The Management Board of Inter Cars S.A. hereby presents the Supervisory Board’s Resolution of May 20th 2010 concerning the assessment of Company's performance in 2009.
“This Resolution constitutes a brief assessment of Inter Cars S.A.’s performance, 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 2009, 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 2009, which include dynamic development of the Group’s core business, i.e. distribution of spare parts for cars. The Company’s offering also includes garage equipment, as well as motorcycle parts and tuning parts. The Company continues to expand its sales network, which as at the end of December comprised 126 affiliate branches. 2009 was another year of rapid growth for the subsidiaries of Inter Cars S.A. Furthermore, the Supervisory Board positively assesses Inter Cars S.A.’s economic standing, as the Company has maintained financial liquidity and ability to meet its liabilities.
The Directors’ Reports on the Operations Inter Cars S.A. and the Inter Cars Group in 2009 contain all the necessary information concerning the Company’s and Group’s performance in the current 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 decided to submit the 2009 financial statements of Inter Cars S.A. along with the Directors’ Report, including: introduction to the financial statements, balance sheet as at December 31st 2009 (showing a balance-sheet total of PLN 1,224,197 thousand), income statement for the period January 1st - December 31st 2009 (showing a net profit of PLN 60,707 thousand), statement of changes in equity (showing an increase in equity of PLN 73,316 thousand), statement of cash flows (showing a net decrease in cash of PLN 1,167 thousand in the period January 1st - December 31st 2009) and notes, to the General Shareholders Meeting for approval.
The Company’s financial statements and periodic 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 a rapid expansion of the sales network, which resulted in an increase in sales revenue. 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 methods 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 members of the Management Board discharge in respect of their duties in the financial year 2009.”
- Piotr Kraska - Member of the Management Board
- Paweł Pietrzak - Plenipotentiary