Wrocław, 18 March 2016
Report of the Management Board on the operations for the year ended on 31 December 2015Contents
Financial instruments and financial risk management principles 12
Information relating to the audit of the financial statements 16
Composition of the Management Board and the Supervisory Board of the Parent Company 18
Description of amendments to the statute or articles of association of the Issuer 20
STATEMENT OF THE MANAGEMENT BOARD ON THE RELIABILITY OF THE FINANCIAL STATEMENTS 20
STATEMENT OF THE MANAGEMENT BOARD ON THE SELECTION OF THE ENTITY AUTHORISED TO AUDIT 20
OPERATIONS OF THE GROUP
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Basic information on the Parent Company and the Group
Predecessor entity of Libet S.A. (further on referred to as the "Company"), Cydia Sp. z o.o. company (from 01 October 2010 Libet Sp. z o.o., from 14 December 2010 Libet S.A.) was established pursuant to the Notarial Deed No Rep. A 2705/2008 dated 18 March 2008 in the office of the Notary Public - Danuta Kosim- Kruszewska, Magdalena Witkowska, Spółka Cywilna. The registered office of Cydia Sp. z o.o. was Warsaw, pl. Piłsudskiego 1, Poland.
During the period from the establishment to 29 March 2010 (date of Libet Group acquisition) Cydia Sp. z o.o. did not pursue any business activity, was not a parent to any capital group, and did not have any equity holdings in other entities. The Issuer's financial year is the calendar year. On 29 March 2010 Cydia Sp. z o.o. purchased 100% shares in Libet S.A., seated in Wrocław, ul. Powstańców Śląskich 5, incorporated under the notarial deed of 16 November 1996 before Hanna Olszewska in Rawicz (Repertory No A 4234/1996). As at the acquisition date Libet S.A. held 100% of shares in Libet 2000 Sp. z o.o.
On 1 October 2010 Cydia Sp. z o.o. merged with Libet S.A. under the conditions of Article 492 § 1 of the Commercial Companies Code via the takeover of the assets and liabilities of the acquired company (Libet S.A.) by the acquirer (Cydia Sp. z o.o.). The acquiring entity (predecessor entity of the Issuer) changed its name to Libet Sp. z o.o. on the same date, and on 14 December 2010 it was transformed into a joint-stock company (spółka akcyjna) operating under the name of Libet S.A. (further on the "Issuer").
On 21 April 2011 the Issuer obtained a permit of the Board of the Warsaw Stock Exchange for listing of all its shares, and on 28 April 2011 it was first listed on the Warsaw Stock Exchange. As at the date of preparation of these statements the Company's shareholding is presented in par. 4.3 below. Currently, the Issuer is registered with the National Court Register in the District Court for Wrocław-Fabryczna, 6th Commercial Division under the number of KRS 373276.
As at the date of preparation of the consolidated financial statements the Issuer's Group (further on referred to as "Group") comprised Libet S.A. as the parent company and 2 subsidiaries, Libet 2000 Sp. z o.o. and BaumaBrick Sp. z o.o. BaumaBrick does not conduct any significant operations.
The financial statements of the Group cover the period of 12 months ended on 31 December 2015 and include the comparative data for the period of 12 months ended on 31 December 2014 and as at 31 December 2014 in accordance with the requirements of the International Accounting Standards (described in detail in note 2 of the of the consolidated financial statements).
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Products and services
Libet Group is a leading Polish producer of concrete surface materials produced in the technology of vibropressing. Products are offered in three segments:
premium segment
standard segment
industrial segment
Premium products are addressed to the most demanding customers. These include the highest quality surface materials, such as premium cobblestone (Decco line), terrace slabs (Impressio line) and natural stone slabs (Patio line). Premium product recipients are mainly individual customers. Such a group of recipients is able to pay a higher price for premium products than for the standard cobblestone in order to develop the surrounding of their households using materials of high quality and aesthetic features. A numerous group of recipients of the premium products are also commercial customers (e.g. shopping centres) and developers who use Libet's highest segment products to develop lands around their facilities (e.g. parks, gardens, areas around shopping centres). Standard products are addressed to customers who value the quality of offered products, but at the same time the price is a very important factor for them
Libet SA published this content on 31 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 May 2016 07:41:03 UTC.
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