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Annual consolidated financial statements

 31 December 2011

31 December 2010


Undistributed profit/(loss) from prior years

(151 505) (615 872)

   including obligation to repurchase of non-controlling interest

(69 860) (67 382)

Reserve capital created in accordance with the Commercial Partnerships and Companies Code

693 541 692 559

Reserve capital created and utilised in accordance with the Statutes of Group entities

8 939 034 7 655 219

Profit for the current period

11 063 456 4 724 507
Total retained earnings 20 544 526 12 456 413

Based on the Commercial Partnerships and Companies Code, the Group companies are required to create reserve capital for any potential (future) or existing losses, to which no less than 8% of a given financial year’s profit is transferred until the reserve capital has been built up to no less than one-third of the registered share capital. The reserve capital created in this manner may not be employed otherwise than in covering the loss reported in the financial statements.

At 31 December 2011 this statutory reserve capital in the Group entities amounts to PLN 693 541 thousand, of which PLN 660 000 thousand relates to the Parent Entity.

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