Cyfrowy Polsat S A : Gpp 1h 2022 eng.pdf

Cyfrowy Polsat S.A. Capital Group

Interim Consolidated Report for the six month period ended June 30, 2022

Warsaw, August 17, 2022

Table of Contents

Report of the Management Board on the activities of Cyfrowy Polsat S.A. Capital Group for the six month period ended June 30, 2022

Management Board's representations

Independent auditor's review report on the interim condensed consolidated financial statements for the six month period ended June 30, 2022

Interim condensed consolidated financial statements for the six months ended June 30, 2022

Independent auditor's review report on the interim condensed financial statements for the six month period ended June 30, 2022

Interim condensed financial statements for the six months ended June 30, 2022

Report of the Management Board on the activities

of Cyfrowy Polsat S.A. Capital Group for the six month period ended June 30, 2022

Warsaw, August 17, 2022

Report of the Management Board

2

on the activities of Cyfrowy Polsat S.A. Capital Group for the six month period ended June 30, 2022

Table of contents

Polsat Plus Group at a glance	4
Our mission and main strategic goals	5
Disclaimers	6
Financial data overview	7

1.	Characteristics of Polsat Plus Group	10
	1.1.	Who we are	10
	1.2. Composition and structure of Polsat Plus Group	11
	1.3.	Shareholders with qualifying holdings of shares of Cyfrowy Polsat	17

1.4. Shares of Cyfrowy Polsat held by Members of the Management Board and

		the Supervisory Board	19
2.	Significant investments, agreements and events	20
	2.1.	Corporate events	20
	2.2.	Business related events	23
	2.3. Events after the balance sheet date	25
3.	Operating and financial review of Polsat Plus Group	26
	3.1. Operating review of the Group	26
		3.1.1. B2C and B2B services segment	27
		3.1.2. Media segment: television and online	29
	3.2. Review of the Group's financial situation	34
		3.2.1.	Income statement analysis	34
		3.2.2.	Operating segments	41
		3.2.3.	Balance sheet analysis	43
		3.2.4.	Cash flow analysis	47
		3.2.5. Liquidity and capital resources	48
		3.2.6. Information on guarantees granted by the Company or subsidiaries	50
4.	Other significant information	53
	4.1.	Transactions concluded with related parties on conditions other than market
		conditions	53
	4.2. Discussion of the difference of the Company's results to published forecasts	53
	4.3. Material proceedings at the court, arbitration body or public authorities	53
	4.4. Factors that may impact our operating activities and financial results	56
		4.4.1. Factors related to social-economic environment	56
		4.4.2. Factors related to the operations of the Group	62
		4.4.3. Factors related to the regulatory environment	66
		4.4.4.	Financial factors	68
5.	Risk factors	69
	5.1. Risk factors related to our business and the sector in which we operate	69
	5.2. Risk factors associated with the Group's financial profile	82
	5.3. Risk factors associated with the market environment and economic situation	84

Report of the Management Board	3
on the activities of Cyfrowy Polsat S.A. Capital Group
for the six month period ended June 30, 2022
5.4. Factors relating to market risks	88
5.5. Risk factors associated with the legal and regulatory environment	90
5.6. Risk factors associated with the Series B and C Bonds	97
5.7. Risk factors associated with climate	97
Glossary	98