A N N U A L R E P O R T
Koleje Mazowieckie Finance AB (publ)
Reg. nr. 556812-4258
The Board of Directors and the Managing Director's annual report for the financial year 2010-06-23 -- 2010-12-31.
- Board of directors report 2
- Income statement 3
- Balance sheet 4
- Pledged assets and contingent liabilities 4
- Supplementary disclosures 5
- Signatures 7
The undersigned member of the board in Koleje Mazowieckie Finance AB (publ) hereby certifies that this document is a true copy of the annual report and that the income statement and balance sheet were approved at the annual meeting of 15/6-2011
The Assembly also approved the Board proposal concerning the distribution of profits.
/ - / Roman Sielecki
[translator's note: all pages bear a footnote number: 8578.675.001
and three illegible signatures]
BOARD OF DIRECTORS REPORT
The annual statements are prepared in SEK.
Business Concept & Overview
The company holds direct or indirect operations, issues or organises the issue of security papers. It is the first operating year of the company.
The company is a subsidiary company of Koleje Mazowieckie - KM Sp. z o.o., Poland.
Important events during the financial year
All shares of the company were bought by the holding company.
Important events after the end of the financial year
On 7 January 2011 the company issued "step up" bonds with a value of 40 000 000.00 EUR, which Standard Bank Plc in London obtained for one year with the growing coupon: the first quarter of 2011. - 5.00%, second quarter - up to 6.00%, third quarter - 7.00%, fourth quarter - 8.00%.
Interests on the step up bonds for the month of January in the amount of 170 000 EUR and for the month of February in the amount of 153 600,00 EUR were paid from the Swedish bank account .
In connection with a public bond issuance program the €100 000 000.00 Euro - 2 Series A bonds were placed on the international market on March 9, 2011. The total cash value of these bonds was set off with the other step up bonds of 40 000 000,00 EUR. The step up bond were paid off and terminated.
Companies future development
The company will continue its core activities in the nearest future. Moreover, to our knowledge there are no circumstances that would indicate the existence of serious threats to the continuation of our company activities.
The Board of the company, by making such statement, has considered all the information available as at the closing date of the balance sheet and covering one year ahead.
As far as the result of the company's operations and the financial position at the end of the financial year is considered, this information is shown in the income statement and balance sheet with the accompanying notes.
[page 2of 7]
INCOME STATEMENT 2010-06-23
Net profit/loss for the year 0
[page 3 of 7]
B A L A N C E S H E E T
Cash and bank balance
Total current assets
[page 4 of 7]
B A L A N C E S H E E T
2 500 000
[page 5 of 7]
S U P P L E M E N T A R Y D I S C L O S U R E S GENERAL DISCLOSURES
The accounting priniciples used by the company comply with the Swedish Annual Accounts Act and the general recommendations of the Swedish Accounting Standards Board. Where no recommendations from the Accounting Standards Board are available, the recommendations of the Swedish Financial Accounting Standards Council and, where applicable, from the regulations of FAR (Swedish institute for auditors) are used. The relevant cases are explicitly indicated.
Valuation principles, etc
Assets, provisions and liabilities have been valued at the purchase value unless otherwise stated.
Receivables are entered in the amount in which they are expected to be received.
The Company has no employees. No salaries or other remunerations were paid.
NOTES TO FINANCIAL STATEMENTS
Note 1 Equity
New issue of shares
Net result for the year
Note 2 Information about share capital
Number of shares
Ratio per share
[Page 6 of 7 ]
S U P P L E M E N T A R Y D I S C L O S U R E S
/-/Roman Sielecki /-/Marek Jan Dawidowicz
Chairman of the Board
/-/Ewa Aldona Okninska /-/Olof Waern
Our audit report was issued on 23/5-2011 . Deloitte AB
Authorized Public Accountant
[page 7 of 7]
[stamp reading, I hereby confirm that the photocopies are true copies of the original document:
Signature / - / Olle Ericsson]