HydroPhi Technologies Europe SA. Consolidated interim report for the third quarter of 2015 years 16 November 2015 r.
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TABLE OF CONTENTS 1. INFORMATION OGÓLNE................................................................................................................................................3 1.1. Basic data Spólce..............................................................................................................................3 1.2. Authorities Emitenta...................................................................................................................................................3 1.3 Shareholder Structure ........................................................................................................................................4 1.4 Information on the number of people employed by the Issuer, calculated on a full etaty....................................................................................................................................................................................4 1.5 Subject dzialalnosci........................................................................................................................................5 2. QUARTERLY CONDENSED FINANCIAL STATEMENTS ............................................ .............................. 5 2.1. Information about the principles adopted in the preparation of the report, including information on changes in accounting principles (policy) ........................................... .................................. 5 2.2 Balance sheet of the issuer (in PLN) ..............................................................................................................................6 2.3 Profit and loss account of the Issuer (PLN) ........................................ .............................................. 10 2.4 Cash flow statement of the Issuer (PLN) ......................................... ...................... 11 2.5 Statement of changes in equity of the Issuer (PLN) ....................................... ................ 12 2.6 Consolidated balance sheet of the Issuer Group (PLN) ......................................... ................................. 14 2.7 Consolidated profit and loss account of the Group of the Issuer (PLN) ..................................... 18 2.8 Consolidated Cash Flow Statement of the Group of the Issuer (PLN) .............. 19 2.9 Consolidated Statement of Changes in Equity Issuer Group (PLN) ...... 20 3. DESCRIPTION OF SIGNIFICANT ACHIEVEMENTS OR FAILURES OF THE ISSUER IN PERIOD FROM 01/07/2015 TO 30/09/2015 R. R. ACCOMPANIED BY THE MOST IMPORTANT FACTORS AND EVENTS, ESPECIALLY OF UNUSUAL NATURE, WHICH IMPACT ON PERFORMANCE WYNIKI..................................................................................................................22 3.1 Significant events during the reporting period and the date of publication of the report .................... 22 4. POSITION ON THE FEASIBILITY OF FORECASTS FOR A GIVEN YEAR IN LIGHT OF RESULTS PRESENTED IN THE THE QUARTERLY REPORT FOR THE PERIOD FROM 01/07/2015 TO 09/30/2015 THE YEAR ............................. 23 5. DESCRIPTION OF COMPLETION OF ACTIVITIES AND INVESTMENTS OF THE ISSUER AND THEIR SCHEDULE IMPLEMENTATION, ACCORDING TO THE INFORMATION PROVIDED HEREIN INFORMATIONAL - In the case of an issuer which does not reach REGULAR SALES FROM OPERATING ACTIVITIES ............................................. ....... 23 6. INFORMATION ABOUT THE ACTIVITY OF THE ISSUER FOR THE TAKING In ACTIVITY AREA DEVELOPMENT INITIATIVES ORIENTATED INTRODUCTION SOLUTIONS INNOVATIVE ENTERPRISE ........................... 23 7. INDICATION OF THE GROUP DIVISION BY THE STATE AT 30 SEPTEMBER 2015 ROKU...........................................................................................................24
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1. GENERAL INFORMATION 1.1. Basic data about the company Full name HydroPhi Technologies Europe SA Headquarters Square Silesian Insurgents 1st place. 201, 53-329 Wroclaw Phone: +48 (71) 79 11 555 Fax: +48 (71) 79 11 556 The basic object Business activities in the area "clean technologies" Share capital The share capital is 5 157 170 zl and is divided into: - 1,000,000 shares of series A - 571,700 shares of series B bearer - 40,000,000 shares of series C bearer - 1,109,191 shares of series D bearer - 8,890,809 shares of series E bearer Registration body, registration number District Court for Wroclaw-Fabryczna in Wroclaw, VI Economic Division of the National Court Register KRS number: 0000368347 NIP: 521-35-07-866 Code: 141637930 The duration of the unlimited 1.2. Authorities Issuer Management The Board HydroPhi Technologies Europe SA on the date hereof They include: ? Edward Bowl - CEO ? Roger M. Slotkin - Member of the Board On 7 August 2015. To the headquarters of the Company received the resignation of former President Management Board Mr. Wojciech Grzegorczyk from his membership on the Board of the Issuer at the end 7 August 2015. On 7 August 2015. The Supervisory Board, acting pursuant to art. 368 § 4 of the Code Commercial Companies and § 11 para. 2 of the Articles of the Company passed a resolution pursuant to which appointed ranging from 8 August 2015. Composition of the Board of the Issuer and Mr. Edward Bowl He appointed him President of the Management Board.
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board of directors The Supervisory Board HydroPhi Technologies Europe SA on the date hereof the report includes: ? Mieczyslaw Wójciak - Chairman of the Supervisory Board ? Gregory Wójciak - Vice-Chairman of the Supervisory Board ? Felicia Wójciak - Member of the Supervisory Board ? Reid Meyer - Member of the Supervisory Board ? David Waldman - Member of the Supervisory Board In the period covered by this report and the date of its preparation has been no change the Supervisory Board of the Company. 1.3 Shareholder Structure The following table shows the shareholding structure with a detailed list of shareholders holding at least 5% of votes at the General Meeting of Shareholders (pursuant to notices of shareholders of Art. 69 of the Act on Public Offering). Table 1 - The shareholding structure of the Issuer (as at 11.16.2015 r.) Shareholder Number Action Number Votes Participation in capital capital Participation in the total number of Votes Quark Ventures, LLC (d. WDM Capital USA, LLC) 1) 20 550 000 20 550 000 39.85% 39.85% EQUIMAXX, LLC 11 390 809 11 390 809 22.09% 22.09% The rest 10 880 891 10 880 891 21.10% 21.10% HydroPhi Technologies Group, Inc. 8 750 000 8 750 000 16.97% 16.97% Amount 51 571 700 51 571 700 100.00% 100.00% 1) indirectly through a subsidiary Astoria Capital SA 1.4 Information on the number of people employed by the Issuer, FTE The Issuer does not employ workers under contracts of employment.
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1.5 Subject of activity HydroPhi Technologies Europe SA, through its 100% subsidiary HydroPhi Technologies Europe Sp. Ltd. is engaged in the commercialization of technology HydroPlant on in Europe. HydroPlant technology developed by HydroPhi Technologies Group, Inc. uses integrated electrolysis involving the separation of hydrogen and oxygen from water and then bringing the mixture to the engine air intake powered carbon fuels such as diesel, unleaded gasoline and natural gas. HydroPlant ™ system allows you to reducing fuel consumption, operating costs and emissions both engines used in vehicles and stationary engines, and generators. The technology has been HydroPlant been tested, which showed a reduction in operational costs vehicle maintenance by increasing the fuel efficiency to over 20%, while reduce greenhouse gas emissions by 70%. By using the integrated electrolysis system for automatically separating hydrogen and oxygen from water, Technology HydroPlant eliminates the need to provide containers for the storage of hydrogen at high pressure or the use of hazardous chemicals. The key recipients technology sector is trucks, heavy equipment, industry marine, agriculture and mining. Subsidiary of the Issuer HydroPhi Technologies Europe Sp. Ltd. is the exclusive distributor and licensee HydroPlant technology in Europe. 2. QUARTERLY SHORTENED REPORT FINANCIAL 2.1. Information about the principles adopted in the preparation of the report, including Information on changes in accounting principles (policy) The key accounting policies applied in the preparation of financial data presented in this report: 1. Financial data have been prepared in accordance with accounting principles in accordance with Accounting Act dated 29 September 1994, as amended. 2. Adopted accounting policies are described in detail in the report Annual Company for the year 2014 published report No. 12/2015 of the EIB on 11 May 2015. used by the Company's accounting policies have not changed. 3. All financial data in this report are fully comparable with Data for the corresponding period last year.
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2.2 Balance sheet of the issuer (in PLN) ASSETS 09.30.2015 r. 06.30.2015 r. 30.09.2014. 30.06.2014 r. A. Non-current assets 3 501 224,00 3 501 542,00 170 841.07 278 572.33 AND. Intangible assets Legal 0.00 0.00 81 763.07 87 194.33 1. Costs of research development 0.00 0.00 0.00 0.00 2. Goodwill 0.00 0.00 0.00 0.00 3. Other intangible assets Legal 0.00 0.00 69 618.67 87 194.33 4. Advances in value Intangible assets 0.00 0.00 12 144.40 0.00 II. Tangible fixed assets 0.00 0.00 0.00 0.00 1. Fixed assets 0.00 0.00 0.00 0.00 and) land (including right perpetual usufruct land) 0.00 0.00 0.00 0.00 b) buildings, premises civil engineering 0.00 0.00 0.00 0.00 c) technical equipment and machines 0.00 0.00 0.00 0.00 d) means of transport 0.00 0.00 0.00 0.00 e) other fixed assets 0.00 0.00 0.00 0.00 2. Fixed assets under construction 0.00 0.00 0.00 0.00 3. Advances for fixed assets building 0.00 0.00 0.00 0.00 III. Receivables Long-term 0.00 0.00 0.00 0.00 1. From related parties 0.00 0.00 0.00 0.00 2. From other entities 0.00 0.00 0.00 0.00 IV. Investments Long-term 3 500 000.00 3 500 000.00 0.00 102 300.00 1. Real Estate 0.00 0.00 0.00 0.00 2. Intangible assets Legal 0.00 0.00 0.00 0.00 3. Long-term assets Financial 3 500 000.00 3 500 000.00 0.00 0.00 and) in related entities 3 500 000.00 3 500 000.00 0.00 0.00 - shares 3 500 000.00 3 500 000.00 0.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 0.00 - other long-term assets Financial 0.00 0.00 0.00 0.00 b) in other entities 0.00 0.00 0.00 0.00 - shares 0.00 0.00 0.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 0.00 - other long-term assets Financial 0.00 0.00 0.00 0.00 4. Other investments 0.00 0.00 0.00 102 300.00
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Long-term V. Long-term settlement accruals 1 224,00 1 542,00 89 078,00 89 078,00 1. Deferred income tax 1 224,00 1 542,00 89 078,00 89 078,00 2. Other settlements accruals 0.00 0.00 0.00 0.00 B. Current assets 2 714 235.69 170 927.33 4 575 121.65 723 728.59 AND. Wrestling 0.00 0.00 12 694.40 12 694.40 1. Supplies 0.00 0.00 0.00 0.00 2. Semi-finished products and work in progress 0.00 0.00 0.00 0.00 3. Finished products 0.00 0.00 0.00 0.00 4. Goods 0.00 0.00 0.00 0.00 5. Advances on delivery 0.00 0.00 12 694.40 12 694.40 II. Receivables Short-term 2 671 109.60 86 707.71 27 098.30 75 131.55 1. Receivables from related 41 317.80 36 397.80 0.00 0.00 and) for supplies and services, maturity: 0.00 0.00 0.00 0.00 - 12 months 0.00 0.00 0.00 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) another 41 317.80 36 397.80 0.00 0.00 2. Receivables from other units 2 629 791,80 50 309.91 27 098.30 75 131.55 and) for supplies and services, maturity: 0.00 0.00 4 767.30 0.00 - 12 months 0.00 0.00 4 767.30 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) taxes, subsidies, social security and health and other benefits 52 476,00 50 260.72 21 876,00 0.00 c) another 2 577 315.80 49.19 455.00 75 131.55 d) claimed in court 0.00 0.00 0.00 0.00 III. Investments Short-term 43 126.09 84 219.62 4 023 877.01 626 989.25 1. Short-term assets Financial 43 126.09 84 219.62 4 023 877.01 626 989.25 and) in related entities 0.00 0.00 3 500 000.00 100 000.00 - shares 0.00 0.00 3 500 000.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 100 000.00 - other short-term assets Financial 0.00 0.00 0.00 0.00 b) in other entities 19 630.15 19 630.15 504 176.72 0.00 - shares 0.00 0.00 102 300.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 19 630.15 19 630.15 401 876.72 0.00 - other short-term assets Financial 0.00 0.00 0.00 0.00 c) cash and other assets 23 495.94 64 589.47 19 700.29 526 989.25
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Cash - cash in hand and accounts 23 495.94 64 589.47 19 700.29 526 989.25 - other cash 0.00 0.00 0.00 0.00 - other monetary assets 0.00 0.00 0.00 0.00 2. Other investments Short-term 0.00 0.00 0.00 0.00 IV. Short-term settlement accruals 0.00 0.00 511 451.94 8 913.39 Total assets 6 215 459.69 3 672 469.33 4 745 962.72 1 002 300.92 LIABILITIES 30.09.2015 r. 30.06.2015 r. 30.09.2014. 30.06.2014 r. AND. Capital (a fund) own 6 196 261.75 3 553 313.65 4 702 249.13 813 878.19 AND. Capital (a fund) basic 5 157 170,00 4 268 089.10 157 170.00 157 170.00 II. Unpaid share capital (negative amount) 0.00 0.00 0.00 0.00 III. Shares (stocks) (negative amount) 0.00 0.00 0.00 0.00 IV. Capital (a fund) reserve 2 641 278.57 863 116.77 1 163 441.06 1 163 441.06 V. Share capital (fund) Revaluation 0.00 0.00 0.00 0.00 VI. Other reserves (funds) 136 839.04 136 839.04 4 136 839.04 136 839.04 VII. Profit (loss) previous -1 574 945.89 -1 574 945.89 -427 251.76 -427 251.76 VIII. profit (loss) Net -164 079.97 -139 785.37 -327 949.21 -216 320.15 IX. Deductions from net profit During the financial year (negative amount) 0.00 0.00 0.00 0.00 B. Commitments and reserve liabilities 19 197.94 119 155,68 43 713.59 188 422.73 AND. Provisions for liabilities 5 730,00 5 730,00 4 500,00 4 500,00 1. Reserve due Deferred tax Income 3 730,00 3 730,00 0.00 0.00 2. Provision for pensions and similar 0.00 0.00 0.00 0.00 - Long-term 0.00 0.00 0.00 0.00 - Short-term 0.00 0.00 0.00 0.00 3. Other provisions 2 000,00 2 000,00 4 500,00 4 500,00 - Long-term 0.00 0.00 0.00 0.00
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- Short-term 2 000,00 2 000,00 4 500,00 4 500,00 II. Liabilities Long-term 0.00 0.00 0.00 0.00 1. Against individuals related 0.00 0.00 0.00 0.00 2. To other units 0.00 0.00 0.00 0.00 and) credits and loans 0.00 0.00 0.00 0.00 b) due to debt securities 0.00 0.00 0.00 0.00 c) Other liabilities Financial 0.00 0.00 0.00 0.00 d) another 0.00 0.00 0.00 0.00 III. Liabilities Short-term 13 467.94 113 425.68 39 213.59 182 222.73 1. Against individuals related 0.00 0.00 0.00 0.00 and) for supplies and services, maturity: 0.00 0.00 0.00 0.00 - 12 months 0.00 0.00 0.00 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) another 0.00 0.00 0.00 0.00 2. To other units 13 467.94 113 425.68 39 213.59 182 222.73 and) credits and loans 0.00 0.00 0.00 92 949.56 b) due to debt securities 0.00 0.00 0.00 0.00 c) Other liabilities Financial 0.00 0.00 0.00 0.00 d) for supplies and services, maturity: 12 943.68 23 358.47 34 763.59 72 243.57 - 12 months 12 943.68 23 358.47 34 763.59 72 243.57 - over 12 months 0.00 0.00 0.00 0.00 e) advances received delivery 0.00 0.00 0.00 0.00 f) bills of exchange 0.00 0.00 0.00 0.00 g) taxes, duties, insurance and other benefits 348,00 53,31 3 204.85 15 529.60 h) of remuneration 0.00 0.00 1 227.15 1 500,00 and) another 176.26 90 013.90 18,00 0.00 3. Special funds 0.00 0.00 0.00 0.00 IV. Settlements accruals 0.00 0.00 0.00 1 700,00 1. Negative goodwill 0.00 0.00 0.00 0.00 2. Other settlements accruals 0.00 0.00 0.00 1 700,00 - Long-term 0.00 0.00 0.00 0.00 - Short-term 0.00 0.00 0.00 1 700,00 Total liabilities 6 215 459.69 3 672 469.33 4 745 962.72 1 002 300.92
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2.3 Profit and loss account of the Issuer (PLN) Specification 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 Net revenues from sales products, goods and materials, including: 0.00 0.00 0.00 388 631.09 - from related parties 0.00 0.00 0.00 0.00 Net revenues from sales Product 0.00 0.00 0.00 388 631.09 Change in products 0.00 0.00 0.00 0.00 Cost of production for own needs 0.00 0.00 0.00 0.00 Net revenues from sales goods and materials 0.00 0.00 0.00 0.00 Operating expenses 25 950.31 97 771.19 112 977.39 719 003.64 Depreciation 0.00 0.00 5 431.26 16 293.78 Usage of materials and energy 0.00 0.00 14.63 150 890.75 Foreign Service 21 152.60 89 146.62 61 367.22 487 288.86 Taxes and fees, including: 639,00 1 787,00 26 775,00 27 317,00 - excise tax 0.00 0.00 0.00 0.00 Wages and salaries 2 158.71 5 712.57 15 983.46 27 675.59 Social security and other benefits 0.00 0.00 1 385.36 1 851,00 Other costs 0.00 1 125,00 2 020.46 7 686.66 The value of goods sold and materials 0.00 0.00 0.00 0.00 Profit (loss) on sales -23 950.31 -97 771.19 -112 997.39 -330 372.55 Other operating income 0.00 0.98 0.90 440.67 Profit on disposal of fixed assets 0.00 0.00 0.00 0.00 Subsidies 0.00 0.00 0.00 0.00 Other operating income 0.00 0.98 0.90 440.67 Other operating cost 0.08 1 361.06 0.45 2 456.39 Loss on disposal of fixed assets 0.00 0.00 0.00 0.00 Impairment losses non-financial 0.00 0.00 0.00 0.00 Other operating expenses 0.08 1 361.06 0.45 2 456.39 Profit (loss) from operations Operations -23 950.39 -99 131.27 - 112 976.94 - 332 338.27 Financial income 0.00 14 110.96 - 1 804.43 10 198.36 Dividends and share in profits including: 0.00 0.00 0.00 0.00 - from related parties 0.00 0.00 0.00 0.00 Interest, including: 0.00 6 410.96 1 876.81 1 879.04 - from related parties 0.00 0.00 1.73 115.25 Profit on disposal of investments 0.00 7 700,00 3 680.68 8 319.32 Revaluation of investments 0.00 0.00 0.00 0.00 Another 0.00 0.00 0.56 0.00
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Financial costs 26,21 92 011.66 3 152.31 5 759.30 Interest, including: 26,21 871.66 1.73 115.25 - To related parties 0.00 0.00 0.00 0.00 Loss on disposal of investments 0.00 0.00 8 558.73 0.00 Revaluation of investments 0.00 91 140.00 0.00 0.00 Another 0.00 0.00 5 404.69 5 644.05 Profit (loss) from operations business - 23 976,60 -177 031.97 - 111 629.06 - 327 949.21 Result on extraordinary events 0.00 0.00 0.00 0.00 Extraordinary gains 0.00 0.00 0.00 0.00 Extraordinary losses 0.00 0.00 0.00 0.00 Profit (loss) before tax -23 976,60 -177 031.97 -111 629.06 -327 949.21 Current income tax 0.00 0.00 0.00 0.00 Deferred income tax 318,00 -12 952.00 0.00 0.00 profit (loss) Net -24 294.60 -164 079.97 -111 629.06 -327 949.21 2.4 Cash flow statement of the Issuer (PLN) Specification 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 A. Cash flows from operating activities AND. Profit (loss) Net -24 294.60 -164 079.97 -111 629.06 -327 949.21 II. Total adjustments - 16 798.93 35 176.15 88 970.34 499 699.65 III. Net cash flows from operating activities (I + II) -41 093.53 -128 903.82 -22 658.72 171 750.44 B. Cash flows from investing activities AND. Inflows 0.00 0.00 110 619.32 114 300.00 II. Expenses 0.00 0.00 502 300.00 616 744.40 III. Net cash flows from investing activities (I-II) 0.00 0.00 -391 680.68 -502 444.40 C. Cash flows from financing activities AND. Inflows 0.00 146 945.15 -92 949.56 0.00 II. Expenses 0.00 0.00 0.00 0.00 III. Net cash flows from financial activities (I-II) 0.00 146 945.15 -92 949.56 0.00 D. Total net cash flow -41 093.53 18 041.33 -507 288.96 330 693.96 E. Balance-sheet change in cash cash equivalents, including -41 093.53 18 041.33 -507 288.96 330 693.96 - Change in cash from foreign exchange differences - - - - F. Cash at beginning period 64 589.47 5 454.61 526 989.25 350 394.25 G. Cash and cash equivalents at end period (F + D) including 23 495.94 23 495.94 19 700.29 19 700.29 - Restricted disposal - - - -
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2.5 Statement of changes in equity of the Issuer (PLN) Lp. Specification For the period 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 AND. Share capital (fund) at the beginning of the period (BO) 3 553 313.65 3 455 252.45 813 878.19 1 030 198.34 - Change in the rules (policy) 0.00 0.00 0.00 0.00 - Correction of errors 0.00 0.00 0.00 0.00 Ia Share capital (fund) at the beginning of the period (BO) after adjustments 3 553 313.65 3 455 252.45 813 878.19 1 030 198.34 1. Capital (a fund) at the beginning period 4 268 089.10 4 157 170,00 157 170.00 157 170.00 1.1 Changes in share capital (fund) primary 889 080.90 999 999.91 0.00 0.00 a) increase 889 080.90 999 999.91 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 1.2 Capital (a fund) at the end period 5 157 169.91 5 157 169.91 157 170.00 157 170.00 2. Called up share capital at the beginning period 0.00 0.00 0.00 0.00 2.1 Change in unpaid share capital 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 2.2 Called up share capital at the end period 0.00 0.00 0.00 0.00 3. Shares (stocks) at beginning of period 0.00 0.00 0.00 0.00 Changing shares (shares) own 0.00 0.00 0.00 0.00 a) increase 0.00 0.00 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 3.1 Shares (stocks) at end of period 0.00 0.00 0.00 0.00 4. Capital (a fund) reserve at the beginning period 863 116.77 736 189.30 1 163 441.06 1 163 441.06 4.1 Changes in share capital (fund) backup 1 778 161.80 1 905 089.27 0.00 0.00 a) increase 1 778 161.80 1 905 089.27 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 4.2 State capital (fund) reserve at the end period 2 641 278.57 2 641 278.57 1 163 441.06 1 163 441.06 5. Share capital (fund) Revaluation beginning of period 0.00 0.00 0.00 0.00
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5.1 Changes in share capital (fund) Revaluation 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 5.2 Share capital (fund) Revaluation end of period 0.00 0.00 0.00 0.00 6. Other reserves (funds) at beginning of period 136 839.04 136 839.04 136 839.04 136 839.04 6.1 Changes in other capital (funds) reserve 0.00 0.00 4 000 000.00 4 000 000.00 a) increase 0.00 0.00 4 000 000.00 4 000 000.00 b) reducing 0.00 0.00 0.00 0.00 6.2 Other reserves (funds) at end of period 136 839.04 136 839.04 4 136 839.04 4 136 839.04 7. Profit (loss) prior to the beginning period -1 574 945.89 -1 574 945.89 -643 571.91 -427 251.76 7.1 Profit from previous years beginning of period 0.00 0.00 0.00 0.00 - Change in the principles (policy) Accounting 0.00 0.00 0.00 0.00 - Correction of errors 0.00 0.00 0.00 0.00 7.2 Profit from previous years beginning of period corrections 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 7.3 Profit from previous years end of period 0.00 0.00 0.00 0.00 7.4 Loss from previous years beginning of period 1 574 945.89 1 574 945.89 643 571.91 427 251.76 - Correction of errors 0.00 0.00 0.00 0.00 7.5 Loss from previous years beginning of period corrections 1 574 945.89 1 574 945.89 643 571.91 427 251.76 a) increase 139 785.37 0.00 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 7.6 Loss from previous years end of period 1 714 731.26 1 574 945.89 643 571.91 427 251.76 7.7 Profit / Loss from years forward at the end period 1 714 731.26 -1 574 945.89 -643 571.91 -427 251.76 8. Net -24 294.60 -164 079.97 -111 629.06 -327 949.21 a) Net profit - - - - b) Net loss 24 294.60 164 079.97 111 629.06 -327 949.21 c) Impairment of profit - - - - II. Share capital (fund) at the end of the period (BZ) 6 196 261.66 6 196 261.66 4 702 249.13 4 702 249.13
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2.6 Consolidated balance sheet of the Issuer Group (PLN) ASSETS 09.30.2015 r. 06.30.2015 r. 30.09.2014. 30.06.2014 r. A. Non-current assets 3 308 796.85 3 352 823.50 170 841.07 278 572.33 AND. Intangible assets Legal 3 307,287,85 3 350 996.50 81 763.07 87 194.33 1. Costs of research development 0.00 0.00 0.00 0.00 2. Goodwill 0.00 0.00 0.00 0.00 3. Other intangible assets Legal 3 307,287,85 3 350 996.50 69 618.67 87 194.33 4. Advances in value Intangible assets 0.00 0.00 12 144.40 0.00 II. Tangible fixed assets 0.00 0.00 0.00 0.00 1. Fixed assets 0.00 0.00 0.00 0.00 and) land (including right perpetual usufruct land) 0.00 0.00 0.00 0.00 b) buildings, premises civil engineering 0.00 0.00 0.00 0.00 c) technical equipment and machines 0.00 0.00 0.00 0.00 d) means of transport 0.00 0.00 0.00 0.00 e) other fixed assets 0.00 0.00 0.00 0.00 2. Fixed assets under construction 0.00 0.00 0.00 0.00 3. Advances for fixed assets building 0.00 0.00 0.00 0.00 III. Receivables Long-term 0.00 0.00 0.00 0.00 1. From related parties 0.00 0.00 0.00 0.00 2. From other entities 0.00 0.00 0.00 0.00 IV. Investments Long-term 0.00 0.00 0.00 102 300.00 1. Real Estate 0.00 0.00 0.00 0.00 2. Intangible assets Legal 0.00 0.00 0.00 0.00 3. Long-term assets Financial 0.00 0.00 0.00 0.00 and) in related entities 0.00 0.00 0.00 0.00 - shares 0.00 0.00 0.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 0.00 - other long-term assets Financial 0.00 0.00 0.00 0.00 b) in other entities 0.00 0.00 0.00 0.00 - shares 0.00 0.00 0.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 0.00 - other long-term assets Financial 0.00 0.00 0.00 0.00 4. Other investments Long-term 0.00 0.00 0.00 102 300.00 V. Long-term 1 509,00 1 827,00 89 078,00 89 078,00
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settlement accruals 1. Deferred income tax 1 509,00 1 827,00 89 078,00 89 078,00 2. Other settlements accruals 0.00 0.00 0.00 0.00 B. Current assets 2 731 676.27 187 540.11 4 575 121.65 723 728.59 AND. Wrestling 643.73 643.73 12 694.40 12 694.40 1. Supplies 643.73 643.73 0.00 0.00 2. Semi-finished products and work in progress 0.00 0.00 0.00 0.00 3. Finished products 0.00 0.00 0.00 0.00 4. Goods 0.00 0.00 0.00 0.00 5. Advances on delivery 0.00 0.00 12 694.40 12 694.40 II. Receivables Short-term 2 687 772.60 102 392.71 27 098.30 75 131.55 1. Receivables from related 0.00 36 397.80 0.00 0.00 and) for supplies and services, maturity: 0.00 0.00 0.00 0.00 - 12 months 0.00 0.00 0.00 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) Another 0.00 36 397.80 0.00 0.00 2. Receivables from other units 2 687 772.60 65 994.91 27 098.30 75 131.55 and) for supplies and services, maturity: 0.00 0.00 4 767.30 0.00 - 12 months 0.00 0.00 4 767.30 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) taxes, subsidies, social security and health and other benefits 69 139.00 65 945.72 21 876,00 0.00 c) another 2 577 315.80 49.19 455.00 75 131.55 d) claimed in court 0.00 0.00 0.00 0.00 III. Investments Short-term 43 259.94 84 503.67 4 023 877.01 626 989.25 1. Short-term assets Financial 43 259.94 84 503.67 4 023 877.01 626 989.25 and) in related entities 0.00 0.00 3 500 000.00 100 000.00 - shares 0.00 0.00 3 500 000.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 0.00 0.00 0.00 100 000.00 - other short-term assets Financial 0.00 0.00 0.00 0.00 b) in other entities 19 630.15 19 630.15 504 176.72 0.00 - shares 0.00 0.00 102 300.00 0.00 - Other securities 0.00 0.00 0.00 0.00 - loans 19 630.15 19 630.15 401 876.72 0.00 - other short-term assets Financial 0.00 0.00 0.00 0.00 c) cash and other assets Cash 23 629.79 64 873.52 19 700.29 526 989.25 - cash in hand and 23 629.79 64 873.52 19 700.29 526 989.25
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accounts - other cash 0.00 0.00 0.00 0.00 - other monetary assets 0.00 0.00 0.00 0.00 2. Other investments Short-term 0.00 0.00 0.00 0.00 IV. Short-term settlement accruals 0.00 0.00 511 451.94 8 913.39 Total assets 6 040 473.12 3 540 363.61 4 745 962.72 1 002 300.92 LIABILITIES 30.09.2015 r. 30.06.2015 r. 30.09.2014. 30.06.2014 r. AND. Capital (a fund) own 5 967 679.13 3 372 851.46 4 702 249.13 813 878.19 AND. Capital (a fund) basic 5 157 170,00 4 268 089.10 157 170.00 157 170.00 II. Unpaid share capital (negative amount) 0.00 0.00 0.00 0.00 III. Shares (stocks) (negative amount) 0.00 0.00 0.00 0.00 IV. Capital (a fund) reserve 2 641 278.57 863 116.77 1 163 441.06 1 163 441.06 V. Share capital (fund) Revaluation 0.00 0.00 0.00 0.00 VI. Other reserves (funds) 136 839.04 136 839.04 4 136 839.04 136 839.04 VII. Profit (loss) previous -1 636 032.56 -1 636 032.56 -427 251.76 -427 251.76 VIII. profit (loss) Net -331 575.92 -259 160.89 -327 949.21 -216 320.15 IX. Deductions from net profit During the financial year (negative amount) 0.00 0.00 0.00 0.00 B. Commitments and reserve liabilities 72 793,99 167 512.15 43 713.59 188 422.73 AND. Provisions for liabilities 5 730,00 5 730,00 4 500,00 4 500,00 1. Reserve due Deferred tax Income 0.00 3 730,00 0.00 0.00 2. Provision for pensions and similar 0.00 0.00 0.00 0.00 - Long-term 0.00 0.00 0.00 0.00 - Short-term 0.00 0.00 0.00 0.00 3. Other provisions 2 000,00 2 000,00 4 500,00 4 500,00 - Long-term 0.00 0.00 0.00 0.00 - Short-term 2 000,00 2 000,00 4 500,00 4 500,00 II. Liabilities 0.00 0.00 0.00 0.00
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Long-term 1. Against individuals related 0.00 0.00 0.00 0.00 2. To other units 0.00 0.00 0.00 0.00 and) credits and loans 0.00 0.00 0.00 0.00 b) due to debt securities 0.00 0.00 0.00 0.00 c) Other liabilities Financial 0.00 0.00 0.00 0.00 d) another 0.00 0.00 0.00 0.00 III. Liabilities Short-term 67 063.99 161 782.15 39 213.59 182 222.73 1. Against individuals related 50 754.97 46 449.97 0.00 0.00 and) for supplies and services, maturity: 0.00 615,00 0.00 0.00 - 12 months 0.00 615,00 0.00 0.00 - over 12 months 0.00 0.00 0.00 0.00 b) another 50 754.97 82 232.77 0.00 0.00 2. To other units 16 309.02 115 332.18 39 213.59 182 222.73 and) credits and loans 0.00 0.00 0.00 92 949.56 b) due to debt securities 0.00 0.00 0.00 0.00 c) Other liabilities Financial 0.00 0.00 0.00 0.00 d) for supplies and services, maturity: 15 784.76 25 264.97 34 763.59 72 243.57 - 12 months 15 784.76 25 264.97 34 763.59 72 243.57 - over 12 months 0.00 0.00 0.00 0.00 e) advances received delivery 0.00 0.00 0.00 0.00 f) bills of exchange 0.00 0.00 0.00 0.00 g) taxes, duties, insurance and other benefits 348,00 53,31 3 204.85 15 529.60 h) of remuneration 0.00 0.00 1 227.15 1 500,00 and) another 176.26 90 013.90 18,00 0.00 3. Special funds 0.00 0.00 0.00 0.00 IV. Settlements accruals 0.00 0.00 0.00 1 700,00 1. Negative goodwill 0.00 0.00 0.00 0.00 2. Other settlements accruals 0.00 0.00 0.00 1 700,00 - Long-term 0.00 0.00 0.00 0.00 - Short-term 0.00 0.00 0.00 1 700,00 Total liabilities 6 040 473.12 3 540 363.61 4 745 962.72 1 002 300.92
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2.7 Consolidated profit and loss account of the Group Issuer (in PLN) Specification 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 Net revenues from sales products, goods and materials, including: 0.00 0.00 0.00 388 631.09 - from related parties 0.00 0.00 0.00 0.00 Net revenues from sales Product 0.00 0.00 0.00 388 631.09 Change in products 0.00 0.00 0.00 0.00 Cost of production for own needs 0.00 0.00 0.00 0.00 Net revenues from sales goods and materials 0.00 0.00 0.00 0.00 Operating expenses 72 059.16 265 527.84 112 977.39 719 003.64 Depreciation 43 708.65 131 125.95 5 431.26 16 293.78 Usage of materials and energy 0.00 29.20 14.63 150 890.75 Foreign Service 25 552.80 125 014.12 61 367.22 487 288.86 Taxes and fees, including: 639,00 2 521,00 26 775,00 27 317,00 - excise tax 0.00 0.00 0.00 0.00 Wages and salaries 2 158.71 5 712.57 15 983.46 27 675.59 Social security and other benefits 0.00 0.00 1 385.36 1 851,00 Other costs 0.00 1 125,00 2 020.46 7 686.66 Value of goods and materials 0.00 0.00 0.00 0.00 Profit (loss) on sales -72 059.16 - 265 527.84 -112 997.39 -330 372.55 Other operating income 0.50 1.71 0.90 440.67 Profit on disposal of fixed assets 0.00 0.00 0.00 0.00 Subsidies 0.00 0.00 0.00 0.00 Other operating income 0.50 1.71 0.90 440.67 Other operating cost 0.09 1 361.07 0.45 2 456.39 Loss on disposal of fixed assets 0.00 0.00 0.00 0.00 Impairment losses non-financial 0.00 0.00 0.00 0.00 Other operating expenses 0.09 1 361.70 0.45 2 456.39 Profit (loss) from operations Operations -72 058.75 - 266 887.20 - 112 976.94 - 332 338.27 Financial income 0.00 0.00 - 1 804.43 10 198.36 Dividends and share in profits, including: 0.00 0.00 0.00 0.00 - from related parties 0.00 0.00 0.00 0.00 Interest, including: 0.00 0.00 1 876.81 1 879.04 - from related parties 0.00 0.00 1.73 115.25
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Profit on disposal of investments 0.00 0.00 3 680.68 8 319.32 Revaluation of investments 0.00 0.00 0.00 0.00 Another 0.00 0.00 0.56 0.00 Financial costs 38,29 92 036.68 3 152.31 5 759.30 Interest, including: 38,29 896.68 1.73 115.25 - To related parties 0.00 0.00 0.00 0.00 Loss on disposal of investments 0.00 0.00 8 558.73 0.00 Revaluation of investments 0.00 91 140.00 0.00 0.00 Another 0.00 0.00 5 404.69 5 644.05 Profit (loss) from operations business -72 097.03 -344 812.92 - 111 629.06 - 327 949.21 Result on extraordinary events 0.00 0.00 0.00 0.00 Extraordinary gains 0.00 0.00 0.00 0.00 Extraordinary losses 0.00 0.00 0.00 0.00 Profit (loss) before tax -72 097.03 -344 812.92 -111 629.06 -327 949.21 Current income tax 0.00 -285.00 0.00 0.00 Deferred income tax -318.00 - 12 952.00 0.00 0.00 profit (loss) Net -72 415.03 -331 575.92 -111 629.06 -327 949.21 2.8 Consolidated cash flow statement Group Issuer (PLN) Specification 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 A. Cash flows from operating activities AND. Profit (loss) Net -72 415.03 -331 575.92 -111 629.06 -327 949.21 II. Total adjustments 31 171.30 202 805.95 88 970.34 499 699.65 III. Net cash flows from operating activities (I + II) -41 243.73 -128 769.97 -22 658.72 171 750.44 B. Cash flows from investing activities AND. Inflows 0.00 0.00 110 619.32 114 300.00 II. Expenses 0.00 0.00 502 300.00 616 744.40 III. Net cash flows from investing activities (I-II) 0.00 0.00 -391 680.68 -502 444.40 C. Cash flows from financing activities AND. Inflows 0.00 146 945.15 -92 949.56 0.00 II. Expenses 0.00 0.00 0.00 0.00 III. Net cash flows from financial activities (I-II) 0.00 146 945 `5 -92 949.56 0.00 D. Total net cash flow -41 243.73 18 175.18 -507 288.96 330 693.96 E. Balance-sheet change in cash cash equivalents, including -41 243.73 18 175.18 -507 288.96 330 693.96 - Change in cash from foreign exchange differences - - - - F. Cash at beginning period 64 873.52 5 454.61 526 989.25 350 394.25
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G. Cash and cash equivalents at end period (F + D) including 23 629.79 23 629.79 19 700.29 19 700.29 2.9 Consolidated Statement of Changes in Equity Group Issuer (PLN) Lp. Specification For the period 7/1/2015 - 30/09/2015 01.01.2015 - 30/09/2015 1/7/2014 - 30.09.2014 01.01.2014 - 30.09.2014 AND. Share capital (fund) at the beginning of the period (BO) 3 248 891.44 3 372 851.46 813 878.19 1 030 198.34 - Change in the rules (policy) 0.00 0.00 0.00 0.00 - Correction of errors 0.00 0.00 0.00 0.00 Ia Share capital (fund) at the beginning of the period (BO) after adjustments 3 246 082.97 3 372 851.46 813 878.19 1 030 198.34 1. Capital (a fund) at the beginning period 4 268 089.10 4 157 170,00 157 170.00 157 170.00 1.1 Changes in share capital (fund) primary 889 080.90 999 999.91 0.00 0.00 a) increase 889 080.90 999 999.91 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 1.2 Capital (a fund) at the end period 5 157 170,00 5 157 169.91 157 170.00 157 170.00 2. Called up share capital at the beginning period 0.00 0.00 0.00 0.00 2.1 Change in unpaid share capital 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 2.2 Called up share capital at the end period 0.00 0.00 0.00 0.00 3. Shares (stocks) at beginning of period 0.00 0.00 0.00 0.00 Changing shares (shares) own 0.00 0.00 0.00 0.00 a) increase 0.00 0.00 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 3.1 Shares (stocks) at end of period 0.00 0.00 0.00 0.00 4. Capital (a fund) reserve at the beginning period 863 116.77 736 189.30 1 163 441.06 1 163 441.06 4.1 Changes in share capital (fund) backup 1 778 161.80 1 905 089.27 0.00 0.00 a) increase 1 778 161.80 1 905 089.27 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00
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4.2 State capital (fund) reserve at the end period 2 641 278.57 2 641 278.57 1 163 441.06 1 163 441.06 5. Share capital (fund) Revaluation beginning of period 0.00 0.00 0.00 0.00 5.1 Changes in share capital (fund) Revaluation 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 5.2 Share capital (fund) Revaluation end of period 0.00 0.00 0.00 0.00 6. Other reserves (funds) at beginning of period 136 839.04 136 839.04 136 839.04 136 839.04 6.1 Changes in other capital (funds) reserve 0.00 0.00 4 000 000.00 4 000 000.00 a) increase 0.00 0.00 4 000 000.00 4 000 000.00 b) reducing 0.00 0.00 0.00 0.00 6.2 Other reserves (funds) at end of period 136 839.04 136 839.04 4 136 839.04 4 136 839.04 7. Profit (loss) prior to the beginning period -1 895 193.45 -1 636 032.56 -643 571.91 -427 251.76 7.1 Profit from previous years beginning of period 0.00 0.00 0.00 0.00 - Change in the principles (policy) Accounting 0.00 0.00 0.00 0.00 - Correction of errors 0.00 0.00 0.00 0.00 7.2 Profit from previous years beginning of period corrections 0.00 0.00 0.00 0.00 a) increase (due to) 0.00 0.00 0.00 0.00 b) decrease (due to) 0.00 0.00 0.00 0.00 7.3 Profit from previous years end of period 0.00 0.00 0.00 0.00 7.4 Loss from previous years beginning of period 1 895 193.45 1 636 032.56 643 571.91 427 251.76 - Correction of errors 0.00 0.00 0.00 0.00 7.5 Loss from previous years beginning of period corrections 1 895 193.45 1 636 032.56 643 571.91 427 251.76 a) increase 0.00 0.00 0.00 0.00 b) reducing 0.00 0.00 0.00 0.00 7.6 Loss from previous years end of period 1 895 193.45 1 636 032.56 643 571.91 427 251.76 7.7 Profit / Loss from years forward at the end period -1 895 193.45 -1 636 032.56 -643 571.91 -427 251.76 8. Net -72 415.03 -331 575.92 -111 629.06 -327 949.21 a) Net profit - 0.00 - - b) Net loss 72 415.03 331 575.92 111 629.06 -327 949.21 c) Impairment of profit - 0.00
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- - II. Share capital (fund) at the end of the period (BZ) 5 967 679.13 5 967 676.13 4 702 249.13 4 702 249.13 3. DESCRIPTION OF SIGNIFICANT ACHIEVEMENTS OR FAILURES OF THE ISSUER IN THE PERIOD FROM 07/01/2015 R. 09.30.2015 R. ACCOMPANIED BY THE MOST IMPORTANT FACTORS AND EVENTS, ESPECIALLY OF UNUSUAL NATURE, AFFECTING THE RESULTS The Company and its subsidiary HydroPhi Technologies Europe Sp. z oo in the third quarter of 2015., and to the date of this report, they work and focused mainly on business related operating HydroPlant the start of commercialization of technology (developed the company HydroPhi Technologies Group, Inc.) in Europe and raising capital on development activity in this area (see details in this regard were presented in Section 3.1 of this report). Due to the early stage of development of the Issuer Group to commercialize HydroPlant technology in Europe, the Group has not begun recording revenues from sales of this title. Therefore, neither the Issuer nor its subsidiary is not recorded sales revenues in the third quarter of 2015. For recorded by the Issuer's Group consolidated net profit YTD 3 quarters of 2015. in the amount of approx. -332 thousand. zl affected the running costs of the Issuer the amount of approx. 266 thousand. zl, resulting mainly from the cost of external services and depreciation costs. The increased depreciation costs from the beginning of 2015. Stem from the need to depreciate Issuer's subsidiary HydroPhi Technologies Europe Sp. zoo 3.1 Significant events during the reporting period and until publication of the report The share capital increase through the issuance of series E shares On September 25, 2015. The District Court for Wroclaw-Fabryczna in Wroclaw, VI Department The National Court Register issued a decision on registration of the increase Company's share capital through the issuance of 8,890,809 shares of ordinary bearer series E Accordingly, the Issuer's share capital currently amounts to 5,157,170.00 zl (five million one hundred fifty-seven thousand one hundred and seventy thousand) and is divided into 51,571,700 (51,571,700) shares with a value nominal zl 0.10 (ten cents) each, including: a) 1,000,000 (one million) ordinary bearer shares series A; b) 571,700 (five hundred seventy-one thousand seven hundred) ordinary bearer series B;
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c) 40,000,000 (forty million) ordinary bearer shares of series C, d) 1,109,191 (1,109,191) ordinary shares series D bearer e) 8,890,809 (8,890,809) shares ordinary bearer series E The issue of series E shares was in the interests of the Company and was justified by the purpose of obtaining Company capital for development. The issue of series E shares was related to the fact that investors have not made in a public offering subscriptions for all offered shares of series D and the company does not He gathered the planned amount 3,000,000.00 zl. 4. POSITION RESPECT DOWN CAPABILITIES ACHIEVING FINANCIAL FORECASTS FOR GIVEN YEAR IN LIGHT OF RESULTS PRESENTED IN GIVEN THE QUARTERLY REPORT FOR THE PERIOD FROM 01/07/2015 THE YEAR 30/09/2015 Neither the Issuer nor its subsidiary did not publish financial forecasts for 2015. 5. DESCRIPTION OF THE IMPLEMENTATION OF THE ISSUER'S ACTIVITIES AND INVESTMENT SCHEDULE AND ITS PERFORMANCE IN ACCORDANCE WITH THE INFORMATION PROVIDED IN DOCUMENT INFORMATIONAL - IF THE ISSUER IF YOU DO NOT REGULAR EARNINGS REACHES ACTIVITIES OPERATING ACTIVITIES Not applicable. The Issuer is not presented in its description of the Information Document, which referred to in § 10 paragraph 13a) Exhibit 1 to the Alternative Trading System. 6. INFORMATION ABOUT THE ISSUER'S ACTIVITY GROUP FOR THE TAKING IN THE FIELD OF DEVELOPMENT ACTIVITY INITIATIVES ORIENTATED INTRODUCTION TO SOLUTIONS INNOVATION ENTERPRISE
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Information about. Activity of the Issuer's Group to take in the area of ??development its business initiatives aimed at the introduction of innovative solutions the company set out at paragraph 3 of this report. 7. INDICATION OF THE GROUP CAPITAL AS AT 30 SEPTEMBER 2015 YEAR As at September 30, 2015, the Issuer was the parent undertaking of one company - HydroPhi Technologies Europe Sp. z oo Below are some basic data on a subsidiary of the Issuer. Table 1 - HydroPhi Technologies Europe Sp. zoo Business: HydroPhi Technologies Europe Legal form: limited liability company Headquarters: Wroclaw Address: Square Silesian Insurgents 1st place. 201, 53-329 Wroclaw Share capital 5,000.00 zl Core business: Implementation and sale of technology based on HydroPlant exclusive right to use the technology in Europe The Issuer's share in the capital capital: 100.00% The Issuer's share in the total number of votes: 100.00% Source: The Issuer Consolidation of financial statements: Issuer's Management Board has decided to consolidate the financial statements of the Issuer with the financial statements of its subsidiary HydroPhi Technologies Europe Sp. z oo after analyzing financial data HydroPhi Technologies Europe Sp. z oo, which after preliminary consolidation proved to have a significant outflow on the financial, property and of the Issuer. Consolidation has been applied starting from the second quarter of 2015.
Original text
sprawozdaniem finansowym jego spólki zaleznej HydroPhi Technologies Europe Sp.
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