Text of the report
Brief assessment of the Company's standing in 2010 prepared by the Supervisory Board
The Management Board of Inter Cars S.A. hereby presents the Supervisory Board’s Resolution of April 26th 2011 concerning the assessment of the Company's standing in 2010.

"This Resolution constitutes a brief assessment of Inter Cars S.A.’s standing, prepared by the Supervisory Board in accordance with the corporate governance rules adopted by the Company. The assessment was made on the basis of information contained in the Directors’ Report and the financial statements for 2010, as well as information obtained by the Supervisory Board while performing its duties defined in the Company’s Articles of Association.
The Supervisory Board positively assesses the Management Board’s achievements in 2010, which include dynamic development of the Group’s core business, i.e. the distribution of spare parts for passenger cars and commercial vehicles. The Company’s offering also includes garage equipment, as well as motorcycle parts and tuning parts. Inter Cars S.A. offers the broadest range of automotive spare parts in Eastern Europe. The distribution network of Inter Cars S.A. comprises 140 domestic and 82 foreign branches. By developing the sales network, the Company is able to constantly expand its product portfolio and implement new sales enhancement solutions. 2010 was another year of rapid business growth for the subsidiaries of Inter Cars S.A. The Supervisory Board also has a positive view of Inter Cars S.A.’s economic standing, as the Company maintained its liquidity and ability to meet its liabilities.
The Directors’ Reports on the Operations of Inter Cars S.A. and the Inter Cars Group in 2010 contain all the necessary information concerning the Company’s and Group’s operations in that financial year and have been positively assessed by the Supervisory Board. As required by law, the Reports have been audited by an independent auditor (KPMG Audyt Sp. z o.o.) and received an unqualified audit opinion. Having read the auditor’s opinion and report on the separate and consolidated financial statements, the Supervisory Board did not raise any issues. Accordingly, the Supervisory Board has decided to submit to the General Shareholders Meeting for approval the 2010 financial statements of Inter Cars S.A. along with the Directors’ Reports on the Operations of Inter Cars S.A. and the Inter Cars Group in 2010, including: introduction to the financial statements, balance sheet as at December 31st 2010 (showing a balance-sheet total of PLN 1,277,225 thousand), income statement for the period January 1st -December 31st 2010 (showing a net profit of PLN 46,004 thousand), statement of changes in equity (showing an increase in equity of PLN 44,904 thousand), statement of cash flows (showing a net increase in cash of PLN 2,332 thousand in the period January 1st - December 31st 2010) and notes.
The Company’s financial statements and interim reports are prepared in accordance with the law and the accounting policies applied by the Company, and can only be drawn up by people authorised to access the Company’s inside information, who are obliged to ensure full confidentiality of the information used as the basis for the financial statements from the time of obtaining access to such information until the publication of the financial statements. All financial data contained in the financial statements and interim reports are sourced from the financial and accounting system, where all business events are recorded in accordance with the Company’s accounting policies (approved by the Management Board), based on the International Financial Reporting Standards. The Company monitors, on an ongoing basis, any changes in the legal and regulatory reporting requirements for listed companies, and prepares in advance for their incorporation in its internal regulations. The Financial Division and Division Heads prepare periodic management information reports including an analysis of the key financial data and operating ratios of the business segments, and submit them to the Management Board.
In the Supervisory Board’s opinion, the Management Board successfully implements the Group’s strategy. The previous year saw rapid expansion of the sales network, which resulted in an increase in sales revenue. The sound performance of the Company is attributable to growing demand on the Polish market and continuous development of the foreign subsidiaries. Improved recognition of the Inter Cars brand helped attract new customers and contributed to the development of operating activities. The product portfolio was significantly extended and new sales enhancement solutions were implemented.
The Supervisory Board believes that the Management Board used all reasonable efforts to ensure good financial performance of the Group. Therefore, the Supervisory Board positively assesses the Management Board’s efforts to further the Company key strategic objectives, and recommends the General Shareholders Meeting to grant discharge to the Management Board members in respect of their duties in the financial year 2010.”

Legal basis
Code of Best Practice for WSE-Listed Companies

Persons representing the company

  • Piotr Kraska - Member of the Management Board
  • Paweł Pietrzak - Plenipotentiary