Text of the report

Acting pursuant to Par. 38.1.7 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (Dz.U. of 2009, No. 33, item 259), the Management Board of Inter Cars S.A. hereby publishes the resolutions adopted by the Annual General Meeting held on June 28th 2012.

“ Resolution No. 1
The Annual General Meeting of Inter Cars S.A. of Warsaw hereby resolves to appoint Wojciech Józef Olewniczak as Chairman of the General Meeting.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 2
The Annual General Meeting of Inter Cars S.A. of Warsaw hereby approves the proposed agenda.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 3
The Annual General Meeting of Inter Cars S.A. of Warsaw hereby approves the Directors’ Report on the operations of the Company in 2011.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 4
The Annual General Meeting of Inter Cars S.A. of Warsaw hereby approves the Directors’ Report on the operations of the Inter Cars Group in 2011.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 5
The Annual General Meeting of Inter Cars S.A. of Warsaw hereby approves the financial statements of the Company for the financial year 2011, comprising in particular:
1) balance sheet as at December 31st 2011, showing a balance-sheet total of PLN 1,498,178,000.00 (one billion, four hundred and ninety-eight million, one hundred and seventy-eight thousand złoty);
2) income statement for the period January 1st–December 31st 2011, showing a net profit of PLN 104,339,000.00 (one hundred and four million, three hundred and thirty-nine thousand złoty);
3) statement of changes in equity for the financial year January 1st– December 31st 2011, showing an increase in equity of PLN 105,439,000.00 (one hundred and five million, four hundred and thirty-nine thousand złoty);
4) statement of cash flows for the financial year January 1st–December 31st 2011, showing a net increase in cash of PLN 4,202,000.00 (four million, two hundred and two thousand złoty);
5) supplementary information comprising the introduction and notes to the financial statements.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 6
The Annual General Meeting of Inter Cars S. A. of Warsaw hereby approves the consolidated financial statements of the Inter Cars Group for the financial year 2011, comprising in particular:
1) consolidated balance sheet of the Inter Cars Group as at December 31st 2011, showing a balance-sheet total of PLN 1,547,470,000.00 (one billion, five hundred and forty-seven million, four hundred and seventy thousand złoty);   
2) consolidated income statement of the Inter Cars Group for the financial year January 1st–December 31st 2011, showing a net profit of PLN 104,376,000.00 (one hundred and four million, three hundred and seventy-six thousand złoty);   
3) statement of changes in consolidated equity of the Inter Cars Group for the financial year January 1st–December 31st 2011, showing an increase in equity of PLN 106,416,000.00 (one hundred and six million, four hundred and sixteen thousand złoty);   
4) consolidated statement of cash flows of the Inter Cars Group for the financial year January 1st–December 31st 2011, showing a net increase in cash of PLN 25,908,000.00 (twenty-five million, nine hundred and eight thousand złoty);   
5) supplementary information comprising the introduction and notes to the consolidated financial statements.”   
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 7
Taking into account the assessment of Management Board's proposal by the Supervisory Board, the Annual General Meeting of Inter Cars S.A of Warsaw hereby resolves that PLN 4,250,430 (i.e. PLN 0.30 per share) from the PLN 104,339,000 net profit earned in 2011 shall be paid to the shareholders as dividend, and the balance of PLN 100,088,570 shall be allocated to the statutory reserve funds. The Annual General Meeting hereby sets the divided record date as July 17th 2012, and the dividend payment date as August 1st 2012.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.
 
“ Resolution No. 8
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Robert Kierzek in respect of his performance of duties as President of the Company’s Management Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 9
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Krzysztof Teofil Oleksowicz in respect of his performance of duties as Member of the Company’s Management Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 3,238,047 shares participating in the vote (which represented 22.85% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 3,238,047, with 3,238,047 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders. Shareholder Krzysztof Teofil Oleksowicz was excluded from the vote pursuant to Art. 413 of the Commercial Companies Code.

 “ Resolution No. 10
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Krzysztof Soszyński in respect of his performance of duties as Member of the Company’s Management Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 11
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Wojciech Milewski in respect of his performance of duties as Member of the Company’s Management Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 12
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Piotr Kraska in respect of his performance of duties as Member of the Company’s Management Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 13
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Andrzej Oliszewski in respect of his performance of duties as Chairman of the Company’s Supervisory Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 6,488,318 shares participating in the vote (which represented 45.80% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 6,488,318, with 6,488,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders. Shareholder Andrzej Oliszewski was excluded from the vote pursuant to Art. 413 of the Commercial Companies Code.

“ Resolution No. 14
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Jacek Klimczak in respect of his performance of duties as Member of the Company’s Supervisory Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 15
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Michał Marczak in respect of his duties as Member of the Company's Supervisory Board in the financial year 2010.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

 “ Resolution No. 16
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Maciej Oleksowicz in respect of his performance of duties as Member of the Company’s Supervisory Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

“ Resolution No. 17
Acting pursuant to Art. 395.2.3 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby grants discharge to Mr Piotr Płoszajski in respect of his performance of duties as Member of the Company’s Supervisory Board in the financial year 2011.”
The resolution was adopted by secret ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

“ Resolution No. 18
Acting pursuant to Art. 430.1 of the Commercial Companies Code, the Annual General Meeting of Inter Cars S.A. of Warsaw hereby resolves to amend the Company’s Articles of Association by adding Par. 16.4.11, reading as follows:
 “granting an approval to dispose of or encumber the business or an organised part of the business of Inter Cars Marketing Services Sp. z o.o., granting an approval to dispose of or encumber the industrial property rights or trade and industry marks of Inter Cars Marketing Services Sp. z o.o., granting an approval to any change in the share capital of Inter Cars Marketing Services Sp. z o.o., and granting an approval to dispose of or encumber shares in Inter Cars Marketing Services Sp. z o.o.”
The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.

“ Resolution No. 19

The Annual General Meeting hereby adopts the consolidated text of the Company’s Articles of Association, drawn up by notary public Andrzej Przybyła in Warsaw (Rep. A No. 2927/99, as amended) on May 17th 1999, as amended by Resolution No. 18 included in the report herein, reading as follows:
ARTICLES OF ASSOCIATION

 

  1. GENERAL PROVISIONS
    § 1. 
    The Company’s name shall be Inter Cars Spółka Akcyjna.

    § 2. 
    The Company’s registered office shall be in Warsaw.

    § 3. 
    1. The Company may operate in Poland and abroad.
    2. The Company may establish branches, affiliates and plants in Poland and outside Poland, and join other companies, cooperatives and business organisations. The Company may also acquire and dispose of shares and other equity interests in other companies.
    § 4. 
    The duration of the Company shall be unlimited.
  2. BUSINESS PROFILE
    Article 5 
    The business of the Company shall be as follows:
    1. Manufacture of parts and accessories for motor vehicles and their engines (PKD 34.30),
    2. Maintenance and repair of motor vehicles (PKD 50.20.A),
    3. Wholesale of motor vehicles (PKD 50.10.A),
    4. Retail sale of motor vehicles (PKD 50.10.B),
    5. Sale of motor vehicle parts and accessories (PKD 50.30),
    6. Wholesale of household and personal goods (PKD 51.4),
    7. Wholesale of machinery, equipment and supplies (PKD 51.6),
    8. Other retail sale of new goods in specialist stores (PKD 52.4),
    9. Letting of own property (PKD 70.20.Z),
    10. Renting of automobiles (PKD 71.10.Z),
    11. Renting of other land transport equipment (PKD 71.21.Z),
    12. Renting of office machinery and equipment (PKD 71.33.Z),
    13. Renting of other office machinery and equipment (PKD 71.33.Z),
    14. Hardware consultancy (PKD 72.10.Z),
    15. Activities related to software (PKD 72.20.Z),
    16. Data processing (PKD 72.30.Z),
    17. Maintenance and repair of office, accounting and computing machinery (PKD
    18. 50.Z),
    19. Research and development of natural sciences and engineering (PKD 73.10),
    20. Business and management consultancy activities (PKD 74.14.A),
    21. Technical testing and analysis (PKD 74.30.Z),
    22. Manufacture of motor vehicles (PKD 34.10),
    23. Manufacture of cast iron and steel and ferro-alloys (PKD 27.10.Z),
    24. Aluminium production (PKD 27.42.Z),
    25. Lead, zinc and tin production (PKD 27.43.Z),
    26. Unprocessed copper production (PKD 27.44.A),
    27. Other non-ferrous metal production (PKD 27.45.Z),
    28. Repairing and maintenance of ships, platforms and floating structures (PKD 35.11.B),
    29. Recycling of metal waste and scrap (PKD 37.10.Z),
    30. Recycling of non-metal waste and scrap (PKD 37.20.Z),
    31. Wholesale of waste and scrap (PKD 51.57.Z),
    32. Wholesale of non-agricultural intermediate products, waste and scrap (PKD 51.5),
    33. Land transport; transport via pipelines (PKD 60),
    34. Supporting transport activities; activities related to tourism (PKD 63),
    35. Other services related to business activities (PKD 74),
    36. Adult and other education not elsewhere classified (PKD 80.42.B),
    37. Publishing (PKD 22.1),
    38. Printing (PKD 22.2),
    39. Support activities for crop production: development of green areas (PKD 01.41),
    40. Warehousing and storage of other products (PKD 52.10.B).
    If a licence or permit is required under other regulations to launch a business activity, the Company shall obtain the licence or permit prior to commencing the activity, or shall fulfil other statutory requirements which are specified for a given activity.
  3. SHARE CAPITAL
    § 6. 
    1. The Company’s share capital shall amount to no more than PLN 27,472,200 (twenty-seven million, three hundred and ninety-two thousand, two hundred złoty) and shall be divided into no more than 13,736,100 (thirteen million, seven hundred and thirty-six thousand, one hundred) shares with a par value of PLN 2 (two złoty) per share, including:
      1. 200,000 (two hundred thousand) Series A bearer shares numbered from 000001 to 200000,
      2. 7,695,600 (seven million, six hundred and ninety-five thousand, six hundred) Series B bearer shares numbered from 00200001 to 7895600,
      3. 104,400 (one hundred and four thousand, four hundred) Series C ordinary bearer shares numbered from 7895601 to 8000000,
      4. 2,153,850 (two million, one hundred and fifty-three thousand, eight hundred and fifty) Series D bearer shares numbered from 8000001 to 10153850,
      5. 1,667,250 (one million, six hundred and sixty-seven thousand, two hundred and fifty) Series E bearer shares numbered from 10153851 to 11821100,
      6. no more than 1,875,000 (one million, eight hundred and seventy-five thousand) Series G bearer shares numbered from 11821101 to 13696100.
    2. Bearer shares may not be converted into registered shares.
    3. The Company’s conditional share capital shall amount to no more than PLN 944,000 (nine hundred and forty-four thousand złoty) and shall comprise no more than 157,333 (one hundred and fifty-seven thousand, three hundred and thirty-three) Series F1 ordinary bearer shares, no more than 157,333 (one hundred and fifty-seven thousand, three hundred and thirty-three) Series F2 ordinary bearer shares and no more than 157,334 (one hundred and fifty-seven thousand, three hundred and thirty-four) Series F3 ordinary bearer shares with a par value of PLN 2.00 (two złoty) per share.
    § 7. 
    All Shareholders shall have the pre-emptive rights to acquire new shares in proportion to the number of shares held, unless the General Meeting waives the Shareholders’ pre-emptive rights in full or in part.
    § 8. 
    1. Shares may be retired by way of reducing of the share capital.
    2. The manner and terms of retirement of shares shall be specified in each case by a resolution of the General Meeting.

    § 9. 
    The founders of the Company are:
    1. Krzysztof Teofil Oleksowicz,
    2. Piotr Tadeusz Oleksowicz,
    3. Andrzej Aleksander Oliszewski.
  4. GOVERNING BODIES
    § 10. 
    The Company’s governing bodies shall be: 
    1. the Management Board,
    2. the Supervisory Board,
    3. the General Meeting.

    1. MANAGEMENT BOARD
      § 11. 
      1. The Management Board shall be composed of two to nine members appointed and removed from office by way of a resolution of the Supervisory Board, except for the first Management Board, which was appointed under the deed of incorporation of the Company.
      2. The term of the Management Board shall be 3 (three) years, except for the first Management Board, whose term shall be 1 (one) year. Members of the Management Board shall be appointed for a joint term of office.
      3. The Management Board shall manage the Company’s affairs and represent it in and out of court.
      4. All matters not reserved for the General Meeting or the Supervisory Board under these Articles of Association or other applicable laws shall fall within the scope of powers and responsibilities of the Management Board.
      5.  
      6. The Management Board shall manage the Company’s assets and rights to a standard of care required in commercial activity and in strict compliance with applicable laws.
      7. Resolutions of the Management Board shall be adopted by a majority of votes. In the event of a tied vote, the President of the Management Board shall have the casting vote. The scope of rights and duties of the Management Board and the manner of its work shall be defined by the Rules of Procedure for the Management Board. The Rules of Procedure for the Management Board shall be adopted by the Management Board and approved by the Supervisory Board.
      8. The terms of remuneration of members of the Management Board shall be established by the Supervisory Board.

    2. SUPERVISORY BOARD
      § 12. 
      1. The Supervisory Board shall be composed of five to thirteen members appointed by the General Meeting. The General Meeting shall appoint the Chairman of the Supervisory Board. From among the remaining Supervisory Board members, the Supervisory Board shall appoint the Deputy Chairman.
      2. The number of Supervisory Board members shall be determined by the General Meeting. In the event of block voting, the Supervisory Board shall be composed of thirteen members.
      3. The term of the Supervisory Board shall be five years. All members of the Supervisory Board shall be appointed for a joint term of office.
        Members of the Supervisory Board may be reappointed for subsequent terms.

      § 13. 
      1. Resolutions of the Supervisory Board shall be adopted by an absolute majority of votes with at least half of the members of the Supervisory Board present. Resolutions of the Supervisory Board shall only be valid if all members of the Supervisory Board have been invited to the meeting.
      2. Meetings of the Supervisory Board shall be held at least once a quarter. Meetings shall be convened by means of a written notice specifying the venue, time, and proposed agenda for the meeting, which shall be delivered to all members of the Supervisory Board at least 7 (seven) days prior to the date of the meeting. Meetings of the Supervisory Board shall be convened by the Chairman of the Supervisory Board on the Chairman’s own initiative or upon request of a member of the Supervisory Board.
      3. Resolutions of the Supervisory Board may be adopted without convening a meeting of the Supervisory Board – in writing or with the use of means of remote communication, provided that all members of the Supervisory Board have been informed about the content of the draft of a given resolution and have consented to such manner of voting.
      4. A resolution of the Supervisory Board on suspending individual members of the Management Board from duties for valid reasons and a resolution on delegating a member of the Supervisory Board to temporarily perform the duties of a member of the Management Board shall be adopted by a majority of 4/5 (four fifths) of the votes cast, with at least 4/5 (four fifths) of the members of the Supervisory Board present.
      § 14. 
      1. The Supervisory Board shall exercise supervision over the Company’s activities in the manner stipulated by the Commercial Companies Code, these Articles of Association, and the Rules of Procedure for the Supervisory Board adopted by the General Shareholders Meeting.
      2. Matters reserved for the Supervisory Board shall include in particular:
        1. assessment of the Company’s financial statements,
        2. assessment of the Directors’ Report and the Management Board’s proposals on the distribution of profit or coverage of loss, and submission of annual reports on the assessment results to the General Meeting,
        3. appointment of an auditor to audit the Company’s financial statements on the basis of proposals received by the Management Board,
        4. appointment and removal from office of members of the Management Board,
        5. appointment from among members of the Management Board of the President of the Management Board, and optionally a Vice-President of the Management Board,
        6. execution of contracts with members of the Company’s Management Board,
        7. determination of the terms of remuneration of members of the Company’s Management Board,
        8. approval of disposal or acquisition of real property, perpetual usufruct right or interest in real property.
      § 15. 
      Members of the Supervisory Board may receive remuneration for their work on the Supervisory Board. The remuneration of individual members of the Supervisory Board shall be established by the General Meeting.
    3. GENERAL MEETING
      § 16. 
      1. The General Meeting shall be the Company’s supreme governing body.
      2. The General Meeting shall act pursuant to the Commercial Companies Code and Rules of Procedure adopted by the General Meeting.
      3. The powers of the General Meeting shall cover matters stipulated in the Commercial Companies Code, excluding matters which these Articles of Association reserve for other bodies of the Company.
      4. The following matters shall require a resolution of the General Meeting:
        1. increase or reduction of the Company’s share capital, creation, increase and use of other funds, accounts and reserves,
        2. issue of convertible bonds and bonds with pre-emptive rights,
        3. amendments to these Articles of Association,
        4. retirement of shares,
        5. disposal of the Company’s business or its organised part,
        6. liquidation, division, merger, dissolution, and transformation of the Company,
        7. distribution of profit, coverage of loss, and establishment of capital reserves,
        8. appointment and removal from office of members of the Supervisory Board,
        9. approval of the Rules of Procedure for the Supervisory Board,
        10. determination of the terms of remuneration of members of the Supervisory Board, including amounts of remuneration for members of the Supervisory Board delegated to individually perform certain supervisory functions on a continuous basis,
        11. granting an approval to dispose of or encumber the business or an organised part of the business of Inter Cars Marketing Services Sp. z o.o., granting an approval to dispose of or encumber the industrial property rights or trade and industry marks of Inter Cars Marketing Services Sp. z o.o., granting an approval to any change in the share capital of Inter Cars Marketing Services Sp. z o.o., and granting an approval to dispose of or encumber shares in Inter Cars Marketing Services Sp. z o.o.
      5. Acquisition or disposal of real property, a perpetual usufruct right or interest in real property shall not require the General Meeting’s approval.

      § 17. 
      1. A General Meeting shall be convened by the Management Board or – in circumstances and in the manner specified in the Commercial Companies Code – by other entities. A General Meeting may be held in the Company’s registered office, or in Cząstków Mazowiecki (Czosnów Commune, Province of Warsaw), or in Kajetany (Nadarzyn Commune, Province of Warsaw).
        Unless the Commercial Companies Code or these Articles of Association stipulate stricter terms, resolutions of the General Meeting shall be adopted by an absolute majority of the votes cast.
  5. INTERNAL MANAGEMENT AT THE COMPANY
    § 19. 
    1. The Company shall establish statutory reserve funds in accordance with the relevant provisions of the Commercial Companies Code, as well as other reserves (funds) as required by law. The Company may establish other capital reserves (funds) pursuant to resolutions of the General Meeting.<
    2. The amount of contributions to these funds, as well as the manner of their use and release, shall be determined by the General Meeting.
    § 20. 
    The Company’s financial year shall correspond to the calendar year.

    § 21. 
    The General Meeting may allocate the Company’s net profit to: 
    1. statutory reserve funds,
    2. dividend,
    3. other capital reserves (funds) or special accounts established at the Company,
    4. other purposes specified by a resolution of the General Meeting.


    § 22. 
    The Management Board shall execute a contract with an entity appointed by the Supervisory Board to audit the Company’s financial statements.

    § 23.

    1. The Company shall publish all its announcements required by law in the official gazette Monitor Sądowy i Gospodarczy.
    2. Any matters not provided for in these Articles of Association shall be governed by applicable provisions of the Commercial Companies Code.


The resolution was adopted by open ballot. All votes cast in exercise of the voting rights attached to the 7,920,318 shares participating in the vote (which represented 55.90% of the Company’s share capital, comprising a total of 14,168,100 shares) were valid. Accordingly, the total number of valid votes cast was 7,920,318, with 7,920,318 votes in favour of the resolution, no votes against, no abstentions and no objections by dissenting shareholders.


Considering that all items of the agenda have been dealt with, the Chairman closed the Annual General Meeting.

Persons representing the company

  • Krzysztof Soszyński - Vice-President of the Management Board
  • Piotr Kraska - Member of the Management Board

 

back