Report
Piotr Łopaciuk

Amica - 1Q19 below expectations (negative)

Research prepared by PKO BP Securities
Underlying
Amica Wronki S.A.

Amica Wronki SA is a Poland-based manufacturer and wholesaler of household appliances. The Company's production is divided into four segments: Heating equipment, consisting of ovens, cookers and gas panels; refrigeration equipment, consisting of refrigerators and freezers; Washing equipment, consisting of washing machines; and Other, consisting of cooker hoods, dishwashers, microwave cookers and small household appliances. It provides a product support services. The Company sells its products mainly in Poland, Germany, the Russian Federation, Nordic countries, the Czech Republic, Slovakia and the United Kingdom, among others. As of December 31, 2011, the Company operated 12 subsidiaries, including Amica International GmbH, based in Germany, Amica Commerce sro, based in the Czech Republic, Gram Domestic A/S, based in Denmark, Hansa ooo, based in the Russian Federation, Sidegrove Holdings Ltd, based in Cyprus and Amica Far East Ltd, based in Honk Kong, among others.

Provider
PKO Bank Polski
PKO Bank Polski

Analysts
Piotr Łopaciuk

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