Poczta wej: 2005/05/00592;2 Info dod 1q05 skons CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA For the year ended December 31, 2014 Warsaw April 21, 2015 CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA

FOR THE YEAR ENDED DECEMBER 31, 2014

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 2014

Year ended
31 December 2014
Year ended
31 December 2013

Operations Note

Interest and commission income 11.1 2 350 4 635
Interest and commission expense 11.1 (114) (130)

Net Profit (loss)on interest and commission 2 236 4 505

Income on licensing intellectual property rights 11.2 905 241
Cost of licensing intellectual property rights 11.2 - -

Net Profit (loss) on licensing intellectual property rights 905 241

Net profit (loss) from investment securities 11.3 (708) (895) Increase (decrease) in asset impairment charges 114, 31.2 (53) 265

Net operating income 2 380 4 116

Other operating income 11.5 268 373
Other operating expenses 11.6 (95) (7 280) General administration expenses (including amortization) 11.7 (1 675) (1 473)
Profit (loss) from impairment of other assets and
reserves 11.8 - (30)
Gross Profit (Loss) 878 (4 294) Income Tax 12 91 (1 855) Net Profit (Loss) from operations 787 (2 439)

Net Profit (Loss) for the fiscal year 787 (2 439) Profit/(Loss) per share

Basic, from profit for fiscal year 14 0.16 (0.49) Basic, from profit from continuing operations 0.16 (0.49) Diluted, from profit for fiscal year 0.16 (0.49)
Diluted, from profit from continuing operations 0.16 (0.49)

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CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA

FOR THE YEAR ENDED DECEMBER 31, 2014

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED

31 DECEMBER 2014

Year ended

31 December 2014

Year ended

31 December 2013

Net Profit (Loss) for the period

787

(2 439)

Other total income

-

-

Currency translations

-

-

Available-for-sale financial assets

-

-

Cash flows hedges

-

-

Actuarial gains (losses) from pension plans

-

-

Share in other total income of subsidiaries

-

-

Income tax on other total income

-

-

Net other total income

-

-

TOTAL INCOME FOR THE PERIOD

787

(2 439)

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CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA

FOR THE YEAR ENDED DECEMBER 31, 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note

As at
31 December 2014
As at
31 December 2013

ASSETS Fixed assets (long-term) 12 836 12 066

Tangible fixed assets 16 - 8
Intangible assets 17 4 166 3 717
Financial assets 18 8 670 8 341
Deferred tax assets 12.3 - -

Current assets (short-term) 36 768 38 261

Short-term financial assets 19 33 568 30 533
Trade receivables and other receivables 20 3 133 6 719
Income Tax - - - Prepayments 21 - 3
Cash and cash equivalents 22 66 1 006
Available-for-sale assets 13 - -

TOTAL ASSETS 49 603 50 327 LIABILITIES Equity 46 551 45 764

Share capital 23.1 10 914 10 914
Share premium account 23.2 14 485 14 485
Other capital reserves 23.3 12 820 12 820
Retained earnings/uncovered losses 8 332 7 545

Total equity 46 551 45 764 Long-term liabilities 706 615

Bank credits and debt securities 24 - - Reserves 25 - - Deferred income tax reserve 12.3 706 615

Short-term liabilities 2 346 3 948

Reserves 25 - -
Trade payables and other payables 26.1, 26.2 899 568
Income Tax - 265
Current interest on bank loans and debt securities 24 1 402 3 086
Accruals 26.3 45 29

Total payables 3 052 4 563 TOTAL LIABILITIES 49 603 50 327

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CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA

FOR THE YEAR ENDED DECEMBER 31, 2014

CONSOLIDATED CASH FLOW STATEMENT FOR YEAR ENDED 31 DECEMBER 2014

Year ended

31 December 2014

Year ended

31 December 2013

Cash flow from operating activities

Gross profit (loss)

878

(4 294)

Adjusted by:

6 420

(954)

Amortization

11.7

5

17

Net interest and dividend

80

130

Profit (loss) on investments

711

7 881

Increase (decrease) in provisions

-

-

Increase (decrease) in receivables and financial assets

5 992

(4 575)

Increase (decrease) in liabilities

(121)

(4 417)

Increase (decrease) in prepayments and accruals

18

(23)

Income tax paid

(265)

3

Other*

-

30

Net cash from operating activities

7 298

(5 248)

Cash flows from investing activities

Sale of intangible and tangible fixed assets

-

5 588

Sale of financial assets

705

-

Purchase of financial assets

(7 180)

-

Proceeds from acquired cash of purchased subsidiary

-

3 962

Other

-

-

Net Cash from investing activities

(6 475)

9 550

Cash flows from financing activities

Repayments of credits and bonds

(1 763)

(3 533)

Net Cash from financing activities

(1 763)

(3 533)

Net (decrease) increase in cash and cash equivalents

(940)

769

Net Currency translations

-

-

Cash opening balance

22

1 006

237

Cash closing balance, including

22

66

1 006

Of limited disposability

-

-

 "Other" includes

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CONSOLIDATED FINANCIAL STATEMENTS CAPITAL GROUP GREMI MEDIA

FOR THE YEAR ENDED DECEMBER 31, 2014

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014

Share Capital
Sshare premium account
Other capital reserves
Retained earnings/ uncovered losses
Total equity

As at 1 January 2014 10 914 14 485 12 820 7 545 45 764

Total income for the period - - - 787 787
Issuance of shares - - - - - Decrease of capital - - - - - Distribution of financial result - - - - -

As at 31 December 2014 10 914 14 485 12 820 8 332 46 551

As at 1 January 2013 10 914 14 485 12 820 9 984 48 203

Total income for the period - - - (2 439) (2 439) Issuance of shares - - - - - Decrease of capital - - - - - Distribution of financial result - - - - -

As at 31 December 2013 10 914 14 485 12 820 7 545 45 764 Signatures of the Management Board of Gremi Media S.A.: Dariusz Bąk - Chief Executive Officer Iwona Liszka-Majkowska - Executive Vice President Piotr Łysek - Executive Vice President Warsaw, April 21, 2015

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