Extended consolidated quarterly report of PCC …...Extended consolidated quarterly report of PCC Intermodal S.A. Group for Q3 2016 Gdynia, 9 November 2016 2 Q III 2016 TABLE OF CONTENTS

Extended consolidated quarterly

report

of PCC Intermodal S.A. Group

for Q3 2016

Gdynia, 9 November 2016

2

Q III 2016

TABLE OF CONTENTS

I. INTRODUCTION 3

II. SUMMARY CONSOLIDATED FINANCIAL STATEMENT 8

III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATION FOR THE

CONSOLIDATED STATEMENT 15

IV. SUMMARY STANDALONE FINANCIAL STATEMENT 29

V. SELECTED EXPLANATORY NOTES TO THE SEPARATE STATEMENT 35

3

Q III 2016

I. INTRODUCTION

1. General information

PCC Intermodal S.A. Capital Group (the Group) consists of PCC Intermodal S.A. (the Parent

Company) and PCC Intermodal GmbH (the Subsidiary).

This consolidated financial statement of the Group and the separate financial statement of PCC

Intermodal S.A. presents the financial condition as at 30 September 2016, 31 December 2015 and 30

September 2015, and the results of business activity and cash flow for the period of 3 and 9 months

ended 30 September 2016 and period of 3 and 9 months ended 30 September 2015 .

The major business of the Parent Company is the organisation of intermodal transport. The Subsidiary

is engaged in services supporting intermodal transport, including management of the terminal in

Frankfurt (Oder).

Parent Company

PCC Intermodal S.A.

ul. Hutnicza 16

81-061 Gdynia

Phone number: +48 58 58 58 200

Fax: +48 (0) 58 58 58 201

Website address: www.pccintermodal.pl

Registration: District Court for Gdańsk-Północ, 8th Commercial Division of the National Court Register

KRS number: 0000297665

Regon (Polish business registry number): 532471265

NIP (tax identification number): 7491968481

According to the Articles of Association, the duration of the Parent Company is unlimited.

The Subsidiary

PCC Intermodal GmbH

Moerser Str. 149

47198 Duisburg

HRB: 24373

According to the Articles of Association, the duration of the Subsidiary is unlimited.

http://www.pccintermodal/

4

Q III 2016

2. Organisation of the Capital Group of the Parent Company

The Capital Group consists of PCC Intermodal S.A. and PCC Intermodal GmbH (the Subsidiary)

seated in Duisburg. The Parent Company holds 100% of shares in the share capital and 100% of

voting rights in the Subsidiary. The consolidation is performed by means of the comprehensive

method.

PCC Intermodal S.A. is part of the PCC Group – international holding company which belongs to PCC

SE - company with its registered office in Duisburg (Germany), which is the main shareholder of

PCC Intermodal S.A. PCC SE jointly holds 53 924 244 shares in the Parent Company, which

constitutes 69.52% of its share capital and constitutes entitlement to exercise 78.53% voting rights at

the General Meeting (status as at the date of this report).

3. Members of the Management Board and the Supervisory Board of the Parent Company

The Company's governing body is the Management Board composed of:

Dariusz Stefański – President of the Management Board,

Adam Adamek – Vice President of the Management Board.

Both members of the Management Board held their positions for the entire period covered by this

report, that is from 1 January to 30 September 2016 .

The Parent Company's supervisory body is the Supervisory Board. PCC Intermodal S.A. previous joint

term of office was ended on 14 June 2016. On the same day the Ordinary General Meeting of the

Parent Company Shareholders passed an act on appointment of all current members of the

Supervisory Board for the consecutive joint term of office commencing from 15 June 2016. Joint term

of office shall be ended on the day of the Ordinary General Meeting along with approval of the

financial statement of the Parent Company for the fiscal year 2019.

As of 30 September 2016 the Supervisory Board was composed of the following persons:

Alfred Pelzer – Chairman of the Supervisory Board,

Wojciech Paprocki – Vice Chairman of the Supervisory Board,

Artur Jędrzejewski - Member of the Supervisory Board,

Daniel Ozon - Member of the Supervisory Board.

Peter Weber – Member of the Supervisory Board.

4. Approval of the statement for publication

These consolidated and separate financial statements were approved for publication by the

Management Board of the Parent Company on 5 November 2016. The interimsummary consolidated

financial statement of the Group is made public together with the interimsummary separate financial

statement of PCC Intermodal S.A. in form of an extended interimconsolidated quarterly report.

5. Declaration of conformity

This interim summary consolidated financial statement of the Group and the mid-year summary

separate financial statement of PCC Intermodal S.A. contained in this report were prepared in

compliance with IAS 34 - Interim Financial Reporting (MSR 34) and other IASs, IFRSs and other

5

Q III 2016

related interpretation published in form of regulations of the European Commission and in compliance

with requirements set forth in the Regulation of the Minister of Finance of 19 February 2009 on current

and periodic information published by issuers of securities and the conditions under which the

information required by the law of a non-member state can be deemed equivalent thereof.

The Subsidiary keeps its books of accounts in compliance with the German Accounting Standards

(HBII). In case of any discrepancies, the consolidated financial statement contains adjustments not

contained in the Subsidiary's books of accounts that were introduced to ensure compliance of the

financial statements with IFRSs.

6. Basis of preparation of the financial statement

The separate financial statement of PCC Intermodal S.A. and the consolidated financial statement of

the Group were prepared in accordance with the historical cost concept, excluding some financial

instruments that are recognized at fair value.

The financial statements were drawn up with the assumption of going concern in the foreseeable

future. As of the date of approval of these financial statements, there are no ascertained facts that

would indicate to a threat to the continuation of business activity by companies of the Group.

7. Measurement currency, presentation currency and principles of conversion

The Parent Company's measurement currency and the reporting currency of these consolidated and

separate financial statements is Polish zloty (PLN). The functional and reporting currency of the

Subsidiary is EUR. All presented financial data are expressed in thousand (000's)PLN, unless

indicated otherwise.

Selected financial data have been converted into EUR in accordance with the following principles:

individual items of the statement of financial standing have been converted according to the

exchange rates published by the National Bank of Poland and in force on the last day of the

period, that is on 30.09.2016, 30.06.2016 and 31.12.2015 ;

individual items of the comprehensive income statement have been converted according to

the exchange rates equal to the arithmetic mean of the average exchange rates published by

the National Bank of Poland for EUR and in force on the last day of every months in a given

reporting period (for period 01.01.2016 - 30.09.2016 and for period 01.01.2015 – 30.09.2015).

In the period under the analysis, average PLN/EUR exchange rates were as follows:

Accounting period Average exchange rate in

the period Exchange rate as on the last

day of the period

01.01.2016 - 30.09.2016 4.3688 4.3120

01.01.2015 - 31.12.2015 4,1848 4.2615

01.01.2015 - 30.09.2015 4.1585 4.2386

8. Accounting principles

This interim summary consolidated financial statement of the Group and interim summary separate

financial statement of PCC Intermodal S.A. were prepared in conformity with the accounting principles

6

Q III 2016

described in the annual reports that were published on 17 March 2016 . These financial statements do

not contain all data required for annual financial statements, therefore they should be read in

combination with the assessed annual financial statements for 2015.

9. New standards and interpretations

The following new or amended standards and interpretations issued by the International Accounting

Standards Board and the International Financial Reporting Interpretation Committee have been

applicable since 1 January 2016:

Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations;

Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and

Amortisation;

Amendments to IAS 16 and IAS 41 "Agriculture: Bearer Plants”;

Amendments to IAS 27 Equity Method in Separate Financial Statements;

Amendments to MSSF 10, MSSF 12 and MSR 28: Investment Entities: Consolidation

Exception Application;

Amendments to various standards resulting from the annual review of the International

Financial Reporting Standards (Annual Improvements 2012-2014).

Amendments to IAS 1: Disclosure Initiative;

The application of new standards did not have a significant impact on the financial statement of the

Group.

The following standards and interpretations were issued by the International Accounting Standards

Board and the International Financial Reporting Interpretation Committee and did not come into force

until the balance sheet date:

IFRS 9 Financial Instruments;

IFRS 14 Regulatory Deferral Accounts;

MSSF 16 Leasing;

Amendments to MSSF 10 and MSR 28 Sale or Contribution of Assets between an Investor

and its Associate or Joint Venture published on 11 September 2014,

Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses;

Amendments to IAS 7: Disclosure Initiative;

Clarifications to IFRS 15 Revenue from Contracts with Customers published on 12 April 2016;

Amendments to IFRS 2 Classification and valuation of share-driven payment transactions that

were published on 20 June 2016;

Amendments to IFRS 4 Application of IFRS 9 Financial instruments in IFRS 4 Insurance

contracts published on 12 September 2016.

The Group did not decide to apply at an earlier date any of the standards, interpretations or changes

that have not come into force yet. At the moment the Management Board of the Parent Company is

analysing and assessing their impact on the accounting principles (policy) applied by the Group and

future financial statements.

10. Adjustments of errors made in previous periods

There have been no errors of previous periods that would have to be adjusted in the financial

statement for the current period.

7

Q III 2016

11. Significant values based on professional judgement and estimates

If a given transaction is not regulated in any standard or interpretation, the Management Board will use

its subjective evaluation to determine and apply accounting policies ensuring that the financial

statement contains relevant and reliable information and:

presents the financial standing of the Group, results of its activity and cash flow in a correct,

clear and reliable manner,

reflects the economic content of transactions,

is objective,

in prepared in accordance with the prudence concept,

is complete in all significant aspects.

The preparation of the financial statement requires estimates to be made by the Management Board of

the Parent Company, because some information in the financial statement cannot be precisely

evaluated. The Management Board verifies adopted estimates on the basis of changes of factors

taken into account at the time when such estimates were made, new information or previous

experience. Therefore, the estimates made on 30 September 2016 may be changed in the future.

The main areas where a professional judgement of the Management Board is significant or for which

there is risk related to uncertainty of judgements are depreciation rates, provisions, write-downs of

receivables and deferred tax.

8

Q III 2016

II. SUMMARY CONSOLIDATED FINANCIAL STATEMENT

1. SELECTED CONSOLIDATED FINANCIAL DATA

thousand PLN thousand EUR

01.01.2016 - 30.09.2016

01.01.2015 - 30.09.2015

01.01.2016 - 30.09.2016

01.01.2015 - 30.09.2015

Revenues from sales of products and services 199 428 155 835 45 648 37 474

Operating profit (loss) 7 155 5 329 1 638 1 282

Profit (loss) before tax 1 721 4 064 394 977

Net profit (loss) 2 467 4 357 565 1 048

Net operating cash flow 5 101 7 459 1 168 1 794

Net cash flow from investment activities (7 391) (76 592) (1 692) (18 418)

Net cash flow from financial activities (1 477) 60 592 (338) 14 571

Total net change of cash and cash equivalents (3 767) (8 541) (862) (2 054)

Profit (loss) per one ordinary share (in PLN/ EUR)

0.03 0.06 0.01 0.01

Total assets (at the end of the quarter of the current accounting year and the end of the previous accounting year)

316 668 317 077 73 439 74 405

Shareholders' equity (at the end of the quarter of the current accounting year and the end of the previous accounting year)

88 998 86 541 20 640 20 308

Share capital (at the end of the quarter of the current accounting year and the end of the previous accounting year)

77 566 77 566 17 988 18 202

Long-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)

185 435 187 216 43 004 43 932

Short-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)

42 235 43 320 9 795 10 165

Number of shares at the end of the period (at the end of the quarter of the current accounting year and the end of the previous accounting year)

77 565 556 77 565 556 77 565 556 77 565 556

Book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)

1.15 1.12 0.27 0.26

Diluted book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)

1.15 1.12 0.27 0.26

Declared or paid dividend per one share (PLN/EUR)

0.00 0.00 0.00 0.00

Selected items of the statement of the financial standing and the number of shares refer to the data as at the end

of 3rd quarter of 2016 and as of the end of 2015. Selected items of the comprehensive income statement and the

cash flow statement refer to data for the 3 quarters of 2016 and for the 3 quarters of 2015

Profit (loss) per 1 ordinary share for every period is calculated as the net profit (loss) divided by the weighted

average number of shares in the given period.

9

Q III 2016

2. CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

Note

thousand PLN

01.07.2016 - 30.09.2016

01.01.2016 - 30.09.2016

01.07.2015 - 30.09.2015

01.01.2015 - 30.09.2015

Continued activities

Revenues from sales of products and services

5 67 443 199 428 55 039 155 835

Costs of sold products and services 6 62 113 183 141 49 561 141 518

Gross profit (loss) on sales 5 330 16 287 5 478 14 317

General administration costs 6 3 992 11 416 3 418 9 800

Other operating revenues 7 1 144 4 502 576 1 252

Other operating costs 7 308 2 218 114 440


Financial revenues 8 7 32 (273) 51

Financial costs 8 901 5 466 695 1 316

Profit (loss) before tax 1 280 1 721 1 554 4 064

Income tax 9 141 (746) (258) (293)

Net profit (loss) on continued activities 1 139 2 467 1 812 4 357

Discontinued activities 0 0 0 0

Net profit (loss) on discontinued activities 0 0 0 0

Net profit (loss) 1 139 2 467 1 812 4 357

Other total income from:

Components which will not be transferred in subsequent periods to the statement of overall profits, including:

0 0 0 0

Actuarial gains and losses 0 0 0 0

Income tax 0 0 0 0

Components which may be transferred in subsequent periods to the statement of overall profits:

0 0 0 0

Other net total income 0 0 0 0

Total income 1 139 2 467 1 812 4 357

Net profit (loss) per:

- shareholders of the parent company 1 139 2 467 1 812 4 357

- minority shares 0 0 0 0

Total income to be assigned to:

- shareholders of the parent company 1 139 2 467 1 812 4 357

- minority shares 0 0 0 0

Net profit (loss) per 1 share (PLN) on continued activities

0.01 0.03 0.02 0.06

Diluted profit (loss) per 1 ordinary share (PLN) on continued activities

0.01 0.03 0.02 0.06

Weighted average number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556

Weighted average diluted number of ordinary shares

77 565 556 77 565 556 77 565 556 77 565 556

Profit (loss) per shares for every period is calculated as the net profit (loss) for a given period divided by the

weighted average number of shares in given reporting period.

10

Q III 2016

3. CONSOLIDATED STATEMENT OF FINANCIAL STANDING

Note

thousand PLN

amounts at

30.09.2016

Amounts as at

30.06.2016

amounts as of

31.12.2015

Amounts as at

30.09.2015 ASSETS Fixed assets 269 331 268 366 270 239 263 569

Tangible fixed assets 10 264 523 263 400 266 163 259 967

Intangible assets 803 766 729 704

Investments in other entities 45 45 45 45

Deferred income tax assets 12 3 960 4 155 3 302 2 853

Current assets 47 337 55 730 46 838 45 586

Inventories 1 961 1 595 1 141 1 340

Trade receivables 11 30 148 31 050 27 112 24 937

Current tax receivables 3 830 2 598 4 760 13 228

Other receivables 2 299 3 276 972 1 448

Cash and cash equivalents 9 099 17 211 12 853 4 633

T o t a l a s s e t s 316 668 324 096 317 077 309 155

LIABILITIES Shareholders' equity assigned to shareholders of the Parent Company

88 998 87 868 86 541 85 892

Share capital 77 566 77 566 77 566 77 566

Supplementary capital from issue of shares above their nominal value

44 544 44 544 44 544 44 544

Other supplementary capital 62 62 62 62

Other total income (13) (13) (13) (12)

Exchange differences from conversion of subsidiaries

(7) 2 3 9

Retained profits (35 621) (35 621) (40 634) (40 634)

Profit (loss) for the current year 2 467 1 328 5 013 4 357

Equity of minority shareholders 0 0 0 0

Total shareholders' equity 88 998 87 868 86 541 85 892

Long-term liabilities 185 435 190 431 187 216 164 780

Long-term borrowings and loans 15 105 106 109 480 110 224 98 802

Other long-term financial liabilities 7 368 7 426 7 953 8 260

Deferred tax provision 13 617 671 710 673

Provision for retirement and similar benefits 14 73 73 54 47

Subsidies 16 72 255 72 764 68 275 56 998

Deferred revenues 16 17 0 0

Short-term liabilities 42 235 45 797 43 320 58 483

Short-term borrowings and loans 15 13 753 8 952 8 770 11 547

Other short-term financial liabilities 2 178 2 742 2 989 3 203

Trade liabilities 19 102 25 015 24 664 20 024

Current tax liabilities 1 503 2 301 628 993

Other short-term liabilities 502 387 3 218 17 937

Provision for retirement and similar benefits 14 265 269 325 183

Other short-term provisions 14 2 910 4 109 897 2 564

Subsidies 16 2 020 2 020 1 829 2 016


Total liabilities 227 670 236 228 230 536 223 263

T o t a l e q u i t y a n d l i a b i l i t i e s 316 668 324 096 317 077 309 155

Book value 88 998 87 868 86 541 85 892

Number of shares 77 565 556 77 565 556 77 565 556 77 565 556

Book value per one share (PLN) 1.15 1.13 1.12 1.11

Diluted number of shares 77 565 556 77 565 556 77 565 556 77 565 556

Diluted book value per one share (PLN) 1.15 1.13 1.12 1.11

11

Q III 2016

4. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

thousand PLN

Share capital

Supplementary capital from issue of shares above

their nominal value

Other suppleme

ntary capital

Other total income

Exchange differences

from conversion

of subsidiaries

Retained profits

Profit (loss) for

the current

year

Total shareho

lders' equity

Amounts as of 01.07.2016 77 566 44 544 62 (13) 2 (35 621) 1 328 87 868

Loss/profit from previous years brought forward to be covered

0 0 0 0 0 0 0 0

Profit (loss) for the current year 0 0 0 0 0 0 1 139 1 139


0 0 0 0 (9) 0 0 (9)

Actuarial gains / losses 0 0 0 0 0 0 0 0

Equity of minority shareholders 0 0 0 0 0 0 0 0

amounts at 30.09.2016 77 566 44 544 62 (13) (7) (35 621) 2 467 88 998

thousand PLN

Share capital


their nominal value

Other suppleme

ntary capital

Other total income


from conversion

of subsidiaries

Retained profits

Profit (loss) for

the current

year

Total shareho

lders' equity

Amounts as at 01.01.2016 77 566 44 544 62 (13) 3 (40 634) 5 013 86 541


0 0 0 0 0 5 013 (5 013) 0



0 0 0 0 (10) 0 0 (10)



amounts at 30.09.2016 77 566 44 544 62 (13) (7) (35 621) 2 467 88 998

12

Q III 2016

thousand PLN

Share capital


their nominal value

Other suppleme

ntary capital

Other total income


from conversion

of subsidiaries

Retained profits

Profit (loss) for

the current

year

Total shareho

lders' equity

Amounts as at 01.01.2015 77 566 44 544 62 (12) 5 (48 076) 7 442 81 531


0 0 0 0 0 7 442 (7 442) 0



0 0 0 0 (2) 0 0 (2)

Actuarial gains / losses 0 0 0 (1) 0 0 0 (1)


amounts as of 31.12.2015 77 566 44 544 62 (13) 3 (40 634) 5 013 86 541

thousand PLN

Share capital

Supplementary capital from

issue of shares above their

nominal value

Other suppleme

ntary capitals

Other total income


from conversion

of subsidiaries

Retained profits

Profit (loss) for

the current

year

Total shareho

lders' equity

Amounts as at 01.01.2015 77 566 44 544 62 (12) 5 (48 076) 7 442 81 531


0 0 0 0 0 7 442 (7 442) 0


Exchange differences from conversion of subsidiaries 0 0 0 0 4 0 0 4



Amounts as at 30.09.2015 77 566 44 544 62 (12) 9 (40 634) 4 357 85 892

13

Q III 2016

14

Q III 2016

5. CONSOLIDATED CASH FLOW STATEMENT

thousand PLN

01.07.2016-

30.09.2016

01.01.2016-

30.09.2016

01.07.2015-

30.09.2015

01.01.2015-

30.09.2015

Operating cash flow

Net profit (loss) 1 139 2 467 1 812 4 357

Total adjustments (5 253) 2 634 (5 733) 3 102

Depreciation 2 807 8 211 1 520 4 375

Exchange gains (losses) (13) (13) (23) (23)

Interests and profit sharing (dividends) 606 1 770 146 320

(Profit) loss on investment activities 0 (14) (53) (73)

Change in inventory (815) (1 270) (352) (596)

Change in receivables 824 (1 932) (7 084) (7 457)

Change in provisions (1 257) 1 877 1 318 1 584

Change in liabilities (7 599) (5 338) (919) 5 219

Change in prepayments and accruals 194 (657) (286) (247)

Net operating cash flow (4 114) 5 101 (3 921) 7 459

Cash flow from investment activities

Inflows 1 67 100 12 510

Sales of tangible fixed assets and intangible assets 1 67 100 12 510

Outflows 3 203 7 458 30 979 89 102

Purchase of tangible fixed assets and intangible assets 3 203 7 458 30 979 89 102

Net cash from investment activities (3 202) (7 391) (30 879) (76 592)

Cash flow from financial activities

Inflows 17 943 24 535 20 927 76 806

Borrowings and loans 17 936 18 773 16 097 54 530

Interests 7 14 35 51

Other financial inflows 0 5 748 4 795 22 225

Outflows 18 752 26 013 1 490 16 214

Repayment of borrowings and loans 17 440 21 982 567 10 336

Payment of liabilities under financial lease agreements 699 2 249 743 5 507

Interests 613 1 781 180 371

Net cash from financial activities (809) (1 477) 19 437 60 592

Total net change in cash and cash equivalents (8 125) (3 767) (15 363) (8 541)

Cash and cash equivalents as at the beginning of the period

17 211 12 853 19 973 13 151

Net currency translations 13 13 23 23

Cash and cash equivalents as at the end of the period, including:

9 099 9 099 4 633 4 633

- of limited disposability 1 000 1 000 0 0

15

Q III 2016

III. SELECTED EXPLANATORY NOTES AND OTHER INFORMATION FOR THE

CONSOLIDATED STATEMENT

1. Information regarding operating segments

The major subject of the Group's business activity is intermodal transport, which consists of a few

stages: organisation of railroad transport, carrying out transhipments and other terminal operations,

organisation of car transport and other related forwarding services.

Within the scope of activity of the Group, no operating segments have been distinguished in

conformity with IFRS 8 for management purposes. The Management Board analyses the financial

standing of the Group (as one operating segment) on the basis of financial statements.

2. Information on products and services

01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Revenues from sales of services 199 428 155 835

- intermodal transport 186 078 143 078

- forwarding 13 350 12 757

3. Information on geographical areas.

Geographical breakdown of sales was prepared by location of recipient.

Recipient's country 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Poland 94 146 63 193

EU countries 89 751 74 991

The rest of the world 15 531 17 651

Total 199 428 155 835

4. Information on key customers

In the first 9 months of 2016, as in the comparative period, revenues from only one of the Group's

recipient exceeded 10% of total revenues. The structure of recipients for which the sales exceeded

10% of total sales was as follows (revenues in 000's PLN):

Recipient 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015

MSC Poland Sp. z o.o. 26 185 15 656

Other recipients 173 243 140 179

Total 199 428 155 835

5. Sales revenues

In the first nine months of 2016 the revenues from sales of services totalled PLN 199 428 000 (in the

comparative period -PLN 155 835 000), which accounted for 100% of total sales revenues.

16

Q III 2016

6. Costs by type, including costs of employee benefits

Costs by type 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Depreciation 8 211 4 375

Consumption of material and energy 4 508 3 612

Third party services 161 806 128 666

Taxes and fees 3 810 1 924

Costs of employee benefits 18 793 15 277

Other generic costs 1 466 911

Consolidation note (4 227) (3 971)

Other costs by type 194 367 150 794

Change in products, work in progress, prepayments

and accruals 365 666

Costs of manufacturing of products for the entity's own

needs (175) (142)

Total, including: 194 557 151 318

Costs of sold products and services 183 141 141 518

General administration costs 11 416 9 800

Costs of employee benefits 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Salaries and wages 16 146 13 199

Social insurance and other benefits 2 647 2 078

Total 18 793 15 277

7. Other operating revenues and other operating costs

Other operating revenues 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Gain on disposal of non-financial fixed assets 14 72

Subsidies and other co-financing for fixed assets 1 559 574

Fines and damages 2 131 234

Liquidated provisions 10 12

Remuneration of the payer of income tax and social

security premiums (ZUS) 4 2

Other 784 358

Total 4 502 1 252

Other operating costs 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Fines and damages 2 026 362

Non-depreciated value of liquidated fixed assets 0 38

Settlement of litigations 0 17

Costs of court proceedings 3 17

Provisions established 5 4

Write-down of receivables 37 0

Membership fees 24 7

Gifts transferred 79 0

Other 58 0

Consolidation note (14) (5)

Total 2 218 440

17

Q III 2016

8. Financial revenues and costs

Financial revenues 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Interests 25 53

Exchange gains 0 0

Consolidation note 7 (2)

Total 32 51

Financial costs 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Interests 4 539 996

Exchange loss 590 309

Other 337 11

Consolidation note 0 0

Total 5 466 1 316

9. Income tax

Income tax 01.01.2016 - 30.09.2016 01.01.2015 - 30.09.2015

Current income tax 4 3

Current income tax charge 4 3

Adjustments of prior years' current income tax 0 0

Deferred income tax (750) (296)

Tax arising from occurrence and reversal of temporary differences

(750) (296)

Total income tax included in net profit/loss (746) (293)

Income tax in reference to actuarial profits/losses 0 0

Total income tax included in other total income 0 0

10. Tangible fixed assets

Tangible fixed assets consist of the following types:

Types of tangible assets amounts as of

30.09.2016 amounts as of

31.12.2015

Land (including right of perpetual usufruct of land) 11 271 11 271

Buildings, premises and civil engineering structures 164 269 166 742

Technical equipment and machinery 54 921 56 500

Means of transport 29 285 27 328

Other fixed property 580 541

Construction in progress 4 197 3 773

Prepayments on construction in progress 0 8

Total 264 523 266 163

In the third quarter of 2016, the value of tangible fixed assets was increased by PLN 3 995 000 and

that of intangible assets by PLN 89 000. These included mainly means of transport (e.g. reachstacker,

trailer, wheel sets, tires) and IT equipment.

18

Q III 2016

The most significant investment projects recognised in construction in progress are presented in the

following table.

Project name amounts as of


31.12.2015

Kutno Terminal 153 30

Dębica/Kolbuszowa Terminal 256 0

Terminal in Sosnowiec 2 426 2 426

Other terminals 649 448

Other construction in progress 713 869

Total 4 197 3 773

Liabilities related to investment purchases as of 30.09.2016 amounted to PLN 234 000, and as of

31.12.2015 - PLN 2 995 000.

The value of fixed assets under lease amounted to PLN 15 961 000 as of 30.09.2016 and PLN

18 162 000 as of 31.12.2015.

Fixed assets that constitute security for credit agreements are presented in note 15.

11. Revaluation write-downs of assets

Revaluation write-downs of assets 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015

Revaluation write-downs of receivables at the beginning of the period

0 10

Establishment of write-downs 37 0

Use of write-downs 0 10

Liquidation of revaluation write-downs settled with other operating revenues

0 0

Revaluation write-downs of receivables at the end of the period

37 0

12. Deferred income tax assets

Deferred income tax assets 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015

Opening balance 3 302 2 589

- including assets taken to shareholder's equity 3 3

Increase 740 822

- including decreases taken to shareholder's equity 0 0

Decrease 82 109


Closing balance 3 960 3 302

- including assets taken to shareholder's equity 3 3

13. Deferred income tax provision

Provision for deferred income tax 01.01.2016 - 30.09.2016 01.01.2015 - 31.12.2015

Opening balance 710 707

- including provision taken to shareholder's equity 0 0

Increase 101 30


Decrease 194 27


Closing balance 617 710

- including provision taken to shareholder's equity 0 0

19

Q III 2016

14. Other provisions

Other provisions retirement and similar

benefits

provision for unused

holidays Other provisions

Amounts as at 01.01.2016 68 311 897

Establishment 18 125 2 910

Liquidation 0 0 0

Use 13 171 897

Amounts as of 30.09.2016 73 265 2 910

Other provisions retirement and similar

benefits

provision for unused

holidays Other provisions

Amounts as at 01.01.2015 56 283 7 226

Establishment 12 311 897

Liquidation 0 0 74

Use 0 283 7 152

Amounts as at 31.12.2015 68 311 897

Provisions for retirement and similar benefits include estimated liabilities for unused holidays and

retirement provisions.

In "Other provisions" the Group recognized provisions for trading costs, consultancy costs and audit

costs. The provision for trading costs is a value of the best estimates of the Management Board that

refers to future outflows of economic advantages due to the conclusion of trading agreements

concerning payments, services, etc. These are short-term provisions which will be used in the

subsequent quarters.

Other provisions amounts as of


31.12.2015

long-term part 73 54

short-term part 3 175 1 222

Total provisions 3 248 1 276

15. Borrowings and loans

Long-term financial liabilities amounts as of 30.09.2016

amounts as of 31.12.2015

Loans 43 067 34 164

Loans received from related entities 39 769 51 940

Loans received from the other entities 22 270 24 120

Financial lease liabilities 7 368 7 953

Total long-term financial liabilities 112 474 118 177

Short-term financial liabilities amounts as of


31.12.2015

Loans 8 450 4 060

Loans received from related entities 0 0

Loans received from the other entities 5 303 4 710

Financial lease liabilities 2 178 2 989

Total short-term financial liabilities 15 931 11 759

20

Q III 2016

In Q III on 4 August 2016, PCC Intermodal S.A. concluded a contract with BZ WBK Lease S.A. for a

loan in the amount of EUR 300 400 for the purchase of a reachstacker for container handling. This

fixed rate loan was granted for 60 months. Registered pledge on the loan, up to EUR 392 thousand ,

which was established on 24 October 2016 shall be the primary security.

On 5 August 2016 the Parent Company concluded a contract for the investment loan with Bank

Gospodarstwa Krajowego for the amount of PLN 30 million. This contract was concluded for a definite

time till 4 August 2026. The resources received from this mortgage are allotted to partly payment of

the loan, which was granted on the basis of the contract with PCC SE as of 25 February 2014 (the

Company announced it with the current report no 6/2014). Contractual joint mortgage on

PCC Intermodal S.A. properties, located in Brzeg Dolny and Kutno, up to PLN 45 million shall be the

primary security of the loan. The first tranche of the foregoing loan in the amount of PLN

15 million was released in August 2016 and used for the purpose of payment part of the loan received

from PCC SE (as per the contractual terms).

With reference to allocation of the mortgage for payment of the loan to PCC SE PCC Intermodal S.A.,

BGK and PCC SE signed the annexe to the subordination agreement (the Parent Company

announced it with the current report no 5/2015) on 17 August 2016. Pursuant to the annexe

provisions, the Parent Company is entitled to partly payment of the loan up to PLN 30 million.

On 17 October and 20 October 2016, the Company received the decisions from the District Court in

Wołów and the District Court in Kutno related to an entry in the contractual joint land and mortgage

register in the amount of up to PLN 45 million in relation to properties of the Company located in Brzeg

Dolny and Kutno to the benefit of BGK as a security of the foregoing mortgage. At the same time, the

BGK claims related to transfer of the foregoing mortgage register to the emptied mortgage entry was

entered to the land and mortgage registers; this entry shall arise upon removal of the joint contractual

mortgage lien from title - up to the amount of PLN 57 000 000.00 - which was determined to the

benefit of BGK; it was announced by the Company with the current report no 6/2015.

With reference to repayment and termination of the contract with BGK related to revolving credit

facility as of 8 January 2015, the entry to the joint contractual mortgage up to PLN 4.5 million on

properties located in Brzeg Dolny, which constituted its security, was deleted. Above specified

decision of the District Court in Wołów was received by the Company on 17 October 2016.

Entering and deleting these securities to the benefit of BGK, were announced by the Company with

the current reports no 19/2016 and 20/2016.

Under operating and finance lease contracts, the Group uses among others rail platforms, handling

equipment, semi-trailers, tractors and passenger cars. The Group is able to purchase the equipment

used at the end of the period of validity of those agreements. The Group's liabilities related to the

lease agreements are protected by the lessors' rights to the components of the assets covered by the

agreement.

Below is a list of securities established for the Group's financial liabilities as of 30.09.2016:

mortgages on real property in Kutno (up to PLN 57 million) and in Brzeg Dolny (up to PLN 57

million in the first position and up to PLN 45 million in the second position);

registered pledges on handling equipment with total net book value as of 30 September 2016 -

PLN 8 779 thousand;

registered pledges on overhead cranes with total net book value as of 30 September 2016 -

PLN 42 642 thousand ;

21

Q III 2016

registered pledges on semi-trailers and tractors with total net book value as of 30 September

2016 - PLN 617 thousand ;

cession of rights from bank deposit in an amount of PLN 1 million;

guarantee of PCC SE;

subordination agreement concerning the loans from PCC SE;

Blank promissory notes – according to promissory note agreements, the creditor has the right

to fill in the amount of debt, including the interests and costs of legal proceedings, in the

promissory note, in case of breach of the terms of the loan agreement; promissory notes are

used as collateral for loan agreements, borrowings, leasing and asset financing;

assignment of rights arising from insurance policies for fixed assets being subject to financing.

16. Subsidies

Subsidies received for assets Amounts as at

01.01.2016

Increase in the period

Write-off of subsidies to other operating

revenues

amounts as of

30.09.2016

Construction of an intermodal container

terminal with accompanying facilities in

Kutno

32 643 2 096 749 33 990



Brzeg Dolny

22 705 1 657 401 23 961

Extension of an intermodal container


Gliwice

14 756 1 975 407 16 324

Total subsidies 70 104 5 728 1 557 74 275

Subsidies received for assets Amounts as at

01.01.2015

Increase in the period

Write-off of subsidies to other operating

revenues

amounts as of

31.12.2015



Kutno

27 260 6 102 719 32 643



Brzeg Dolny

9 167 13 678 140 22 705

Extension of an intermodal container


Gliwice

936 13 929 109 14 756

Total subsidies 37 363 33 709 968 70 104

22

Q III 2016

17. Transactions with related entities

Transactions with related entities are concluded under arm's length principle.

During presented periods, the Group concluded the following transactions with related entities:

01.01.2016 - 30.09.2016

Revenues from sales to related entities

Revenues from sales of products and

services

Revenues from sales of goods and materials

Revenues from sales of tangible fixed assets and

intangible assets

Other operating revenues

-the Parent Company 0 0 0 0

-other related entities 18 026 0 0 38

Total revenues from sales to related entities

18 026 0 0 38

01.01.2016 - 30.09.2016

Purchases from related entities

Purchase of products

and services

Purchase of goods and materials

Purchase of tangible fixed assets and intangible assets

License for use of the trade mark

Other

-the Parent Company 25 0 0 1 987 2 753


Total purchases from related entities

528 382 314 1 987 2 753

01.01.2015 - 30.09.2015


Revenues from sales of products and

services



intangible assets





13 613 0 0 0

01.01.2015 - 30.09.2015



and services


Purchase of tangible fixed assets and intangible assets


Other




690 312 7 1 561 2 936

In the statement of financial standing, the following balances of receivables and liabilities in respect to

related entities have been identified:

Receivables due from related entities amounts as of 30.09.2016 amounts as of 31.12.2015

-the Parent Company 0 0

23

Q III 2016

-other related entities 2 487 1 996

Total receivables due from related entities 2 487 1 996

Liabilities due to related entities amounts as of

30.09.2016 amounts as of 31.12.2015


-other related entities 96 122

Total liabilities due to related entities 40 549 52 674

18. Summary of activities in the interim period

In the 1st quarter of 2016, the Group generated revenue from sales in the amount of PLN 67 443 000

by 2.5% less than in the previous quarter and by 22.5% higher than in 3rd quarter of 2015. The

increase is caused by a rise in the number of containers transported each year by 29.7% as compared

to III rd Q 2015. Cumulatively, for nine months of the year 2016, revenue from sales equalled PLN

199 428 thousand which means an increase by 30.3% in comparison to the corresponding period in

the previous year.

155 835

14 317 5 329 4 357

199 428

16 287

7 155 2 467

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

Przychody ze sprzedaży Wynik brutto zesprzedaży

Wynik z działalnościoperacyjnej

Wynik netto

Porównanie 9 miesięcy 2015 roku i 9 miesięcy 2016 roku(w tys. PLN)

2015

2016

As a result of projects completed in 2015 at the terminals, the depreciation costs increased

significantly: by 87.7% comparing 9 months of 2016 to 9 months of 2015 and the cost of taxes and

fees: by 98% in the analysed period. The increase in the employment rate resulted in an increase in

the employee benefits (from PLN 15 277 thousand for 9 months of 2015 to PLN 18 793 thousand for 9

months 2016 ).

Comparison of 9 months of the year 2015 to 9 months of the year 2016 (in thousands PLN)

Sales revenue

Sales gross profit Business activity profit Net profit

24

Q III 2016

Costs by type 01.01.2016 - 30.09.2016

Structure 01.01.2015 - 30.09.2015

Structure dynamics 2016/2015

Depreciation 8 211 4.2% 4 375 2.9% 87.7%

Consumption of material and energy

4 508 2.3% 3 612 2.4% 24.8%

Third party services 161 806 83.2% 128 666 85.,3% 25.8%

Taxes and fees 3 810 2.0% 1 924 1.3% 98.0%

Costs of employee benefits 18 793 9.7% 15 277 10.1% 23.0%

Other generic costs 1 466 0.8% 911 0.6% 60.9%

Consolidation note (4 227) (2.2%) (3 971) (2.6%)

Other costs by type 194 367 100.0% 150 794 100.0% 28.9%

Gross profit on sales in the three quarters of 2016 amounted to PLN 16.287 thousand and was 13.8%

higher than that of the respective period in the previous year. In spite of better sales results, the Group

closed the first nine months of 2016 with a lower net profit (PLN 2 467 thousand compared to PLN 4

357 thousand in the comparative period). Because of considerable co-financing of the terminal

projects completed in the past years with foreign capital, the Group has incurred high cost of interest -

in the three quarters of 2016 it amounted to PLN 4 539 thousand.

19. Seasonal or cyclical variability of business activity in the interim period

None.

20. Issue, redemption and repayment of debt securities and equity securities

In the period under analysis, no debt or equity securities have been issued, redeemed or repaid.

21. Paid (or declared) divided, in total and per one share, divided into ordinary shares and

other shares

In the reporting period the Parent Company did not pay any dividend.

22. Events that occurred after the date on which the quarterly summary financial statement

was prepared, that have not been included in this statement and that might have a significant

impact on future financial result of the Issuer

After 30.09.2016 there have been no events which have not been included in this report and which

could substantially influence financial results of the Group.

23. Information on changes in the structure of the business entity, including changes

resulting from merger of business entities, takeover or sale of subsidiaries, long-term

investments, division, restructuring or abandonment of business activity

In the 3rd quarter of 2016 there were no changes in the structure of the organisational entity.

24. The standpoint of the Management Board regarding the possibility of achievement of the

previously published result forecasts for a given year in the light of the results presented in the

quarterly report in relation to the forecasted results

The Group did not publish and forecasts of results.

25

Q III 2016

25. Information about shareholders who are in possession, directly or indirectly via

subsidiaries, of at least 5% of the total number of votes at the general meeting of the Issuer as

on the date of submission of the quarterly report, including information about the number of

shares held by such entities, their percentage share in the share capital, the number of votes

resulting therefrom and their percentage share in the general number of votes at the general

meeting and information on any changes in the structure of ownership of significant blocks of

the Issuer's shares in the period after submission of the previous quarterly report

The following table presents the structure of shareholders holding at least 5% of votes at the General

Meeting of Shareholders (GMS) of the Parent Company as of 30.09.2016, which was prepared on the

basis of notices received from shareholders (pertaining to articles 69 and 87 of the Act on public

offering, conditions governing the introduction of financial instruments to organised trading system and

public companies).

Shareholder Number of

shares Share in the share capital

Number of votes at the

General Meeting of

Shareholders

Share in votes at the General

Meeting of Shareholders

PCC SE - A series (preferred shares) 32 539 332 41.95% 65 078 664 59.11%

PCC SE – ordinary shares 21 384 912 27.57% 21 384 912 19.42%

PCC SE total 53 924 244 69.52% 86 463 576 78.53%

Hupac Ltd. - ordinary 10 809 000 13.94% 10 809 000 9.82%

Others – ordinary shares 12 832 312 16.54% 12 832 312 11.65%

Total 77 565 556 100.00% 110 104 888 100.00%

To the best knowledge of the Management Board of the Parent Company, none of the other

shareholders, directly or indirectly, holds shares entitling them to at least 5% of overall votes at the

General Meeting of Shareholders.

The Management Board of the parent Company has not received information indicating that in the

period from 30.09.2016 to the day of drawing up this report there was a change in the shareholder

structure.

A-series shares are privileged in terms of votes and entitle the holder to 2 votes per each share. The

owner of all A-series shares is jest PCC SE.

26

Q III 2016

69,52%

13,94%

16,54%

Struktura akcjonariatu wg udziału w kapitale zakładowym

PCC SE

Hupac Ltd.

Pozostali

26. Comparison of the structure of ownership of the Issuer's shares or rights to shares held

by the persons managing and supervising the Issuer as at the date of submission of the report,

including information on the changes in shareholder, in period from the submission of the

previous report, separately for each person

Shareholder Amounts as of 01.07.2016

Increase in the number of shares

Decrease in the number of shares

Amounts as at 30.06.2016

MANAGEMENT BOARD MEMBERS

Dariusz Stefański 756 000 0 0 756 000

Adam Adamek 485 291 0 0 485 291

To the best of the Management Board's knowledge, as of 30.09.2016 and on the date of submission of

this report, none of the members of the Supervisory Board of PCC Intermodal S.A. held the shares of

the Parent Company.

As at the date of this Report the President of the Management Board, Mr Dariusz Stefański, held

shares accounting for 0.97% of the share capital and entitling him to 0.69% of votes at the General

Meeting of Shareholders. The Vice President of the Management Board, Mr Adam Adamek, held

shares accounting for 0.63% of the share capital and entitling to 0.44% the total number of votes.

27. Information on proceedings pending in the court of law, an authority competent for

arbitration proceedings or in a public administration authority. Settlement of litigations

As at the date of this report, there are pending legal and administrative proceeding with the

participation of the Parent Company, but their value, whether individually or jointly, does not account

for 10% of the shareholders' equity of the Parent Company, and their settlement does not have an

impact on the activity or financial condition of the Parent Company.

Shareholders structure

Others

27

Q III 2016

28. Information on conclusion by the Issuer or its subsidiary of one or more transactions

between related entities, if such transactions are significant, whether individually or jointly, if

they have been concluded on other terms than arm's length principle

In the 3rd quarter of 2016 the Parent Company and the Subsidiary did not conclude any transactions

with related entities that would be significant, whether individually or jointly, and that would be

concluded on other terms than the arm's length principle.

29. Information on granting by the Issuer or by its subsidiary of a guarantee or surety of a

borrowing or loan - in total to one entity or subsidiary of such entity, if the total value of the

existing guarantees or sureties is equal to at least 10% of the Issuer's equity

PCC Intermodal S.A. and its Subsidiary did not grant any guarantees or sureties in the presented

period.

30. Information on contingent liabilities and contingent assets that have taken place since the

end of the last accounting year

On 28 June 2016 the Parent Company entered into contract - with InterRisk TU S.A. Vienna Insurance

Group - related to insurance guarantee for the common transit convention in the amount of up to PLN

3 million. Cession of rights from bank deposit in the amount of PLN 1 million shall be the security of

the foregoing contract.

31. Other information, which - in the Issuer's opinion -is significant for evaluation of its

personnel, economic, financial situation, financial results and changes thereof and

information, which is important for the evaluationofthe possibilityoffulfilment by the Issuerof

itsobligations

All information significant for the evaluation of the Parent Company and the Group has neem included

in relevant current and interim reports.

32. Specification on the factors, which in the Issuer's opinion will havean impact

ontheresultsachievedby it inthe perspective of at least one quarter

The most important factors that, in the opinion of the Management Board of the Parent Company, will

have an impact on financial results in the next quarters, are as follows:

development of new intermodal connections in the North-South direction in Europe;

locomotives rental or purchase, and starting the rail carrier activity;

financial market conditions affecting the level of interest rates and the availability of funding

sources;

co-operation with financial institutions in order to obtain funds for the financing of the following

projects;

fluctuation of exchange rates, mainly EUR/PLN and USD/PLN.

28

Q III 2016

33. If the summary financial statement was subject to examination or review conducted by an

entity authorised to examine financial statements, the quarterly reports contains, respectively,

an opinion on the examination or a report on the review of such summary financial statement

Neither the stand-alone nor the consolidated financial statement for the 3rd quarter of 2016 were

subject to examination or review by an entity authorised to examine financial statements.

29

Q III 2016

IV. SUMMARY STANDALONE FINANCIAL STATEMENT

1. SELECTED STANDALONE FINANCIAL DATA

thousand PLN thousand EUR

01.01.2016 - 30.09.2016

01.01.2015 - 30.09.2015

01.01.2016 - 30.09.2016

01.01.2015 - 30.09.2015



Profit (loss) before tax 1 483 3 645 339 876

Net profit (loss) 2 233 3 941 511 948

Net operating cash flow 5 273 6 841 1 207 1 645

Net cash flow from investment activities (7 457) (76 588) (1 707) (18 417)

Net cash flow from financial activities (1 382) 60 615 (316) 14 576

Total net change of cash and cash equivalents (3 566) (9 132) (816) (2 196)

Profit (loss) per one ordinary share (in PLN/ EUR)

0.03 0.05 0.01 0.01

Total assets (at the end of the quarter of the current accounting year and the end of the previous accounting year)

315 946 316 546 73 271 74 281

Shareholders' equity (at the end of the quarter of the current accounting year and the end of the previous accounting year)

88 711 86 478 20 573 20 293

Share capital (at the end of the quarter of the current accounting year and the end of the previous accounting year)

77 566 77 566 17 988 18 201

Long-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)

185 302 187 134 42 973 43 913

Short-term liabilities (at the end of the quarter of the current accounting year and the end of the previous accounting year)

41 933 42 934 9 725 10 075

Number of shares at the end of the period (at the end of the quarter of the current accounting year and the end of the previous accounting year)

77 565 556 77 565 556 77 565 556 77 565 556

Book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)

1.14 1.11 0.27 0.26

Diluted book value per one share (PLN/EUR) (at the end of the quarter of the current accounting year and the end of the previous accounting year)

1.14 1.11 0.27 0.26

Declared or paid dividend per one share (PLN/EUR)

0.00 0.00 0.00 0.00

Selected items of the statement of the financial standing and the number of shares refer to the data as at the end

of 3rd quarter of 2016 and as of the end of 2015. Selected items of the comprehensive income statement and the

cash flow statement refer to data for the 3 quarters of 2016 and for the 3 quarters of 2015

Profit (loss) per 1 ordinary share for every period is calculated as the net profit (loss) divided by the weighted

average number of shares in the given period.

30

Q III 2016

2. SEPARATE COMPREHENSIVE INCOME STATEMENT

thousand PLN

01.07.2016 -

30.09.2016

01.01.2016 -

30.09.2016

01.07.2015 -

30.09.2015

01.01.2015 -

30.09.2015

Continued activities


Costs of sold products and services 62 192 183 287 49 705 141 872

Gross profit (loss) on sales 5 251 16 141 5 334 13 963

General administration costs 3 992 11 416 3 419 9 800

Other operating revenues 1 114 4 428 554 1 188

Other operating costs 313 2 232 114 444


Financial revenues 878 25 35 53

Financial costs 1 754 5 463 1 007 1 315

Profit (loss) before tax 1 184 1 483 1 383 3 645

Income tax 140 (750) (260) (296)

Net profit (loss) on continued activities 1 044 2 233 1 643 3 941

Discontinued activities

Net profit (loss) on discontinued activities 0 0 0 0

Net profit (loss) 1 044 2 233 1 643 3 941

Other total income from:

Components which will not be transferred in subsequent periods to the statement of overall profits, including:

0 0 0 0

Actuarial gains and losses 0 0 0 0

Income tax 0 0 0 0

Components which may be transferred in subsequent periods to the statement of overall profits:

0 0 0 0

Other net total income 0 0 0 0

Total income 1 044 2 233 1 643 3 941

Net profit (loss) per 1 share (PLN) on continued activities

0.01 0.03 0.02 0.05

Diluted profit (loss) per 1 ordinary share (PLN) on continued activities

0.01 0.03 0.02 0.05

Weighted average number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556

Weighted average diluted number of ordinary shares 77 565 556 77 565 556 77 565 556 77 565 556

Profit/loss per shares for every period is calculated as the net profit/loss for a given period divided by the weighted

average number of shares in given reporting period.

31

Q III 2016

3. STANDALONE STATEMENT OF FINANCIAL STANDING

thousand PLN

amounts as of

30.09.2016

Amounts as of

30.06.2016

amounts as of

31.12.2015

Amounts as of

30.09.2015 ASSETS

Fixed assets 269 193 268 210 270 161 263 478

Tangible fixed assets 264 281 263 140 265 981 259 772

Intangible assets 803 766 729 704



Deferred income tax assets 3 960 4 155 3 302 2 853

Current assets 46 753 55 209 46 385 44 897

Inventories 1 961 1 595 1 141 1 340

Trade receivables 30 093 31 046 27 368 24 937

Current tax receivables 3 799 2 559 4 714 13 181

Other receivables 2 223 3 144 932 1 411

Cash and cash equivalents 8 677 16 865 12 230 4 028

T o t a l a s s e t s 315 946 323 419 316 546 308 375

LIABILITIES

Shareholders' equity 88 711 87 667 86 478 85 439

Share capital 77 566 77 566 77 566 77 566

Supplementary capital from issue of shares above their nominal value

44 544 44 544 44 544 44 544

Other supplementary capital 62 62 62 62

Other total income (13) (13) (13) (12)

Retained profits (35 681) (35 681) (40 662) (40 662)

Profit (loss) for the current year 2 233 1 189 4 981 3 941

Long-term liabilities 185 302 190 283 187 134 164 690

Long-term borrowings and loans 105 106 109 480 110 224 98 802

Other long-term financial liabilities 7 235 7 278 7 871 8 170

Deferred tax provision 617 671 710 673

Provision for retirement and similar benefits 73 73 54 47

Subsidies 72 255 72 764 68 275 56 998


Short-term liabilities 41 933 45 469 42 934 58 246

Short-term borrowings and loans 13 753 8 952 8 770 11 548

Other short-term financial liabilities 2 130 2 693 2 958 3 173

Trade liabilities 19 084 24 998 24 569 19 981

Current tax liabilities 1 495 2 292 628 989

Other short-term liabilities 429 319 3 163 17 881

Provision for retirement and similar benefits 141 141 154 108

Other short-term provisions 2 879 4 052 863 2 534

Subsidies 2 020 2 020 1 829 2 016


Total liabilities 227 235 235 752 230 068 222 936

T o t a l e q u i t y a n d l i a b i l i t i e s 315 946 323 419 316 546 308 375

Book value 88 711 87 667 86 478 85 439

Number of shares 77 565 556 77 565 556 77 565 556 77 565 556

Book value per one share (PLN) 1.14 1.13 1.11 1.10

Diluted number of shares 77 565 556 77 565 556 77 565 556 77 565 556

Diluted book value per one share (PLN) 1.14 1.13 1.11 1.10

32

Q III 2016

4. STANDALONE STATEMENT OF CHANGES IN EQUITY

thousand PLN

Share

capital

Supplementary

capital from issue

of shares above

their nominal

value

Other

supplementary

capital

Other

total

income

Retained

profits

Profit

(loss) for

the

current

year

Total

shareholders'

equity

Amount as of 01.07.2016 77 566 44 544 62 (13) (35 681) 1 189 87 667

Loss/profit from previous years brought forward to be covered 0 0 0 0 0 0 0

Profit (loss) for the current year 0 0 0 0 0 1 044 1 044

Actuarial gains / losses 0 0 0 0 0 0 0

Amount as of 30.09.2016 77 566 44 544 62 (13) (35 681) 2 233 88 711

thousand PLN

Share

capital

Supplementary

capital from issue

of shares above

their nominal

value

Other

supplementary

capital

Other

total

income

Retained

profits

Profit

(loss) for

the

current

year

Total

shareholders'

equity

Amounts as at 01.01.2016 77 566 44 544 62 (13) (40 662) 4 981 86 478

Loss/profit from previous years brought forward to be covered 0 0 0 0 4 981 (4 981) 0



Amounts at 30.09.2016 77 566 44 544 62 (13) (35 681) 2 233 88 711

33

Q III 2016

thousand PLN

Share

capital

Supplementary

capital from issue

of shares above

their nominal

value

Other

supplementary

capital

Other

total

income

Retained

profits

Profit

(loss) for

the

current

year

Total

shareholders'

equity

Amounts as at 01.01.2015 77 566 44 544 62 (12) (48 092) 7 430 81 498



Actuarial gains / losses 0 0 0 (1) 0 0 (1)

amounts as of 31.12.2015 77 566 44 544 62 (13) (40 662) 4 981 86 478

thousand PLN

Share

capital

Supplementary

capital from issue

of shares above

their nominal

value

Other

supplementary

capital

Other

total

income

Retained

profits

Profit

(loss) for

the

current

year

Total

shareholders'

equity

Amounts as of 01.01.2015 77 566 44 544 62 (12) (48 092) 7 430 81 498




Amounts as at 30.09.2015 77 566 44 544 62 (12) (40 662) 3 941 85 439

34

III kwartał 2016 rok

5. SEPARATE CASH FLOW STATEMENT

thousand PLN

01.07.2016 -

30.09.2016

01.01.2016 -

30.09.2016

01.07.2015 -

30.09.2015

01.01.2015 -

30.09.2015

Operating cash flow

Net profit (loss) 1 044 2 233 1 643 3 941

Total adjustments (5 255) 3 040 (5 736) 2 900

Depreciation 2 795 8 177 1 510 4 342

Exchange gains (losses) (13) (13) (23) (23)

Interests and profit sharing (dividends) 606 1 770 146 319

(Profit) loss on investment activities 0 (7) (53) (73)

Change in inventory (815) (1 270) (352) (596)

Change in receivables 811 (1 599) (7 076) (7 452)

Change in provisions (1 228) 1 927 1 317 1 702

Change in liabilities (7 605) (5 288) (919) 4 928

Change in prepayments and accruals 194 (657) (286) (247)

Net operating cash flow (4 211) 5 273 (4 093) 6 841

Cash flow from investment activities

Inflows 1 14 100 12 510

Sales of tangible fixed assets and intangible assets 1 14 100 12 510

Outflows 3 192 7 471 30 977 89 098

Purchase of tangible fixed assets and intangible assets 3 192 7 471 30 977 89 098

Net cash from investment activities (3 191) (7 457) (30 877) (76 588)

Cash flow from financial activities

Inflows 17 943 24 535 20 927 76 806

Borrowings and loans 17 936 18 773 16 097 54 530

Interests 7 14 35 51

Other financial inflows 0 5 748 4 795 22 225

Outflows 18 742 25 917 1 482 16 191

Repayment of borrowings and loans 17 440 21 981 567 10 336

Payment of liabilities under financial lease agreements 689 2 155 735 5 484

Interests 613 1 781 180 371

Net cash from financial activities (799) (1 382) 19 445 60 615

Total net change in cash and cash equivalents (8 201) (3 566) (15 525) (9 132)

Cash and cash equivalents as of the beginning of the period 16 865 12 230 19 530 13 137

Net currency translations 13 13 23 23

Cash and cash equivalents as of the end of the period, including:

8 677 8 677 4 028 4 028

- of limited disposability 1 000 1 000 0 0

35

Q III 2016

V. SELECTED EXPLANATORY NOTES TO THE SEPARATE STATEMENT

1. Information regarding operating segments

The major subject of the business activity of PCC Intermodal S.A. is the organisation of intermodal transport,

which consists of a few stages: railroad transport, transhipments and other terminal operations, car transport

and related forwarding services.

Within the scope of activity of the Company, no operating segments have been distinguished in conformity

with IFRS 8 for management purposes. The Management Board analyses the financial standing of the

Company (as one operating segment) on the basis of financial statements.

2. Information on products and services

01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015

Revenues from sales of services 199 428 155 835

- intermodal transport 186 078 143 078

- forwarding 13 350 12 757

3. Information on geographical areas.

Geographical breakdown of sales was prepared by location of recipient.

Recipient's country 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015

Poland 94 146 63 193

EU countries 89 751 74 991

The rest of the world 15 531 17 651

Total 199 428 155 835

4. Information on key customers

In the first 9 months of 2016, as in the comparative period, revenues from only one of the Group's recipient

exceeded 10% of total revenues. The structure of recipients for which the sales exceeded 10% of total sales

was as follows (revenues in 000's PLN):

Recipient 01.01.2016 -30.09.2016 01.01.2015 - 30.09.2015

MSC Poland Sp. z o.o. 26 185 15 656

Other recipients 173 243 140 179

Total 199 428 155 835

36

Q III 2016

5. Transactions with related entities

Transactions with related entities are concluded under arm's length principle.

During presented periods, PCC Intermodal S.A. concluded the following transactions with related entities:

01.01.2016 -30.09.2016


Revenues from sales of

products and services



intangible assets





18 026 0 0 38

01.01.2016 -30.09.2016



and services


Purchase of tangible fixed

assets and intangible assets


Other


-other related entities 4 728 382 314 0 0


4 737 382 314 1 987 2 753

01.01.2015 - 30.09.2015


Revenues from sales of

products and services



intangible assets




Total revenues from sales to related entities 13 613 0 0 0

37

Q III 2016

01.01.2015 - 30.09.2015



and services


Purchase of tangible fixed

assets and intangible assets


Other


-other related entities 4 611 312 6 0 0


4 635 312 6 1 561 2 936

In the statement of financial standing, the following balances of receivables and liabilities in respect to

related entities have been identified:

Receivables due from related entities amounts as of 30.09.2016 amounts as of 31.12.2015

-the Parent Company 0 0

-other related entities 2 487 2 252

Total receivables due from related entities 2 487 2 252

Liabilities due to related entities amounts as of

30.09.2016 amounts as of 31.12.2015


-other related entities 96 122

Total liabilities due to related entities 40 549 52 674

PCC INTERMODAL S.A. | Hutnicza 16, 81-061 Gdynia | Poland

Ph. +48 58 58 58 200 | fax: +48 58 58 58 201

e-mail: [email protected] | www.pcc-intermodal.pl

Documents

Extended consolidated quarterly report of PCC …...Extended consolidated quarterly report of PCC Intermodal S.A. Group for Q3 2016 Gdynia, 9 November 2016 2 Q III 2016 TABLE OF CONTENTS