812 51873 126834 34713

Purchase of property plant and equipment -857894 -750733 -753428 -1173214 -815893

Purchase of financial instruments -37549 -8594

Proceeds from sale of financial instruments 39040 6752

Acquisition of subsidiary 1199415 -52177 -169537 -251131 -316659

Other investing activity cash flows 52560 -91463 99002 22830 12454

Net cash flow from (used in) financingactivities

112153 -1046913 -771141 660488 -759451

Proceeds from borrowings 6374919 1398646 1135203 3056381 502414

Repayment of borrowings -6081090 -2393690 -1718461 -2861057 -999263

Payments of finance lease liabilities -9297 -8901 -8856

Dividends paid -4604 -203065 -195641 -187080

Other financing activity cash flow -172379 -38365 24039 660805 -75521

Net increase (decrease) in cash and cashequivalents

874110 -981232 209075 396356 -426098

Cash at the beginning of the period 951799 1660145 641774 852641 1043251

Exchange gains (losses) on cash and cashequivalents

-70151 -30692 -31630 -63417 5035

Cash at the end of the period 1825207 678606 850532 1248363 622188

Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION




Financial statement type Consolid Consolid Consolid Consolid Consolid

Fiscal year end December December December December December



Financial Statements - Interim Statements - EMIS Global Template

REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -

CONSOLIDQ3C-2015 -CONSOLID

Y-2015 - CONSOLIDQ1-2016 -

CONSOLID






Audited Non-Audited Audited Non-Audited Audited Non-Audited

Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458

Foreign currency translation reserve -167082 -128304 78932 117146 138069


Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099



Raw materials and consumables used -3210265 -7453936 -11418347 -14452883 -2296620

Employee benefit expense -143251 -288025 -421344 -559121 -143255

Wages and salaries -143255

Social security costs -143251 -288025 -421344 -559121


-121253 -246571 -370986 -502149 -130117

Tax and contributions -75918 -153972 -230896 -305264 -69227

Other costs by nature -1519960 -3197351 -4793091 -6489514 -1292323



Operating profit (EBIT) 316278 879958 1162513 1082999 99293

Financial result -47214 -104443 -130984 -170121 -11117

Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486



Share of profit (loss) of associates 30045 79140 102858 104935 -25265

Profit before income tax 269065 775515 1031530 912878 88176

Income tax -44531 -152896 -197681 -123219 -24760

Profit after income tax 224533 622619 833849 789659 63416

Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117


Adjustments for Other adjustments -29509 94752 82501 165616 55584

Changes in Inventories -89599 -207540 -512685 -173566 373169

Changes in Trade and other receivables -89062 -416426 -44465 333353 8085

Changes in Trade and other payables 66260 411311 -51429 -509569 64932

Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412


Acquisition of subsidiary -9152 -9107 -316659 17938

Other investing activity cash flows 1341 -25034 -25447 12454 50531


-339349 -576858 -265985 -759451 -78575



Payments of finance lease liabilities -1878 -3499 -5625 -1769

Dividends paid -189109 -187080

Other financing activity cash flow -14486 -40916 -54911 -75521 -12885


-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID

Reporting type Non-Cumulative Non-Cumulative Cumulative Non-Cumulative






Financial Statements - Ratios

REPORTING DETAILS









Ratios




100 100 100 100 100

Profitability Ratios

Return on Assets (ROA) 343 412 018 -1247 672

Annualised Return on Assets (ROA) 343 412 018 -1247 672

Return on Equity (ROE) 000 000 000 000 000

Annualised Return on Equity (ROE) 000 000 000 000 000

Return on Capital 501 580 026 -1818 943

Return on Sales (ROS) 188 181 008 -546 366

Gross Profit Margin 802 667 506 545 1194

Operating Profit Margin 193 169 024 -446 463

Operating ROA 352 385 052 -1020 849

Efficiency Ratios

Inventory Turnover -0 22x -0 26x -0 28x -0 40x -0 37x

Accounts Receivable Turnover 1325x 1487x 1462x 1506x 1330x

Current asset turnover 355x 466x 465x 492x 427x

Fixed-asset turnover 374x 448x 422x 428x 323x

Asset Turnover 182x 228x 221x 229x 184x

Payables Turnover 009x -0 41x -0 37x -0 70x -0 29x

Working Capital Turnover 1039x 1130x 1340x 1390x 1260x

Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931

Enterprise Value 7255510 9641115 7940595 8633248 9938494

Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442

Earning Before Interests and Taxes (EBIT) 697287 621211 84452 -1511861 1082999



Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017

Cash Ratio 029x 017x 018x 034x 024x

Cash Flow from Operation Ratio 004x 020x 035x 023x 039x

Leverage Ratios

Debt to total assets 2288 1728 1454 2499 2083

Debt to equity 5015 3213 2710 5728 4136

Long Term Debt to Capital 2822 2134 1911 3217 2512

Debt Enterprise Value 5420 3043 3122 3857 2586

Cash Flow to Debt 1927 -3515 885 1070 -1604

Leverage ratio 219x 186x 186x 229x 199x

Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269

Total Operating Revenue Trend 12806 11190 9449 9425 8249

Gross Profit Trend 10745 9338 7173 10136 18111

Operating Income Trend 6618 9794 1319 -1786 -8572

Net Income Trend 8206 10769 415 -6476 -5547

Accounts Receivables Trend 12834 10005 9620 9130 9364

Inventory Trend 14428 9211 9159 7149 10901

Net Property Plant and Equipment (PPampE)Trend

9699 9310 10065 9093 10836

Total Assets Trend 11482 8961 9757 9099 10302

Bookvalue Trend 11117 10595 9725 7331 12021

Shareholders Equity Trend 11056 10563 9733 7399 11892

Cash from Operations Trend 1246 40586 17935 5753 16799

Capital Expenditures Trend 6936 9821 11154 15394 9515

Coverage Ratios

Debt Coverage 006x 034x 074x 027x 053x

Performance Ratios

Cash Flow to Revenue 071 257 488 298 606

Cash Return on Assets 130 587 1079 682 1112

Cash Return on Equity 284 1091 2011 1563 2208

Cash to Income 3683 15262 2075 -6684 13100

Common size balance sheet ratios

CashTotal Assets 921 420 524 843 488

ReceivablesTotal assets 1374 1534 1513 1518 1380

InventoriesTotal assets 2775 2852 2677 2104 2226



Fixed assetsTotal assets 4525 4701 4850 4846 5097

Current LiabilitiesTotal Liabilities 6205 6219 6703 5328 5720

Common size income statement ratios

Administrative ExpensesNet Sales -137 -127 -128 -142 -176

Income taxNet sales -0 73 -038 -006 039 -053

Common size cash flow statement ratios

Operating Cash Flow to Total Cash Flow 2938 -9662 83812 25496 -33296

Cash Flow from Investing to Total Cash Flow 5779 8993 -36929 -32160 25473

Cash flow from financing to Total cash flow 1283 10669 -36884 16664 17823

OTHER INFORMATION








Financial Statements - Mult iples

REPORTING DETAILS






Displaying units PLN Thousands PLN Thousands PLN Thousands PLN Thousands PLN Thousands



Multiples



Equity Value Multiples

EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898

Market CapitalizationNet Sales 014 018 015 020 033

Market CapitalizationGross income 169 264 305 359 275

Market CapitalizationEBIT 702 1046 6568 -439 710

Market CapitalizationTotal Assets 025 040 034 045 060

Market capShareholder equity 0 54 075 064 103 120

PriceBook Ratio 057 079 066 106 126

Market Cap Net cash -055 -0 96 -0 83 -0 93 -135

Market CapitalizationInvested Capital 0 36 057 050 067 087

Market CapitalizationOperating Cashflow 1905 685 317 657 542

Market Capitalization(EBIT + DevelopmentExpenditures)

702 1046 6568 -439 710

Enterprise Value Multiples

Enterprise valueNet Sales 023 025 021 028 044

Enterprise valueGross income 289 373 416 520 368

Enterprise valueEBIT 1200 1476 8958 -635 949

Enterprise valueTotal Assets 042 057 047 065 081

Enterprise valueInvested Capital 0 62 081 069 097 116

Enterprise valueOperating Cashflow 3258 967 432 950 724

Enterprise value(EBIT + DevelopmentExpenditures)

1200 1476 8958 -635 949

OTHER INFORMATION










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Company Documents - Financial DocumentsAnnual Reports

Company Documents - Corporate Act ions

June 12 2015 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions


June 03 2015 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions

November 10 2014 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions

November 10 2014 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions


May 29 2012 Polski Koncern Naftowy Orlen SA - Dividend (Mandatory) EDI - Corporate Act ions

December 16 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions

May 26 2011 Polski Koncern Naftowy Orlen SA - Company Meet ing (Voluntary) EDI - Corporate Act ions

December 13 1999 KGHM waits to decide on Catholic TV Warsaw Business Journal

By Anna KociNska TV Niepokalanow in January will get another chance to try to persuade copper concern KGHM Polska Miedzssupervisory board to invest in its proposed Catholic television station TV Familijna

November 29 1999 Elektrim picks f inancial health over long-distance license Warsaw Business Journal

By Gregory Keller Elektrims decision last week not to bid f or one of the three long-distance telephone licenses will delay but notnecessarily derail the conglomerates move to become a telecom heavyweight analysts said

November 23 1999 PSE to Enter Long-Distance Tender PNB - Polish News Bullet in

Independent Long-Distance Operator (NOM) a company owned by Tel-Energo in turn 76 percent owned by the PSE power grid company isto enter the tender f or long-distance telephone services sources reported

October 12 1999 PKN Lowers Fuel Prices PNB - Polish News Bullet in

Starting today (October 12) the Polski Koncern Naf towy (PKN) petroleum group will lower the wholesale price of its f uels by zl 50 per tonnewhich translates into a reduction of 5 groszy per litre in the price of diesel f uel and petrol at f illing stations

March 26 1998 CPN-Petrochemia Merger Conf irmed PNB - Polish News Bullet in

The Treasury Ministrys communiqu issued yesterday conf irmed earlier reports about a planned merger between the CPN petroleumdistributing giant and Petrochemia Plock

March 25 1998 CPN Petrochemia To Merge PNB - Polish News Bullet in

Unof f icial sources quoted by Zycie indicate that a merger between the CPN petroleum distributing giant and Petrochemia Plock is now certainwith the terms of the deal said to have been approved by the Treasury Ministry

News amp Reports - News

June 02 2016 PKN Orlen fuels ref ining margin edges down to USD 58bbl in May petchem margin up to EUR 995t PAP

Market InsiderWarszawa June 2 2016 (PAP) - Listed f uel f irm PKN Orlen recorded a slight decline of model ref ining margin in May to USD 58 per barrelf rom USD 62 in April and a spike in the model petchem margin to EUR 995 per ton f rom EUR 973 in the prior month data published on PKNOrlens website showed

June 02 2016 Saudi Aramco enters Balt ic market with oil supply deal with Polish PKN BBJ - Energy Today



Saudi Aramco and Polands biggest ref iner PKN Orlen on Wednesday signed a contract agreed in May f or Aramco to supply PKN with 50000barrels of crude oil per day starting this month the companies said

June 01 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider

Warszawa June 1 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider



June 01 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider

instruments concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa

June 01 2016 Poland Board of Sygnity appoints Jan Maciejewicz as new CEO M-Brain - News Monitoring

Wirtualny Nowy Przemysl 01 Jun 2016 online- Jan Maciejewicz has been appointed as the new CEO of the Polish IT f irm Signity replacingJanusz R Guy who was dismissed by the supervisory board on 30 May 2016

June 01 2016 Poland in talks with Iran over oil gas cooperat ion -minister Petroleum Bazaar - PetroMag

Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday

May 31 2016 Top news from Polish polit ics economy business amp f inancial markets - 1930 PAP Market Insider

Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS NATURAL GAS PGNIG - Listed natural gas group PGNiG recommends a dividend payment of PLN 106 bln f rom 2015 prof itwhich translates into PLN 018 per share the f irm said in a market f iling

May 31 2016 PKN ORLEN SA PKN ORLENs subsidiary - ORLEN Upstream - has purchased bonds issued by PKN ORLEN

PAP Market InsiderWarszawa May 31 2016 (ESPI) - Current report No 1392016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 31 May 2016 PKN ORLEN issued short term bondsto its subsidiary ORLEN Upstream Sp z oo (ORLEN Upstream)


Warszawa May 31 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS POWER PGE - Listed power group PGE signed a letter of intent on selling PGEs telco unit Exatel to PGZ arms producerPGE said in a press statement

May 31 2016 POLSKI KONCERN NAFTOWY ORLEN SA Transact ions in PKN ORLEN f inancial PAP Market Insider


May 31 2016 Report Poland aims to end long-term gas supplies f rom Russia `22 Prime - Business News in English

Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 Reutersreported late Monday cit ing Peter Naimsky a government of f icial responsible f or gas and power inf rastructure

May 31 2016 Warsaw Hopeful about Working with Post-sanct ions Iran PNB - Polish News Bullet in

Polish energy companies could prove to be usef ul partners f or their Iranian counterparts in sales or extraction of oil and natural gas DeputyEnergy Minister Michal Kurtyka said on Monday while taking part in the Polish-Iranian economic f orum The event was staged as part of theof f icial Warsaw visit of Iranian Minister of Foreign Af f airs dr

May 31 2016 Poland in talks with Iran over oil gas cooperat ion minister says BBJ - Energy Today

Poland is in talks with Iran over cooperation in the oil and gas sector which could result in exploration and production contracts f or Polishindustry Deputy Energy Minister Michal Kurtyka said on Monday Polish state-run gas f irm PGNiG said last year that it was looking at variousoptions in oil and gas exploration and production in Iran

May 31 2016 Treasury Looking for Synergy among Treasury Companies PNB - Polish News Bullet in

Treasury Minister Dawid Jackiewicz plans to f orm a holding of companies of strategic importance f or the state interest These companiesshould according to his plan sign long-term contracts among themselves so that money remained under Treasurys control and could beused to f inance other state needs

May 31 2016 Poland aims to end long-term gas supplies f rom Russia af ter 2022 Petroleum Bazaar - PetroMag

May 30 Poland does not plan to renew a long-term gas supply contract with Russia when its current deal with Gazprom expires in 2022 a



government of f icial responsible f or gas and power inf rastructure told Reuters on Monday

May 31 2016 Polish Gas Companies Eyeing Direct LNG Supplies PNB - Economic Review

In less than 20 days the f irst commercial LNG shipment f rom Qatar will arrive at the Swinoujscie terminal This opens up new developmentpossibilit ies f or Polish gas producers traders and consumers PGNiG in pole posit ion The biggest benef iciary of the looming launch of theterminal is PGNiG


Warszawa May 30 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITYMARKET NEWS FOOD KERNEL - Listed edible oil producer Kernel Holding recorded a net attributable prof it of USD 923 mln in f iscal Q3 2016ended on March 31 the f irms consolidated f inancial report showed

May 30 2016 POLSKI KONCERN NAFTOWY ORLEN SA Agreements between ORLEN Capital Group and Glencore group

PAP Market InsiderWarszawa May 30 2016 (ESPI) - Current report No 1372016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that withinORLEN Capital Group there was concluded agreement with company f rom Glencore group

May 30 2016 PKN ORLEN SA Transact ions in PKN ORLEN f inancial instruments PAP Market Insider

concluded by the person in a close relationship with the President of the PKN ORLEN Management Board Warszawa

May 30 2016 Poland Press - Top Business Headlines PAP Market Insider

Warszawa May 30 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news PAPdoes not verif y inf ormation contained in the Polish press BANKING CHF MORTGAGES - Polish banks prepared their own proposal f orproviding relief to the stressed CHF-mortgage borrowers



May 27 2016 Orlens Eurobonds Get Good Rat ings PNB - Polish News Bullet in

Fitch Ratings has conf irmed the BBB- long-term credit rating and stable outlook f or PKN Orlen The agency has also awarded the same ratingto the eurobonds to be issued by the Plock-based oil concern though on an interim basis Meanwhile Moodys gave the bonds an interimBaa3 rating PKN Orlen disclosed on Wednesday

May 24 2016 POLSKI KONCERN NAFTOWY ORLEN SA Ship-Service - has purchased bonds issued by PKN ORLEN

PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1292016 Polski Koncern Naf towy ORLEN SA (PKN ORLEN) hereby inf orms that inorder to optimise the management of f inancial liquidity within the ORLEN Capital Group on 24 May 2016 PKN ORLEN issued short term bondsto its subsidiary Ship-Service SA (Ship-Service)


PAP Market InsiderWarszawa May 24 2016 (ESPI) - Current report No 1282016 Regulatory announcement no 1282016 dated 24 May 2016Polski KoncernNaf towy ORLEN SA



May 24 2016 PGNiG Granted Concession on Norwegian Shelf PNB - Economic Review

Piotr Wozniak president of PGNiG announced that the f irms subsidiary PGNiG Upstream International had acquired a stake in anexploratory concession located in Norway on the Barents Sea shelf



May 23 2016 INBRIEF PNB - Polish News Bullet in

According to Monetary Policy Council (RPP) member Eugeniusz Gatnar the data published in April signals that the economy is developing healso assesses the current level of interest rates as optimal


Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider BUSINESS amp EQUITY



MARKET NEWS INSURANCE PZU - Listed insurer PZU will recommend shareholders take PLN 208 per share in dividends f rom 2015 prof itsin a total payout of PLN 1796 bln management said in a market f iling


Warszawa May 20 2016 (PAP) - Following is a digest of the days top news as compiled by PAP Market Insider



May 20 2016 Thousands of Polish companies operat ing in Germany BBJ - Regional Today

Over 1700 commercial companies with Polish capital operate in Germany according to a new report by the German Chamber of Industry andCommerce (AHK) cited by the Deutsche Welle Polish businessmen perceive Germany as an attractive country in terms of investmentopportunit ies the chamber said



May 20 2016 Treasury Expect ing State-Owned Firms to Pay Dividends PNB - Polish News Bullet in

The Treasury can count on some PLN500m to be paid in dividends by those state-owned companies which have already issuedrecommendations f or shareholders concerning the matter Jastrzebska Spolka Weglowa Lotos and PKP Cargo recommend not to pay adividend due to losses suf f ered in 2015



May 18 2016 Update Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider

Warsaw May 18 2016 (PAP) - Listed f uel f irm PKN Orlen saw its shareholder NN OFE seek a PLN 35 DPS f rom 2015 prof it and retainedprof its PKN said in a market f iling The pension f und wants the company to pay PLN 1048 bln f rom 2015 prof its and PLN 4495 mln f romretained prof its giving a total of PLN 1497 bln

May 18 2016 POLSKI KONCERN NAFTOWY ORLEN SA Nat ionale-Nederlanden OFE not if ied PAP Market Insider

draf t resolution of the OGM of PKN ORLEN regarding allocation of the prof it f or the f inancial year 2015 Warszawa May 18 2016 (ESPI) -Current report No 1232016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf orms that Nationale-NederlandenOtwarty Fundusz Emerytalny (Nationale-Nederlanden OFE) pursuant to Art

May 18 2016 Shareholder seeks PLN 35 DPS from PKN Orlen PAP Market Insider



Warszawa May 18 2016 (PAP) - Following is a summary of the leading stories in the Polish press covering stocks and corporate news







May 16 2016 PKN Orlen fuels plans eurobond issue by Orlen Capital unit by end-2016 PAP Market Insider

Warsaw May 16 2016 (PAP) - Listed f uel group PKN Orlen has secured its supervisory boards approval f or a eurobonds issue within theOrlen capital group the f im said in a market f iling

May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA PKN ORLEN Supervisory Board consent to Eurobonds issue

within the ORLEN Capital Group PAP Market Insider



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Warszawa May 16 2016 (ESPI) - Current report No 1192016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) hereby inf ormsthat on 16 May 2016 the PKN ORLEN Supervisory Board gave consent to start the process leading to issue of Eurobonds within ORLENCapital Group

May 16 2016 StockWatch Grupa Azoty chemicals on dividend dates Comarch IT on prof it retent ion PAP Market Insider

Warszawa May 16 2016 (PAP) - Warsaw stocks are enjoying a rebound on Monday with the large-cap index WIG20 closing up by 21 Not asinlge blue-chip suf f ered any declines with the advancers led by copper group KGHM up 51 bank PKO BP up 33 and insurer PZU up29

May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA ORLEN Paliwa - has purchased bonds issued by PKN ORLEN

PAP Market InsiderWarszawa May 16 2016 (ESPI) - Current report No 1182016 Polski Koncern Naf towy ORLEN Spolka Akcyjna (PKN ORLEN) herebyannounces that in order to optimise the management of f inancial liquidity within the ORLEN Capital Group on 16 May 2016 PKN ORLENissued short term bonds to its subsidiary ORLEN Paliwa Sp z oo (ORLEN Paliwa)

May 16 2016 POLSKI KONCERN NAFTOWY ORLEN SA Anwil - has purchased bonds issued PAP Market Insider

by PKN ORLEN Regulatory announcement no 1172016 dated 16 May 2016 Warszawa May 16 2016 (ESPI) - Current report No 1172016Polski Koncern Naf towy ORLEN SA



May 13 2016 EMIS Energy Weekly Newslet ter Issue 87 EMIS Energy - Newslet ter

News amp Reports - Reports

July 28 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports

May 18 2015 Erste Bank - Company Reports Updates PKN Orlen Erste Bank - Company Reports

September 13 2012 PKN Orlen mBank Analyt ical Report

April 17 2012 PKN Orlen Erste Bank - Company Analyses

November 17 2011 PKN_Orlen mBank Analyt ical Report

August 22 2011 PKN_Orlen mBank Analyt ical Report

June 17 2011 Company Report - CEE Oil amp Gas Erste Bank - Company Analyses

March 16 2011 PKN_Orlen mBank Analyt ical Report

December 03 2010 PKN_Orlen mBank Analyt ical Report

November 02 2010 PKN Orlen - 02112010 mBank Analyt ical Report

November 18 2009 Analyt ical Report - PKN Orlen - 18112009 mBank Analyt ical Report

September 16 2009 Analyt ical Report - PKN Orlen - 16092009 mBank Analyt ical Report

June 02 2009 Analyt ical Report - PKN Orlen - 02062009 mBank Analyt ical Report

February 27 2009 Analyt ical Report - PKN Orlen - 27022009 mBank Analyt ical Report





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August 14 2008 Analyt ical Report - PKN Orlen - 14082008 mBank Analyt ical Report


March 10 2008 Analyt ical Report - PKN Orlen - 10032008 mBank Analyt ical Report


December 13 2007 Analyt ical Report - PKN Orlen - 04122007 mBank Analyt ical Report


July 02 2007 Analyt ical Report - PKN Orlen mBank Analyt ical Report

March 05 2007 Analyt ical Report - PKN Orlen mBank Analyt ical Report

August 24 2006 Analyt ical Report - PKN Orlen mBank Analyt ical Report



MampA and ECM Deals - EMIS DealWatch Deals

DAT ECOUNT RY

OFT ARGET

T ARGET COMPANYDEALT YPE

BUYER SELLER DEAL INDUST RIESDEAL

VALUEUSD (MN)

ST AKE


68 petrol stations of OMV Acquisition PKN Orlen SA OMV AG Gasoline Stations NA 100

16-Nov-15 Poland Assets of Euronaft Trzebinia Acquisition PKP Cargo SA PKN Orlen SASupport Activities forTransportation RailTransportation

1502 100

16-Nov-15 Poland Orlen Transport SA Acquisition Trans Polonia SA PKN Orlen SA Truck Transportation 2137 100


Acquisition PKN Orlen SAGermaniaPetrol GmbH


13-Oct-15 Canada Kicking Horse Energy Inc Acquisition PKN Orlen SA NA Oil and Gas Extraction 22634 100

13-Oct-15UnitedStates

FX Energy Inc Acquisition PKN Orlen SA NAOil and Gas ExtractionAgriculture Forestry Fishingand Hunting

8310 100

24-Sep-15 PolandTwo concessions in theregions of Lesser Polandand Subcarpathia

Acquisition PKN Orlen SADEADeutscheErdoel AG

Oil and Gas Extraction NA 100

20-Aug-15CzechRepublicPoland

Orlen KolTrans Sp z oo Acquisition PKP Cargo SA PKN Orlen SA Rail Transportation 4860 9985

20-Jul-15 Poland Bieszczady ProjectJointventure

PKN Orlen SA PolskieGornictwo Naftowe iGazownictwo SA

NA Oil and Gas Extraction NA 100

03-Jul-14CzechRepublic

Ceska Rafinerska ASMinoritystakepurchase

PKN Orlen SA Eni SpA Petroleum Refineries 4100 32445

14-May-14 Poland Orlen Medica Acquisition PZU TFI SA PKN Orlen SAHealth Care and SocialAssistance

1380 100

14-May-14 Poland Prof Med Sp z oo Acquisition PZU SA PKN Orlen SAHealth Care and SocialAssistance

119 9645

08-May-14 CanadaBirchill Exploration LimitedPartnership

Acquisition PKN Orlen SA

Bregal -BirchillInvestmentsSarl

Oil and Gas Extraction 23366 100

07-Nov-13CzechRepublic


PKN Orlen SARoyal DutchShell Plc

Petroleum Refineries 2720 1633

16-Sep-13 Canada TriOil Resources Ltd Acquisition PKN Orlen SA NA Crude Petroleum Extraction 17753 100

07-Dec-12 Poland Shale gas licenses Acquisition PKN Orlen SAExxonMobilPoland

Natural Gas Extraction NA 100

02-Nov-12 Poland Anwil SAMinoritystakepurchase

PKN Orlen SA NAPesticide Fertilizer andOther Agricultural ChemicalManufacturing

2364 473

20-Aug-12 Poland Petrolot Acquisition PKN Orlen SAPolskie LinieLotnicze LOTSA

Petroleum and PetroleumProducts MerchantWholesalers

9241 49

01-Jun-12 Poland Gas bottle assets Acquisition Gaspol SA PKN Orlen SA Nonstore Retailers NA 100

01-Aug-11 Poland Anwil SAMinoritystakepurchase

PKN Orlen SA Energa SAPesticide Fertilizer andOther Agricultural ChemicalManufacturing

2158 415

MampA and ECM Deals - EMIS DealWatch Intents



DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET

COUNT RYT ARGET INDUST RY

DEALT YPE

INVEST OR

Sell-side

13-Nov-15Orlen TransportSA

Poland Truck Transportation Acquisition Trans Polonia SA

Sell-side

23-Jul-15Czech railtransport unit ofPKN Orlen

CzechRepublic

Rail Transportation Acquisition NA

Buy-side

06-May-15 Fuel stationsAustriaGermanySwitzerland

Gasoline Stations Acquisition PKN Orlen SA

Sell-side

20-Oct-14Orlen KolTransSp z oo

Poland Rail Transportation Acquisition PKP Cargo SA

Buy-side

10-Jun-14Kicking HorseEnergy Inc

Canada Oil and Gas Extraction Acquisition PKN Orlen SA

Sell-side

29-May-14 ORLEN Lietuva Lithuania Petroleum Refineries Acquisition NA

Buy-side

05-Sep-13

BirchillExplorationLimitedPartnership


Sell-side

23-Aug-13Medical centresin Plock andWloclawek

Poland Hospitals amp Health Care Acquisition NA

Buy-side

27-Jun-13 Fuel stationsCzechRepublicGermany


Sell-side

25-Jul-12 Neste Polska Poland Other Gasoline Stations Acquisition Lotos SA PKN Orlen SA

Sell-side

01-Mar-12

OsrodekBadawczo-RozwojowyPrzemysluRafineryjnegoSA

PolandPetrochemical ManufacturingPetroleum Refineries

Privatization PKN Orlen SA Warter

Sell-side

20-Dec-11 Lotos SA Poland

Other Gasoline StationsGasoline Stations withConvenience Stores PetroleumRefineries Crude PetroleumExtraction

Privatizationthroughstockexchange

PKN Orlen SA Polskie Gornictwo Naftowe iGazownictwo SA

Buy-side

20-Jun-11Fuel stations inGermany

GermanyOther Gasoline StationsGasoline Stations withConvenience Stores


Sell-side

02-May-11

Anwils fertilizerassets AnwilsPVC productionassets

PolandPoland

Plastics and Rubber ProductsManufacturing PesticideFertilizer and Other AgriculturalChemical Manufacturing

Acquisition ZA Pulawy

Sell-side

14-Mar-11Rafineria NaftyJedlicze

Poland Petroleum Refineries Privatization PKN Orlen SA

Sell-side

30-Nov-10 CeproCzechRepublic

Gasoline Stations BasicChemical ManufacturingPetroleum and Coal ProductsManufacturing

MergerEni SpA PKN Orlen SA Royal Dutch Shell PlcSlovnaft

Sell-side

02-Nov-10 Lotos SA PolandPetroleum and Coal ProductsManufacturing Oil and GasExtraction

Minoritystakepurchase

ExxonMobil Corp Gazprom Neft KulczykInvestments SA Magyar Olaj- Es Gazipari Nyrt(MOL) Mercuria Energy Group Ltd PKN Orlen SAPolskie Gornictwo Naftowe i Gazownictwo SA TNK-BP

Buy-side

16-Sep-10Gasolinestations

CzechRepublic

Gasoline Stations Acquisition PKN Orlen SA Unipetrol



Buy-side

16-Sep-10Petrochemicalrefinery

CzechRepublic


AcquisitionMinoritystakepurchase

PKN Orlen SA

Sell-side

21-Jul-10Polkomtel Sp zoo

PolandWireless TelecommunicationsCarriers (except Satellite)

Acquisition Zygmunt Solorz-Zak - private investor



Fiscal year 2014Companies in Industries 43

IndustryPetroleum Refineries

This company is scored higher thanonly 5266 of companies in theindustry which equates to B - BelowAverage Risk on the Financial Scale Expected

Participation inCustomers Credit



Criteria Weight Score Final Score

I EMIS Benchmark Score 90 207 B Below Average Risk

SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698

Total Shareholders Equity 1 10000

Average Size 11 7675

GROWT H RANKING SCORE

Net Sales Growth Rate 11 7674

Inc Dec in Assets 20 5581

Inc Decin Net Income 24 4651

Increase (Decrease) in Equity 22 5116

Average Growt h 19 5756

PROFIT ABILIT Y RANKING SCORE

Net Income Net Sales 29 3488

Return On Assets 38 1395

Net Income Net Worth 39 1163

Average Prof it abilit y 35 2015

INDEBT EDNESS RANKING SCORE

Indebtedness 22 5116

Leverage 33 2558

Total Liabilities Sales 17 6279

Average Indebt edness 24 4651

II EMIS Trend Score 10 298 E Very High Risk

Scoring Range 1 - Improves 2 - Maintains (According to the tolerance margin) 3 - Deteriorate

EMIS Credit Analytics - Summary



B Below Average Risk

5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota

21112537Thousands (USD)

Average Ranking 21 in 43 companies

RELAT IVEST RENGT HS

RELAT IVEWEAKNESSES

Sales Net Income Sales

Sales Growth

Remarks

EMIS Trend Score is calculated based on the 2latest annual company financial statements

Remarks

Credit Quota Recommended was calculatedbased on the industry average customer type(customized) and Financial Score

EMIS Credit Analyt ics - EMIS Financial Score


EMIS Benchmark Score 5266

11



100

PampL 2014 T OT AL

Sales Growth 3 3

Operating Profit Sales 3 3

Net Income Sales 3 3

T ot al PampL 300 300

BALANCE 2014 T OT AL

Days Receivables 2 2

Days Inventory 1 1

Current Ratio 3 3

Indebtness (Total AssetsTotal Liabilities) 3 3


T ot al Balance 230 230

CASH FLOW 2014 T OT AL

Cash from Sales 3 3

Cash for Production 2 2

Cash for Operation 1 1

Net Operation Cash Generation (NOCG) 3 3

Free Cash Flow 3 3

Cash Flow After Financial Expenses 3 3

Cash Flow After Financial 3 3

Reduction in Debt 2 2

T ot al Cash Flow 267 267

III EMIS Financial Score 100 216 CC Above Average Risk

E D C CC B BB A AA

Business Scale

AA - Very Low RiskA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High RiskE - Very High Risk

E Very High Risk

C Moderate High Risk

E Very High Risk

EMIS Credit Analyt ics - EMIS Benchmark Score





SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21



EMIS Credit Quota(Score adjusted)


Participation in credit Financial Score

CC

EMIS Benchmark Score(Against Industry)

5266

EMIS Credit Analyt ics - EMIS Credit Quota

Key parameters af f ecting quota value

COMPANY INDICAT ORS VALUE INDUST RY MULT IPLIERS MAX CALCULAT ED CREDIT

Assets 1332259352 Suppliers Assets 2801 373173079

Net Worth 581261405 Suppliers Net worth 6383 371042677

Tangible Net Worth 604356752 Suppliers Tangible Net Worth 6383 385785372

Net Sales 3067917427 Suppliers Net Sales 1352 414818151

11



Source EMIS Company Database

AVERAGE CREDIT

(BASED ON INDUSTRY)

319886918THOUSANDS (USD)

XEXPECT ED PART ICIPAT ION

(IN CUSTOMERS CREDIT)

11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT

(AVERAGE X PARTICIPATION)


X

QUOT A ADJUST MENT S

06

=CREDIT QUOT A

(ADJUSTED BY SCORE)




NIP 7740001454 Headquart ers T el +48 (24) 3650000

Cost of Goods Sold 3048984945 Suppliers Cost of Goods Sold 1363 415427048

Operating Profit -134323677 Suppliers Operating Profit -30832 000

Net Profit -165687728 Suppliers Net Profit -26041 000

SUPPLIERS 378193431 Net Sales 3067917427 Financial Liabilities Net Sales 002 715239

Assets 1332259352 Financial Liablities Assets 005 643434

FINANCIAL LIABILIT IES 000 Operating Cycle 1617 Operating Cycle 592663 501950211

Suppliers Turnover 1273 Suppliers Turnover 490503 415427048

AVERAGE CREDIT BASED ON INDUST RY 1121907398

Credit Quota Calculation

Score Multipliers

QUOT A ADJUST MENT S ACCORDING T O T HE FINAL SCORE FINANCIAL SCALE MULT IPLIERS

Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0

EMIS Credit Analyt ics - Conclusions



Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl

RELAT IVE ST RENGT HS RANKING SCORE

Sales 1 100

Sales Growth 11 7674




CC

Date 2016 June 2



Polski Koncern Naftowy ORLEN SAEMIS Credit Analytics

EMIS Benchmark Score (Business Performance Score) is based on financial statements as of 2014 EMIS Benchmark Score of Polski Koncern Naf t owy ORLEN SA is

the result of comparing its financial results with that of 43 companies classified by EMIS Credit Analytics within Pet roleum Ref ineries industry


5266Note Companies classified in Pet roleum Ref ineries are not necessarily direct competitors Please refer to Benchmark Ranking for complete details of the companies

classified within this industry

EMIS Benchmark Score is the result of the companys ranking within its industry in different financial ratios of Size Profitability Growth Indebtness Efficiency and Liquidity

Ratios In the result it is important to note

EMIS Benchmark Score contributes 90 to the Financial Score The other 10 is represented by evolution versus previous period of Profit amp Loss Balance Sheet and

Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C

Cash Flow Statement E


Note The Financial Score is not deteriorated by Financial Conditions (see Parameters)

Based on the average credit quote of 11219074 in the Pet roleum Ref ineries industry an EMIS Financial Score of CC and an expected participation in the companyscredit of 11 the recommended credit quota is 740459Note The Financial Score is not deteriorated by Financial Conditions Based on the average credit quote of 11219074 in the Petroleum Refineries industry an EMISFinancial Score of CC and an expectedparticipation in the companys credit of 11 the recommended credit quota is 740459


EMIS Credit Analyt ics - Company vs Industry Key Stats

Company vs Industry - Key Stats

REPORTING DETAILS

11



2014 2013 2012

Statement type Individual Individual Individual

Audited Non-Audited Non-Audited Non-Audited

Provider NotoriaMonitor B Fins NotoriaMonitor B Fins NotoriaMonitor B Fins

Companies in Industry 43 54 52

EMIS Benchmark Score 5266 6892 7170

Reporting Standard 197 197 197

Displaying units USD Thousands USD Thousands USD Thousands

SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY

VALUE RANKING VALUE RANKING VALUE RANKING

Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1

Total Shareholders Equity 193824 5812614 1 9147078 1 9132469 1

Average Size Posit ion 11 1 1

GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY


Net Sales Growth Rate 2089 -575 11 -551 16 1190 12

Inc Dec In Assets 1610 -901 20 -243 22 -1039 30

Inc DecIn Net Income -406205 -340170 24 -9249 28 -078 17

Increase (Decrease) In Equity -0 77 -2601 22 -267 21 563 13

Average Growt h Posit ion 19 22 18

PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Net Income Net Sales -519 -540 29 015 25 194 17

Return On Assets -1076 -1244 38 034 23 446 16

Net Income Net Worth -2451 -2850 39 064 36 828 28

Operational Profit Sales -439 -438 27 027 25 168 18

Average Prof it abilit y Posit ion 33 27 20

INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40

Total Liabilities Sales 2709 2448 17 2085 17 2013 21





Current Liabilities Total Liabilities 6146 6279 7 7210 11 6768 11

Average Indebt edness Posit ion 20 21 24

EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY


Days Receivables 23 24 8 24 10 24 6

Days Inventory 36 33 16 46 19 48 23

Suppliers Turnover 49 45 10 50 15 45 15

Operational Cycle 59 57 11 70 13 72 14

Average Ef f iciency Posit ion 11 14 15

LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1

Average Liquidit y Posit ion 13 14 15

OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6

Reduction In Debt 158 0 13 0 17 0 12

Average Ot hers Posit ion 25 18 17

EMIS Credit Analyt ics - Company vs Industry Balance Sheet

Company vs Industry - Balance Sheet

REPORTING DETAILS

2014 2013 2012









CURRENT ASSET S 2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY

V H V H V H V H V H V H

Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387

Short Term Investments 003 -404 000 NA 004 -7992 000 NA 018 457613 000 NA

Account Receivables (Trade) 1320 1670 1510 -915 1313 -821 1513 -380 1346 -1338 1534 005

Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


- Land And Properties 4838 1574 4846 -907 4853 -232 4850 065 4677 -1788 4701 -690

- Other Equipments 004 -262 000 NA 004 6983 000 NA 002 -1186 000 NA

Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690

Intangible Assets (Net) 202 823 150 -1458 217 -2685 160 -4312 279 -652 275 199

Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566

Total Long Term Assets 5585 1962 5344 -720 5421 -302 5240 036 5263 -1044 5094 -625

T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855

Other Short Term Liabilities 13741 2571 701 5233 12691 320 419 -676 11578 NA 438 NA

Total Current Liability 3449 2100 3540 -362 3309 -111 3342 424 3151 -1924 3128 -1691

LONG T ERM LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Long Term Deferred Liabilities 839 -299 028 -299 1004 -2717 026 -2717 1298 NA 035 NA

Other Long Term Liabilities 2187 6238 2070 4861 1564 -1129 1267 -1525 1659 -3979 1459 -3665

Long Term Liabilities 2163 6134 2097 4757 1556 -1368 1293 -1553 1698 -3494 1494 -3513

T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Liabilities 5612 3390 5637 1066 4866 -551 4635 -215 4848 -2553 4622 -2383

EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444

Equity Appreciation -178 -439428 -173 -142830 005 5496 -010 -47857 003 4198565 003 NA

Retained Earnings 3652 -439 3702 -2707 4435 -418 4618 -192 4357 -050 4594 1065

Minority Interest 5213 074 346 075 6008 -1233 312 -1231 6451 -1929 347 -1929

Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563

T OT AL LIABILIT Y AND EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Liabilities And Net Worth 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

EMIS Credit Analyt ics - Company vs Industry Income Statement

Company vs Industry - Income Statement

REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190

Cost Of Goods Sold 9924 2648 9938 -150 9485 -1062 9509 -427 9396 612 9386 1253

Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313

Administrative AndGeneral Expenses

149 3309 141 420 135 -905 127 -479 132 -638 126 379

Selling Expenses 2650 5320 364 095 2091 094 340 028 1835 1798 320 578

Operational Profit -439 -165868 -438 -163453 034 -8046 027 -8483 154 -2807 168 -206

NON OPERAT ING INCOME

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Non-Operating Revenue 036 465 033 -2304 042 -6818 040 -6944 117 -4630 125 -4930

- Financial Revenue 036 465 033 -2304 042 -6818 040 -6944 117 -4630 125 -4930

Total Non-Operating Expenses 190 24437 176 20967 067 -2118 053 -3252 075 -6320 075 -5970

- Financial Expenses 190 24438 176 20967 067 -2119 053 -3252 075 -6320 075 -5970

Other Extraordinary Result 0 00 10000 000 NA -000 9992 000 NA -000 NA -000 NA





Profit Before Income Taxes -594 -909715 -580 -407834 008 -9639 014 -9402 196 -1306 217 -601

T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Extraordinary Income (Charges) 0 02 8819 005 4250 002 NA 004 NA 000 -10000 000 NA

Changes Due To Consolidation 027 -8018 002 -8023 162 -5086 008 -5086 292 -4973 014 -4977

Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078

EMIS Credit Analyt ics - Company vs Industry Cash Flow

Company vs Industry - Cash Flow

REPORTING DETAILS

2014 2013 2012







CASH OPENING BALANCE

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190

+- Trade AccountsReceivable

-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377

CASH FOR PRODUCT ION

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767



Cash For Production -9625 -2474 -9736 159 -9328 1572 -9324 962 -9801 -961 -9748 -1525

CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Administrative Expenses -149 -3309 -141 -420 -135 905 -127 479 -132 638 -126 -379

+- Other Operating Results -0 00 -12524 000 NA 001 NA 000 NA 000 NA 000 NA

(-) Selling Expenses -2650 -5320 -364 -095 -2091 -094 -340 -028 -1835 -1798 -320 -578

(-) Period Income Taxes 074 468549 039 72388 002 -7245 -006 8524 006 11275 -038 4155

(+) (Inc) Taxes Payable 002 69344 000 NA -000 -14351 000 NA 001 17119 000 NA

(-) (Inc) Labor EstimatesAnd Provision

-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA

Cash For Operation -2736 -3712 -466 794 -2413 -5873 -477 379 -1346 2282 -469 405

OPERAT IONAL CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Operating Cashflow -2453 -7631 -137 -15709 -1682 -4202 225 19816 -1049 1952 -217 -3750

INVEST MENT S IN ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) (Inc) Net Fixed Assets -329 -67408 210 151250 069 -8689 -014 -10872 468 25487 152 12255

(ndash) (Inc) Investments -0 34 2746 -020 7025 -056 -47405 -062 -48471 -009 -10215 -010 -10826

FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Financial Expenses -154 -65083 -143 -92333 -025 -15241 -013 -12496 042 20392 050 -1713

Cashflow After Financial Costs -2969 -11196 -089 -16127 -1694 -17395 136 60823 -547 5391 -025 -12770

(+) (Inc) Debt Short Term -000 9949 000 NA -000 -21237 000 NA 000 10091 000 NA

(+) (Inc) Debt Long Term 002 69344 000 NA -000 -14351 000 NA 001 17119 000 NA

Cashflow After FinancialExpenses

-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834

(-) Other Expenses 002 8819 005 4250 002 NA 004 NA 000 -10000 000 NA

(-) Other Current Debtors 000 NA 000 NA 000 NA 000 NA 000 NA 000 NA

(-) Other Current Assets 002 -7807 002 -2258 011 361835 003 15505 000 10702 -005 -48602

(-) Long-Term AccountsReceivable

000 NA 000 NA 000 NA 000 NA 000 NA 000 NA



(-)(Inc) Deferred And OtherLong Term Assets

-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351

(-) (Inc) Other Long TermLiabilities

406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951

(+) Inflation Adjustmentst Non Recurring Incomes

000 NA 000 NA 000 NA 000 NA 000 NA 000 NA

(+) (Inc) Other AccountsPayable

115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA

(+) Extraordinary Income Consolidation

027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006

(-) Intangible Goods -007 -12244 011 -8077 040 29906 055 230557 009 12060 -002 8712

Complementary Cash-Flow 976 240248 271 31907 -051 8725 -117 5210 -356 -14616 -230 -28078

Net Cash Generation -1992 -3796 183 77289 -1745 -7131 020 10729 -902 -10194 -255 -21675

Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale

Financial ScaleFinancial Model has 8 risk categories

A - Very Low RiskAA - Low RiskBB - Moderate Low RiskB - Below Average RiskCC - Above Average RiskC - Moderate High RiskD - High Risk E - Very High Risk

Risk Profile

High RiskHigh Risk - used when the loan amounts are relatively high and have a longrepayment period A loss in the Credit would seriously affect the companyresults Commercial credit with maturity exceeding 36 months

A loss in the Credit would seriously affect the results Bank credited to morethan 36 months

Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8

Balance Sub T ot al 46

Cash Flow

Cash From Sales 2

Cash For Production 2

Cash For Operations 2

Operating Cash Generation 5

Free Cash Flow 3

Cash Flow After Fin Ex 2

Cash Flow After Fin Result 2

Reduction In Debt 0

Cash Flow Sub T ot al 18

Total Vertical Weights 100

Tolerance Margin 5

Financial Conditions

Condit ions Score

Negative Net Worth CC

Final Weighting


EMIS Trend Score 10

EMIS Credit Analyt ics - EMIS Credit Analyt ics Assumptions



Ret urn on Asset s (ROA)

An indicator of how profitable a company is relative to its total assets ROA gives an

idea as to how efficient management is at using its assets to generate earnings

Calculated by dividing a companys annual earnings by its total assets

Calculated as Net prof it T ot al Asset

Ret urn on Equit y (ROE)

A measure of a corporations profitability that reveals how much profit a company

generates with the money shareholders have invested

Calculated as Net prof it Shareholders equit y

Ret urn on Sales (ROS)

A ratio widely used to evaluate a companys operational efficiency ROS is also

known as a firms operating profit margin

Calculated as Net Prof it Net Sales Revenue

Bookvalue

A companys common stock equity as it appears on a balance sheet equal to total

assets minus liabilities preferred stock and intangible assets such as goodwill

Current Rat io

A liquidity ratio that measures a companys ability to pay short-term obligations

Calculated as Current Asset sCurrent Liabilit ies

Quick rat io

An indicator of a companys short-term liquidity The quick ratio measures a

companys ability to meet its short-term obligations with its most liquid assets The

higher the quick ratio the better the position of the company

Calculated as (Current Asset s-Invent ories)Current Liabilit ies

Debt t o equit y

A measure of a companys financial leverage calculated by dividing its total

liabilities by stockholders equity It indicates what proportion of equity and debt the

company is using to finance its assets

Calculated as T ot al Liabilit iesShareholders Equit y

Debt t o t ot al asset s

A metric used to measure a companys financial risk by determining how much of

the companys assets have been financed by debt Calculated by adding short-term

and long-term debt and then dividing by the companys total assets

Calculated as Short T erm Debt s+Long T erm Debt sT ot al Asset s

Leverage rat io

Leverage ratio provide an indication of the long term solvency of the firm

Calculated as T ot al Asset sShareholders Equit y

Debt Ent erprise Value

This metric is equivalent to the payback period used by debtholders Calculated as


Market Capit alizat ionEBIT DA

Calculated as Market Capit alizat ionEBIT DA

Earning Bef ore Int erest s and T axes (EBIT )

Earning Before Interests and Taxes (EBIT)

EBIT DA

Earnings before interest taxes depreciation and amortization (EBITDA) is a non-

GAAP metric that can be used to evaluate a companys profitability Calculated as

Ent erprise valueNet Sales

Dividing the enterprise value of a firm by its sales or revenues is a way of

comparing firms in cyclical industries Calculated as Enterprise Value Net Sales

Revenue

Ent erprise valueGross income

Calculated as Enterprise value Gross income

Ent erprise valueT ot al Asset s

Calculated as Enterprise value Total Assets

EBIT DA Margin

A measurement that provides a clear view of the companyrsquos core profitability

Calculated as EBITDA Net Sales Revenue

T ot al Operat ing Revenue T rend

Calculated as Total Operating Revenue current year Total Operating Revenue

previous year

Gross Prof it T rend

Calculated in percentage as (Gross Prof it Current Year Gross Prof it

Previous Year) ndash 1

EBIT DA T rend

Calculated as EBITDA current year EBITDA previous year

Account s Receivables T rend

Calculated in percentage as T rade Account s Receivables current year

T rade Account Receivables previous year

Invent ory T rend

Calculated as Inventories current year Inventories previous year

Net Propert y Plant and Equipment (PPampE) T rend

Calculated as Net PPampE current year Net PPampE previous year

T ot al Asset s T rend

Calculated as Total Assets current year Total Assets previous year

Bookvalue T rend

Calculated as Bookvalue current year Bookvalue previous year

Shareholders Equit y T rend

Calculated as Shareholdersrsquo Equity current year Shareholdersrsquo Equity previous

year

Cash f rom Operat ions T rend

Calculated as Net Cash Flow from Operations current year Net Cash Flow from

Operations previous year

Capit al Expendit ures T rend

Calculated as CAPEX current year CAPEX previous year

Dividend per Share T rend

Calculated as Dividend value per (common) share current year Dividend value

per (common) share previous year

Cost t o Income Rat io

A key financial measure showing a bankrsquos cost in relation to its income Ratio is

calculated as Total Operational Cost Total Operational Income

Glossary



EBIT DA = Operat ing Revenue - Operat ing Expenses (Depriciat ion and

Amort izat ion excluded)

Ent erprise Value EBIT DA

Enterprise Value EBITDA is the metric most used to measure how many years it

would take to pay back the investment

Ent erprise Value

A measure of a companys value often used as an alternative to straightforward

market capitalization EV is calculated as market cap plus debt minority interest

and preferred shares minus total cash and cash equivalents

Dooms day rat io

Calculated as Cash Current Liabilit ies

Long T erm Debt t o Capit al

A ratio showing the financial leverage of a firm calculated by dividing long-term

debt by the amount of capital available Calculated as Long t erm debt Long

t erm debt + Pref f ered St ock + Common St ock

Int erest Coverage Rat io

A ratio used to determine how easily a company can pay interest on outstanding

debt The interest coverage ratio is calculated by dividing a companys earnings

before interest and taxes (EBIT) of one period by the companys interest expenses of

the same period Calculated as EBIT Int erest expense

Cash Flow t o Debt

This coverage ratio compares a companys operating cash flow to its total debt

which for purposes of this ratio is defined as the sum of short-term borrowings the

current portion of long-term debt and long-term debt This ratio provides an

indication of a companys ability to cover total debt with its yearly cash flow from

operations The higher the percentage ratio the better the companys ability to carry

its total debt Calculates as Operat ing Cash Flow T ot al Debt

Ret urn on Capit al

A ratio that indicates the efficiency and profitability of a companys capital

investments Calculated as Net Income (Total Asset - Current Liabilities)

Gross Prof it Margin

A financial metric used to assess a firms financial health by revealing the

proportion of money left over from revenues after accounting for the cost of goods

sold Gross profit margin serves as the source for paying additional expenses and

future savings Calculated as (Net Sales Revenue - Cost of Goods Sold) Net

Sales Revenue

Operat ing Prof it Margin

A ratio used to measure a companys pricing strategy and operating efficiency

Calculated as Operat ing prof it Net sales

Account s Receivable T urnover

An accounting measure used to quantify a firms effectiveness in extending credit

as well as collecting debts The receivables turnover ratio is an activity ratio

measuring how efficiently a firm uses its assets Calculated as Net Sales

Revenue T rade Account s Receivable (Net )

Invent ory T urnover

A ratio showing how many times a companys inventory is sold and replaced over a

period Calculated as Sales Invent ory

Current asset t urnover

Calculated as Net Sales Revenue T ot al Current Asset

Ef f iciency Rat io

Calculated as Total non-interest expenses (Total net interest income + Total non-

interest income)

Loans t o Deposit s Rat io

A commonly used statistic for assessing a banks liquidity Calculated as Total

Loans Total Deposits

Liquid Asset s t o Deposit s Rat io

This ratio indicates extent of liquidity maintained by a bank for meeting the demand

made by the depositors Calculated as (Cash + Financial assets held for trading)

Total Deposits

Loans t o Asset Rat io

Calculated as Total Loans Total Assets

Net Int erest Income T rend

Calculated as Net Interest Income current year Net Interest Income previous year

Net Fee and Commission Income T rend

Calculated as Net Fee and Commission Income current year Net Fee and

Commission Income previous year

Loans and Advances t o Cust omers T rend

Calculated as Loans and Advances to Customers current year Loans and

Advances to Customers previous year

Deposit s f rom Cust omers T rend

Calculated as Deposits from Customers current year Deposits from Customers

previous year

Loss Rat io

This ratio indicates the average cost of insurance protection per each dollar of net

premiums earned during the period Calculated as Total Losses Incurred in Claims

Net Insurance Premium Revenue

Underwrit ing Expenses Rat io

This ratio measures operational efficiency in underwriting Calculated as

Underwriting expenses Net Insurance Premium Revenue

Policyholder Dividend Rat io

Calculated as Dividends Net Insurance Premium Revenue

Combined LossExpense Rat io

Calculated as Loss Ratio + Underwriting Expenses Ratio + Policyholder Dividend

Ratio When the combined ratio is under 100 underwriting results are

considered profitable when the combined ratio is over 100 underwriting results

are considered unprofitable

Ceded Premium Rat io

Calculated as Insurance Premium Ceded to Reinsurers Insurance Premium

Revenue

Net Premiums Earned T rend

Calculated as Net Insurance Premium Revenue current year Net Insurance

Premium Revenue previous year

Fees and Commissions T rend

Calculated as Net Fees and Commissions Income current year Net Fees and

Commissions Income previous year

Net Invest ment Income T rend



Fixed-asset t urnover

This ratio is a rough measure of the productivity of a companys fixed assets

(property plant and equipment or PPampE) with respect to generating sales For most

companies their investment in fixed assets represents the single largest

component of their total assets This annual turnover ratio is designed to reflect a

companys efficiency in managing these significant assets Simply put the higher

the yearly turnover rate the better Calculated as Revenue Propert y Plant and

Equipment

Asset T urnover

The amount of sales generated for every dollars worth of assets It is calculated by

dividing sales in dollars by assets in dollars Calculated as Revenue Asset s

Revenue T rend

Calculated as (Net Sales Current Year Net Sales Previous Year)

Net Income T rend

Calculated as (Net Income Current Year Net Income Previous Year)

Operat ing Income T rend

Calculated as (Operat ing Income Current Year Operat ing Income

Previous year)

PriceBook Rat io

A ratio used to compare a stocks market value to its book value It is calculated by

dividing the current closing price of the stock by the latest years book value per

share Calculated as St ock price (T ot al Asset - Int angible asset s and

Liabilit ies)

PriceEarnings Rat io

A valuation ratio of a companys current share price compared to its per-share

earnings Calculated as Market value per share Earning per share EPS

Market capShareholder equit y

A financial ratio showing the premium which is included in the current market price

compared to the actual value of Shareholder equity of the company Calculated as

Market capit alizat ion Shareholders equit y

PriceEBIT Rat io

The PriceEBIT ratio is a market value indicator similar to the PE ratio which shows

the number of times the market price exceeds the earnings per share before the

effects of gross interest abnormal items and tax The PriceEBIT ratio is calculated

as follows Valuat ion price EBIT

T ot al Capit al Rat io

Calculated as T ot al capit al (T ier 1 and T ier 2) rat io = T ot al capit al (T ier 1

and T ier 2) Risk-adjust ed asset s

T ier 1 Rat io

Tier 1 capital is the core measure of a banks financial strength from a regulators

point of view It consists primarily of shareholders equity but may also include

preferred stock that is irredeemable and non-cumulative and retained earnings

Risk Weight ed Asset s

Risk weights are in five categories from zero to 100 per cent Those carrying a

zero weight include notes and coins gold matched by gold liabilities balances with

the Reserve Bank and commonwealth government securities with less than twelve

months to maturity Commonwealth government securities with more than twelve

months to maturity carry a 10 per cent risk weighting as do state government

securities Claims on other banks Australian local governments and public-sector

organisations other than those with corporate status or which operate

Calculated as Investment Income current year Investment Income previous year

Receivables Arising Out Of Direct Insurance Operat ions T rend

Calculated as Receivables Arising out of Direct Insurance Operations current year

Receivables Arising out of Direct Insurance Operations previous year

Operat ing ROA

An indicator that shows the type of net profit which is actually generated by business

effort Calculated as Operat ing Prof it (EBIT ) T ot al Asset s

Payables T urnover

An indicator that evaluates how fast a company pays off its creditors (suppliers)

Calculated as Purchases T rade Payables

Working Capit al T urnover

A measure that indicates how efficiently the company generates revenue with its

working capital Working capital is defined as current assets minus current liabilities

Calculated as Net Sales (T ot al Current Asset s ndash T ot al Current

Liabilit ies)

Working Capit al

A measure of a companyrsquos short term financial health Calculated as T ot al

Current Asset s ndash T ot al Current Liabilit ies

Cash Rat io

A measure of a companyrsquos liquidity in crisis situation Only highly marketable

securities and cash are included Calculated as (T ot al Cash and Cash

Equivalent s + Market able securit ies) T ot al Current Liabilit ies

Cash Flow f rom Operat ion Rat io

A measure of how well current liabilities are covered by the cash flow generated

from a companyrsquos operations Calculated as Net Cash Flow f rom Operat ing

Act ivit ies T ot al Current Liabilit ies

Debt Coverage

A measure that shows a companyrsquos ability to cover total debt with its yearly cash

flow from operations Calculated as Net Cash Flow f rom Operat ing Act ivit ies

T ot al Debt

Cash Flow t o Revenue

This ratio measures the amount of operating cash flow generated for each dollar of

revenue Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net Sales

Revenue

Cash Ret urn on Asset s

This ratio measures the return of operating cash flow attributed to all providers of

capital Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al

Asset s

Cash Ret urn on Equit y

This ratio measures the return of operating cash flow attributed to shareholders

Calculated as Net Cash Flow f rom Operat ing Act ivit ies T ot al

Shareholdersrsquo Equit y

Cash t o Income

This ratio measures the ability to generate cash from companyrsquos operations

Calculated as Net Cash Flow f rom Operat ing Act ivit ies Operat ing Prof it

(EBIT )

CashT ot al Asset s

Calculated as Cash and Cash Equivalent s T ot al Asset s



commercially carry a 20 per cent risk weighting Loans secured by a mortgage

over residential property and with a loan-to-valuation of 80 per cent or less carry a

50 per cent risk weighting and loans to companies or individuals carry a 100 per

cent risk weighting

Market Cap Net cash

A ratio measure the market value of the company to the Net cash position of the

company Calculated as Market capit alizat ion (Cash and cash equivalent s

minus long-t erm debt )

Net Cash

Net cash is commonly used in evaluating a companys cash flow More generally

net cash can refer to the amount of cash remaining after a transaction has been

completed and all charges and deductions related to the transaction have been

subtracted Calculated as T ot al cash minus t ot al short t erm liabilit ies

Annualised Ret urn on Equit y (ROE)

Return on Equity ratio (ROE) converted into an annual basis

Annualised Ret urn on Asset s (ROA)

Return on Assets ratio (ROA) converted into an annual basis

Export Proport ion Rat io

The percentage figure of the proportion of the export revenue from the total sales

revenue of the company Calculated as Export revenue T ot al revenue

Net Debt

A metric that shows companys overall debt situation by netting the value of

financial liabilities with its cash and other similar liquid assets Calculated as

financial liabilities - cash and cash equivalents

EPS

The portion of a companys profit allocated to each outstanding share Calculated

as Net Profit Outstanding Shares

PE



Market Capit alizat ionNet Sales

Calculated as Market Capitalization Net Sales Revenue

Market Capit alizat ionGross income

Calculated as Market Capitalization Gross Profit

Market Capit alizat ionEBIT

Calculated as Market Capitalization EBIT

Market Capit alizat ionT ot al Asset s

Calculated as Market Capitalization Total Assets

ReceivablesT ot al asset s

Calculated as T rade Account s Receivable T ot al Asset s

Invent oriesT ot al asset s

Calculated as Invent ories T ot al Asset s

Fixed asset sT ot al asset s

Calculated as Non-current Asset s T ot al Asset s

Current Liabilit iesT ot al Liabilit ies

Calculated as T ot al Current Liabilit ies T ot al Liabilit ies

Salaries and Employee Benef it sNet sales

Calculated as Employee Benef it Expenses Net Sales Revenue

Administ rat ive ExpensesNet Sales

Calculated as Administ rat ive Expenses Net Sales Revenue

Depreciat ion and Amort izat ionNet sales

Calculated as Depreciat ion Amort izat ion and Impairment Charges Net

Sales Revenue

Int erest paidNet sales

Calculated as Int erest -t ype Expenses Net Sales Revenue

Income t axNet sales

Calculated as Income T ax Net Sales Revenue

Operat ing Cash Flow t o T ot al Cash Flow

Calculated as Net Cash Flow f rom Operat ing Act ivit ies Net

IncreaseDecrease in Cash and Cash Equivalent s

Cash Flow f rom Invest ing t o T ot al Cash Flow

Calculated as Net cash f low f rom (used in) invest ing act ivit ies Net


Cash f low f rom f inancing t o T ot al cash f low

Calculated as Net cash flow from (used in) financing activities Net

IncreaseDecrease in Cash and Cash Equivalents

Average Yie ld on Asset s

Calculated as T ot al Int erest Income T ot al Asset s

Disclaimer

Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides due to the vast quantity of processed data and the fact that some of

the third-party data cannot always be verified including information provided directly by the subject of the enquiry EMIS does not guarantee the correctness or the

effective delivery of the information and shall not be held responsible for any errors or omissions therein

The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes EMIS and its

affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this

contentrecommendation





Table of Contents

Company Tear Sheet

Contact Information

NAICS Industry Classification


Basic Information



Key Executives

Ownership Details





Top Competitors

Financial Statements

Annual Statements

Interim Statements

Ratios

Multiples

Company Documents

Financial DocumentsAnnual Reports

Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals

EMIS DealWatch Deals


EMIS Credit Analytics

Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

2

33

3

3

3

3

3

4

4

5

6

7

7

7

99

13

17

20

2222

22

2222

26

2828

28

3131

31

32

33

34

35

37

39

40

43

44

47

Table of Contents

Table of ContentsCompany Tear Sheet

Contact Information

NAICS Industry Classif ication


Basic Information



Key Executives

Ownership Details





Top Competitors

Financial StatementsAnnual Statements

Interim Statements

Ratios

Multiples

Company DocumentsFinancial DocumentsAnnual Reports

Corporate Actions

News amp ReportsNews

Reports

MampA and ECM DealsEMIS DealWatch Deals


EMIS Credit Analyt icsSummary



EMIS Credit Quota

Conclusions






GlossaryDisclaimer


Copyright copy 2015 EMIS all rights reserved A Euromoney Institutional Investor company of 48





St at us Listed



EMISid 1454737


PL DUNS 644308413

NIP 7740001454

KRS 0000028860

REGON 610188201


Headquart ers


Map

Post al Code 09-411

T el +48 (24) 3650000

Fax +48 (24) 3654040

Email zarzadorlenpl










Main Product s


T rade Marks

















Last Price 6905

Volume 475900

Turnover 32711179

Previous 6900

Change 005 (0 07)

1 Year Change -271

Index RESPECT


Ticker PKN

Market Cap 29511925

52 Week High 8525

52 Week Low 5764

PE 913

EPS 756


Bookvalue 22946000







Ot her 5602




















Anwil SA 100






























100





100



81


100




Remwil Sp z oo 100


100

































100














8


100

Orlen Serwis SA 100






















Ship Service SA 609



100










URODA Sp z oo 7163







EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050






Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer





St at us Listed



EMISid 1454737


PL DUNS 644308413

NIP 7740001454

KRS 0000028860

REGON 610188201


Headquart ers


Map

Post al Code 09-411

T el +48 (24) 3650000

Fax +48 (24) 3654040

Email zarzadorlenpl










Main Product s


T rade Marks

















Last Price 6905

Volume 475900

Turnover 32711179

Previous 6900

Change 005 (0 07)

1 Year Change -271

Index RESPECT


Ticker PKN

Market Cap 29511925

52 Week High 8525

52 Week Low 5764

PE 913

EPS 756


Bookvalue 22946000







Ot her 5602




















Anwil SA 100






























100





100



81


100




Remwil Sp z oo 100


100

































100














8


100

Orlen Serwis SA 100






















Ship Service SA 609



100










URODA Sp z oo 7163







EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050






Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

Last Price 6905

Volume 475900

Turnover 32711179

Previous 6900

Change 005 (0 07)

1 Year Change -271

Index RESPECT


Ticker PKN

Market Cap 29511925

52 Week High 8525

52 Week Low 5764

PE 913

EPS 756


Bookvalue 22946000







Ot her 5602




















Anwil SA 100






























100





100



81


100




Remwil Sp z oo 100


100

































100














8


100

Orlen Serwis SA 100






















Ship Service SA 609



100










URODA Sp z oo 7163







EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050






Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


Anwil SA 100






























100





100



81


100




Remwil Sp z oo 100


100

































100














8


100

Orlen Serwis SA 100






















Ship Service SA 609



100










URODA Sp z oo 7163







EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050






Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

100














8


100

Orlen Serwis SA 100






















Ship Service SA 609



100










URODA Sp z oo 7163







EBITDA NA NA NA NA

Net Profit(Loss) 46076 41243 232849 84892

Total Assets 16481679 17468363 12205902 12827082

Total equity 8764528 9099657 5601049 6507050






Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


Debt to equity 3491 3563 5255 3958

Quick ratio 0 61 058 076 078

Cash Ratio 008 006 025 030






DAT ECOUNT RY OF


DEALT YPE


USD (MN)ST AKE







1502 10000





GermaniaPetrol GmbH





Gasoline Stat ions

COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR



PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015

Lotos Paliwa Spz oo

5621684 13710 7267 114 511 NA 2013


3723751 38592 20434 186 1725 NA 2014

Statoil Sp z oo 1402338 26528 16288 331 568 NA 2015

Anwim SA 779702 2173 1458 211 1213 NA 2014


237738 -21189 -21345 -3716 -6211 NA 2013

Apexim Ab 211286 10493 7846 1487 2560 NA 2011


146365 47 -20 -023 -303 NA 2014

Pw Alicja Sp zoo

138096 1150 488 135 627 NA 2014

Falco sp j 136471 1646 1512 913 2134 NA 2014


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)


PRICE PEREARNING ()

EARNINGPER SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN OrlenSA

23519124 1082999 856701 672 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 -1896 -0 37 2016-06-01 2015


COMPANYT OT AL

OPERAT INGREVENUE


NETPROFIT (LOSS)

RET URN ONASSET S

(ROA) ()


()

PRICE PEREARNING

()

EARNINGPER

SHARE

PRICEREFERENCE

DAT E

FISCALYEAR

PKN Orlen SA 23519124 1082999 856701 672 NA 898 194 2016-06-01 2015

Lotos SA 6030487 112195 -69771 -137 NA -1896 -0 37 2016-06-01 2015



129461 3589 1496 158 317 NA 2011


82218 128 9 006 111 NA 2011


63126 1584 1137 542 825 NA 2013

Pol Naft Ag Sp zoo

28811 284 214 3917 7590 NA 2014


18911 180 241 417 9226 NA 2013


17947 1876 1497 1800 2450 NA 2014


11456 549 439 1903 8636 NA 2014

Hellenic Oil Sp zoo

11294 252 199 3185 4301 NA 2014





REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










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DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


REPORTING DETAILS









Balance Sheet




342 310 301 351 390

Total Assets 17186012 16979933 17049137 13322594 12339340







Deferred assets 116909 95819 50133 109774 93563



Current Assets 8808981 8309137 8110890 6192974 5300556

Inventories 4768689 4842883 4564741 2802521 2746661




9857 29036 19588





8347 20970 4980 9694 24865


Total equity 7841834 9132469 9147078 5812614 6214657


Issued capital 309485 341334 351262 301665 271206



Other reserves 359119 395858 407371 349852 314527








221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer






221557 221964 181939 21385 172772








39907 54201 41169





33201

Income Statement




296 326 316 315 377




Gross profit 2893539 2457837 1816830 1846068 2794016







-667710 -631316 -502149







Finance income 1001638 461612 145498 112248 103345


Finance costs -756911 -277458 -192943 -598973 -273466





Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer



Income tax -262094 -139343 -21192 132541 -123219


Net Profit(Loss) 679920 666022 28467 -1847970 856701

Cash Flow Statement




296 326 316 315 377


256819 948084 1752305 1010549 1418737

Net Profit 679920 666022 28467 -1847970 856701


803063 693645 667710 631316 502149






Income tax paid 149572 -197965 -12652 -185812 69161


505138 -882403 -772090 -1274681 -1085384


109565 13812 51873 126834 34713







112153 -1046913 -771141 660488 -759451




Dividends paid -4604 -203065 -195641 -187080



874110 -981232 209075 396356 -426098



-70151 -30692 -31630 -63417 5035


Free cash flow -601075 197351 998877 -162665 602844

CAPEX -898840 -802910 -922965 -1424345 -1132551



OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

OTHER INFORMATION









REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


REPORTING DETAILS

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID







Balance Sheet

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


381 376 378 390 376

Total Assets 12205902 13022978 13208137 12339340 12827082







Deferred assets 64000 72254 69132 93563 89918



Current Assets 5614164 6489574 6623139 5300556 5333599

Inventories 2666754 2847921 3156222 2746661 2457036




11541 6907 9800





4459 1859 4503 24865 14632


Total equity 5601049 5952185 6383694 6214657 6507050


Issued capital 277508 281047 280235 271206 281458



Other reserves 321836 325940 324999 314527 287843








31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer






31738 90317 147534 172772 176643








73967 64816 50591 72094





9311

Income Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396




Gross profit 665821 1716847 2376724 2794016 414099








-121253 -246571 -370986 -502149 -130117







Finance income 23875 42800 69644 103345 11369

Finance costs -71089 -147243 -200627 -273466 -22486





Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer



Income tax -44531 -152896 -197681 -123219 -24760


Net Profit(Loss) 232849 650614 884475 856701 84892

Cash Flow Statement

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID


373 371 373 377 396


262895 984939 1015458 1418737 739517

Net Profit 232849 650614 884475 856701 109652


121253 246571 370986 502149 130117






Income tax paid 21193 124632 155895 69161 -22234


-152372 -354783 -511345 -1085384 -353462


11535 14536 18750 34713 15412





-339349 -576858 -265985 -759451 -78575







-228826 53298 238128 -426098 307479



1610 1346 11518 5035 -24760


Free cash flow 97647 649807 519917 602844 352199

CAPEX -165248 -344554 -504917 -1132551 -387318

OTHER INFORMATION



NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

NAMEQ1-2015 -

CONSOLIDH1-2015 -


Y-2015 - CONSOLIDQ1-2016 -

CONSOLID








REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


REPORTING DETAILS









Ratios




100 100 100 100 100










Operating ROA 352 385 052 -1020 849

Efficiency Ratios








Valuation Figures

Bookvalue 7454685 8665634 8874170 5612169 5881931


Net Cash -7761348 -7134146 -7008964 -6387432 -5522801

Net Debt 2349954 2220932 1586321 2206889 1968676

Working Capital 3011359 3428830 2814077 2191492 1797442




Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

Liquidity Ratios

Current Ratio 152 170 153 155 151

Quick ratio 0 70 071 067 085 073

Dooms day ratio 0 27 015 017 028 017



Leverage Ratios


Debt to equity 5015 3213 2710 5728 4136



Cash Flow to Debt 1927 -3515 885 1070 -1604


Growth Trend Ratios

Revenue Trend 12804 11227 9458 9404 8269




Net Income Trend 8206 10769 415 -6476 -5547


Inventory Trend 14428 9211 9159 7149 10901


9699 9310 10065 9093 10836


Bookvalue Trend 11117 10595 9725 7331 12021




Coverage Ratios


Performance Ratios




Cash to Income 3683 15262 2075 -6684 13100
















OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer










OTHER INFORMATION









REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


REPORTING DETAILS









Multiples




EPS 471 507 021 -1363 756

PE 720 976 19485 -359 898











702 1046 6568 -439 710









1200 1476 8958 -635 949

OTHER INFORMATION










more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer




more raquo

more raquo





























































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer
































































































more raquo






























more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

more raquo













DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


DAT ECOUNT RY

OFT ARGET



VALUEUSD (MN)

ST AKE




1502 100








8310 100













1380 100


119 9645














2364 473



9241 49




2158 415




DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

DEALSIDE

INT ENTANNOUNCEMENT

T ARGETT ARGET


DEALT YPE

INVEST OR

Sell-side



Sell-side


CzechRepublic


Buy-side



Sell-side



Buy-side



Sell-side


Buy-side

05-Sep-13



Sell-side



Buy-side



Sell-side


Sell-side

01-Mar-12




Sell-side





Buy-side




Sell-side

02-May-11


PolandPoland



Sell-side



Sell-side




Sell-side




Buy-side


CzechRepublic




Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

Buy-side


CzechRepublic



PKN Orlen SA

Sell-side














SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer









SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558









5266

EMIS Trend Score

E Very High Risk

PampL E

Balance Sheet C

Cash Flow E

EMIS Credit Quota




RELAT IVEWEAKNESSES


Sales Growth

Remarks


Remarks





11



100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

100

PampL 2014 T OT AL

Sales Growth 3 3






Days Inventory 1 1

Current Ratio 3 3





Cash from Sales 3 3




Free Cash Flow 3 3






E D C CC B BB A AA

Business Scale


E Very High Risk


E Very High Risk






SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer



SIZ E RANKING SCORE

Sales 1 10000

Assets 1 10000

Profit 41 698
















Leverage 33 2558



Average Ranking 21






CC


5266








11




AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


AVERAGE CREDIT

(BASED ON INDUSTRY)




11

FINANCIAL SCORE

CC

=

=

CALCULAT ED CREDIT



X


06

=CREDIT QUOT A

(ADJUSTED BY SCORE)














Score Multipliers


Expanded QuotaAA 2

A 15

Normal Quota BB 1

Reduced Quota

B 08

CC 06

C 04

No QuotaD 02

E 0




Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

Ul Chemikoacutew 7

09-411

Fax +48 (24) 3654040

Email zarzadorlenpl


Sales 1 100





CC

Date 2016 June 2












Cash Flow Statement

EMIS T REND SCORE

Profit amp Loss E

Balance Sheet C








REPORTING DETAILS

11



2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

2014 2013 2012








SIZ E

2014 2014 2013 2012

AVERAGEINDUST RY


Sales 915054 30679174 1 37904382 1 38981804 1

Assets 441712 13322594 1 17049137 1 16979933 1

Profit -47512 -1656877 41 58433 1 756549 1



GROWT H

2014 2014 2013 2012

AVERAGEINDUST RY



Inc Dec In Assets 1610 -901 20 -243 22 -1039 30




PROFIT ABILIT Y

2014 2014 2013 2012

AVERAGEINDUST RY



Return On Assets -1076 -1244 38 034 23 446 16




INDEBT EDNESS

2014 2014 2013 2012

AVERAGEINDUST RY


Indebtedness 5612 5637 22 4635 21 4622 22

Leverage 12789 12920 33 8639 36 8593 40








EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer





EFFICIENCY

2014 2014 2013 2012

AVERAGEINDUST RY



Days Inventory 36 33 16 46 19 48 23




LIQUIDIT Y

2014 2014 2013 2012

AVERAGEINDUST RY


Current Ratio 128 132 19 142 21 157 22

Quick Ratio 132 132 19 142 21 157 22

Working Capital 42581 1486941 1 2418659 1 3019099 1


OT HERS

2014 2014 2013 2012

AVERAGEINDUST RY


Gross Profit 0 76 062 31 491 34 614 33

Other Income -1926 -1852 32 64868 3 5153 6





REPORTING DETAILS

2014 2013 2012










2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Cash And Banks 1003 11838 1034 6846 533 410 559 851 482 -4599 502 -5387



Inventory 2075 -1109 2104 -2851 2710 -1100 2677 -841 2866 -1097 2852 -789

Deferred Assets 014 -1494 007 -4068 020 -2569 011 -3444 025 -385 017 16719

Current Assets 4413 1190 4656 -1101 4579 -900 4760 -533 4737 -1703 4906 -1431

FIXED ASSET

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Fixed Assets 4872 1626 4846 -907 4865 -275 4850 065 4710 -1737 4701 -690


Investments 240 4117 265 2041 197 13125 200 21858 080 2964 061 5970

Deferred Assets 281 11870 082 15497 149 -2699 029 -4916 193 5695 056 -2566


T OT AL ASSET S

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Total Assets 10000 1610 10000 -901 10000 -585 10000 -243 10000 -1368 10000 -1039

CURRENT LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Suppliers 2801 1472 2839 -1163 2835 -082 2923 603 2691 -3100 2690 -2855




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





T OT AL LIABILIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY



EQUIT Y

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY






Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer



Capital 212 3149 226 000 187 -325 206 000 182 -237 201 003

Other Reserves 11156 3618 263 000 9512 000 239 000 8955 -143 233 -2444




Total Net Worth 4388 -077 4363 -2601 5134 -618 5365 -267 5152 153 5378 563


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY





REPORTING DETAILS

2014 2013 2012







OPERAT ING PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


Gross Profit 0 76 -8210 062 -8814 515 -2441 491 -2451 604 -978 614 313


149 3309 141 420 135 -905 127 -479 132 -638 126 379




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY












T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer




T AXES AND OT HERS

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




Income Tax -0 74 -468549 -039 -72388 -002 7245 006 -8524 -006 -11275 038 -4155

NET PROFIT

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Income -519 -406205 -540 -340170 016 -9342 015 -9249 213 544 194 -078



REPORTING DETAILS

2014 2013 2012








2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Initial Cash 222 410 267 851 257 -4599 232 -5387 422 9240 474 8565

CASH FROM SALES

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Net Sales 10000 2089 10000 -575 10000 -1145 10000 -551 10000 500 10000 1190


-0 91 -28672 066 13160 059 -4685 027 779616 098 16969 -000 9978

Cash From Sales 9909 1908 10066 -539 10059 -1179 10027 -525 10098 763 10000 1377


2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Sales Cost -9924 -2648 -9938 150 -9485 1062 -9509 427 -9396 -612 -9386 -1253

(-) (Inc) Inventory 125 -1020 364 21062 168 -1077 111 -183 167 13866 106 12570

(+) (Inc) Suppliers 174 188875 -162 -30445 -012 9818 075 11510 -572 -26577 -468 -25767




CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


CASH FOR OPERAT ING

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY








-0 12 9215 -000 9200 -189 -12719 -004 -12717 614 184104751 015 NA



2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY




FREE CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


Free Cashflow -2816 -10396 054 -6596 -1669 -15077 150 28813 -589 5095 -075 -33837

FINANCIAL

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY







-2968 -11175 -089 -16127 -1694 -17455 136 60823 -546 5512 -025 -12770

CASHFLOW

2014INDUST RY

2014COMPANY

2013INDUST RY

2013COMPANY

2012INDUST RY

2012COMPANY


(-) Dividends 503 42726 -126 -4528 -186 682 -082 -1139 -176 -73580 -069 -52834





000 NA 000 NA 000 NA 000 NA 000 NA 000 NA




-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer


-0 72 -37515 -022 -26027 032 11570 013 4240 -178 -88060 008 14351


406 56718 294 37011 -105 8205 -103 7364 -518 -37893 -368 -40951


000 NA 000 NA 000 NA 000 NA 000 NA 000 NA


115 218744 105 82115 -007 -10274 -014 -10676 216 2710149 191 NA


027 -8018 002 -8023 162 -5085 008 -5057 292 -4974 014 -5006




Ending Cash -1770 -4381 449 6846 -1488 -17434 251 851 -480 -11112 219 -5387



Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer

Score Scale



Risk Profile



Vertical Weighting

Pampl

Sales Growth 12

Operating Profit 12

Net Profit 12

Sub t ot al 36

Balance

Days Receivables 12

Days Inventory 10

Current Ratio 8

Indebtness 8

Indebtednesssales 8


Cash Flow

Cash From Sales 2




Free Cash Flow 3



Reduction In Debt 0



Tolerance Margin 5


Condit ions Score


Final Weighting


EMIS Trend Score 10

















Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer














Bookvalue



Current Rat io



Quick rat io





Debt t o equit y










Leverage rat io










EBIT DA






Revenue





EBIT DA Margin





previous year




EBIT DA T rend





Invent ory T rend






Bookvalue T rend




year












Glossary








Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer






Ent erprise Value




Dooms day rat io











Cash Flow t o Debt







Ret urn on Capit al








Sales Revenue














Ef f iciency Rat io


interest income)







Total Deposits













previous year

Loss Rat io
















Revenue

















Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer








Equipment

Asset T urnover



Revenue T rend


Net Income T rend




Previous year)

PriceBook Rat io




Liabilit ies)








PriceEBIT Rat io








T ier 1 Rat io
















Operat ing ROA



Payables T urnover







Liabilit ies)

Working Capit al



Cash Rat io








Debt Coverage



T ot al Debt




Revenue




Asset s





Cash t o Income



(EBIT )

CashT ot al Asset s







cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer




cent risk weighting

Market Cap Net cash




Net Cash












Net Debt




EPS



PE

























Sales Revenue
















Disclaimer











Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer



Table of Contents

Company Tear Sheet

Contact Information



Basic Information



Key Executives

Ownership Details





Top Competitors


Annual Statements

Interim Statements

Ratios

Multiples

Company Documents


Corporate Actions

News amp Reports

News

Reports

MampA and ECM Deals




Summary



EMIS Credit Quota

Conclusions






Glossary

Disclaimer