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#Current report 61/2018

Current report no. 61/2018 (15.06.2018)  

Title:

Information on adjustments made in the published annual unitary and consolidated financial statements for the year 2017.

Legal basis:

Art. 56 sec. 1 point 2 of the Act on Public Offering – current and periodical information

Message:

WIthe reference to publication of the annual unitary and consolidated financial statements for the year 2017 on the 30th April 2018 and subsequently publication of the unitary and consolidated financial statements for the year 2017 complemented by the opinion of the statutory auditor on the 10th May 2018, the Management Board of URSUS S.A. hereby provides a description of differences between the published documents. The introduced adjustments are connected with compliance with the remarks of the statutory auditor, submitted while auditing the financial statements for the financial year 2017.

In the Unitary Financial Statement of the Company URSUS S.A. for year 2017 differences in the following positions have been identified:

  1. The value of the total share premium presented in point 2 entitled „Total income statement” on page 5 in the amount of 510 thousand PLN in the column „period ended 31.12.2017” was qualified to other operating costs presented in point 1 entitled „Profit and loss statement” on page 4 in the column „period ended 31.12.2017”, which reduced other capitals in point 3 entitled „Statement of financial position” on page 7 in the column „As of 31.12.2017” and increased operating loss in the position „(Profit) loss on investing operations” in point „Cash flow statement” on page 8 in the column „01.01.2017-31.12.2017”.

  2. In point 3 entitled „Statement of financial position” on pages 6 and 7 the following adjustments were made consisting of:

- presentation in the column „As of 31.12.2017” of other financial asets in the amount of 150 thousand PLN as long-term investments,

- presentation in the column „As of 31.12.2016 transformed data” of perpetual usufruct of land in the amount of 2 442 thousand PLN as tangible fixed assets,

- presentation in the column „As of 31.12.2016 transformed data” of trade and other liabilities in the amount of14 361 thousand PLN as other liabilities,

- presentation in the column „As of 01.01.2016 transformed data” of other financial liabilities in the amount of 156 thousand PLN as share premium above the nominal value of shares,

- completing presentation in the column „As of 01.01.2016 transformed data” in the position of liabilities on account of employee benefit in the amount of 3 416 thousand PLN transferred from the position of trade and other liabilities,

- presentation in positions of deferred tax assets and provisions was changed by presentation only of an excess equal to the difference between the values of the above-mentioned positions.
 

In the Consolidated Financial Statement of the Capital Group URSUS for year 2017 differences in the following positions have been identified:

  1. The value of the total share premium presented in point 2 entitled „Total income statement” on page nr 5 in the amount of 510 thousand PLNin the column „period ended 31.12.2017” was qualified to other operating costs presented in point 1 entitled „Profit and loss statement” on page 4 in the column „period ended 31.12.2017”, which reduced other capitals in point 3 entitled „Statement of financial position” on page 7 in the column „As of 31.12.2017” and increased operating loss in the position „(Profit) loss on investing operations” in point „Cash flow statement” on page 8 in the column „01.01.2017-31.12.2017”.

  2. In point 2 entitled „Total income statement” on page 5 in the column „period ended 31.12.2016 transformed data” the following position were changed:

- cost of sales in the amount of-785 thousand PLN,

- selling costs in the amount of-2 409 thousand PLN,

- other operating income in the amount of-264 thousand PLN,

- other operating costs in the amount of-559 thousand PLN.

  1. In point 3 entitled „Statement of financial position” on pages 6 and 7 the following adjustments were made consisting of:

- presentation in the column „As of 31.12.2017” of other intangible assets in the amount of 4 349 thousand PLN as goodwill,

- presentation in the column „As of 31.12.2016 transformed data” of long-term investments in the amount of1 600 thousand PLN as short-term investments,

- presentation in the column „As of 01.01.2016 transformed data” of other financial liabilities in the amount of156 thousand PLN as share premium above the nominal value of shares,

- presentation in positions of deferred tax assets and provisions was changed by presentation only of the excess equal to the difference between the values of the above-mentioned positions.

4. In point 3 entitled „Statement of financial position” on page 6 and 7 the following positions were adjusted:

- tangible assets were adjusted by the amount of -352 thousand PLN in the column „As of 01.01.2016 transformed data”,

- inventories were adjusted by the amount of -785 thousand PLN in the column „As of 01.01.2016 transformed data”,

- trade receivables and other receivables were adjusted by the amount -4 293 thousand PLN in the column „As of 31.12.2016 transformed data” and by the amount -2 617 thousand PLN in the column „As of 01.01.2016 transformed data”,

- trade liabilities and other liabilities were adjusted by the amount of 262 thousand PLN in the column „As of 31.12.2017” and by the amount of -3 541 thousand PLN in the column „As of 31.12.2016 transformed data”,

- deferred income was adjusted by the amount of -264 thousand PLN in the column „As of 01.01.2016 transformed data”.

5. In point 4 entitled „The consolidated statement of cash flows” on page 8 adjustments were made in presentation of the amount of 6 604 thousand PLN as purchase of financial assets in cash flows from investing activities, previously presented as other cash flows in cash flows from operating activities.

Besides in the Unitary Financial Statement of the Company URSUS S.A. for year 2017 in point 8 on page 12 and in the Consolidated Financial Statement of the Capital Group URSUS for year 2017 in point 8 on page 11 the Issuer disclosed information on adoption on the 14th December 2017 of the resolution on increase of the share capital of the subsidiary URSUS BUS S.A. This information was dosclosed in the Report of the Management Board from operations of the Capital Group URSUS for year 2017 in point 3 entitled „Basic information and description of the Capital Group organisation” on page 10 published on the 30th April 2018.

The legal basis of this report is the art. 56 sec. 1 point 2 of the Public Offering Act in connection with §15 sec. 4 of the Minister of Finance’s Regulation on current and periodic information dated 29.03.2018..