I. Introduction to Financial Statements
I.1. General information
- General data:
- Polskie Sieci Elektroenergetyczne Spółka Akcyjna (hereinafter: PSE S.A., Company)
- Konstancin-Jeziorna, ul. Warszawska 165
- the corporate object of PSE S.A. is the provision of electricity transmission services in compliance with the required criteria for the secure operation of the Polish Power System (PPS).
- the main objectives of the activities of PSE S.A. include:
- provision of electricity transmission services,
- ensuring secure and economical operation of the Polish power system and effective management of tariff measures,
- ensuring interoperability of the Polish power system with other power systems with which it is connected,
- standing up to risks that surface in the Company’s environment and perfecting internal processes,
- increasing the organisational efficiency and building a Company based constinuous improvement, which allows quality and productivity to be enhanced.
- authority keeping the register:
Polskie Sieci Elektroenergetyczne Spółka Akcyjna was established by the Notarial Deed of 17 February 2004 and entered in the National Court Register kept by the District Court, 19th Commercial Division, under number KRS 0000197596 on 03 March 2004.
- Duration of the Company: unlimited.
- Period covered by the financial statements: 01 January 2018 – 31 December 2018; however, the comparative data cover the period from 01 January 2017 to 31 December 2017.
- The financial statements have been prepared on a going concern basis. No circumstances exist that might prevent the Company from continuing as a going concern.
- The financial statements have been prepared in accordance with the provisions of the Act of 29 September 1994 on accounting (consolidated text of Journal of Laws of 2019, item 351, as amended), hereinafter referred to as the Accounting Act or the Act.
- All amounts are stated in Polish zlotys and groszes.
I.2. Overview of the accepted accounting principles (policies), including the methods of valuation of assets and liabilities, measurement of the financial results and the method of preparing the financial statements in so far as the Act provides the Entity with the right to choose.
1. Intangible assets
Intangible assets are the property rights acquired by the Company, included in the fixed assets, not classified as investments, suitable for economic use, with a foreseeable economic useful life longer than one year, intended for use for the purposes of the Company.
Valuation of intangible assets
At the date of acquisition, intangible assets are recognised at initial value, which is the purchase price or the cost of production.
The initial value of intangible assets is decreased by write-offs or depreciation charges made for the purpose of taking into account the diminution in their value due to use or passage of time.
At the balance sheet date, intangible assets are measured at acquisition price or production cost or the value resulting from the revaluation of fixed assets according to the regulations arising from the separate provisions, less any accumulated amortisation, as well as impairment write-offs.
The period and method of amortisation is determined as at the date intangible assets are put into use. The periods of on-balance sheet amortisation are determined by the units responsible for the management of the asset based on the expected economic useful life of intangible assets and are subject to periodic verification.
Impairment write-offs of intangible assets are determined for individual assets or groups of identical assets based on the determination of the permanent diminution in their value before their full armotisation — in the event of a cause leading to the diminution in value.
The level of impairment write-offs in respect of permanent impairment of value is determined by comparing the net selling price, thus the price possible to obtain for them, less the related costs, with the book value.
2. Tangible fixed assets
Tangible fixed assets are assets that meet the following conditions as at the date of recording:
- have a tangible form or are tangible property rights such as the right to perpetual usufruct of land,
- their expected economic useful life in a specific entity is longer than one year (12 months),
- are intended to be used for the purposes of the entity, including also for long-term use by other entities under rental or leasing contracts, provided that those contracts do not satisfy the definition of finance lease,
- are complete and suitable for use.
The asset is complete if it can perform the functions assigned to it, which means that it meets all the technical requirements (in engineering terms) and legal requirements for a specific category of fixed assets, and, in particular, contains all the components.
The component is an integral element of the fixed asset conditioning its use, which cannot be detached from it without a substantial detriment to the fitness of the fixed asset for use.
The component is linked physically or legally to the fixed asset.
Measurement of tangible fixed assets
As at the date of entry in the accounts, fixed assets are measured at acquisition price or production cost (or fair/market value if obtained free-of-charge).
The acquisition price or production cost representing the initial value of a fixed asset include the total costs which are in causal relationship with its acquisition, including construction, incurred from the date of the decision to acquire the asset, including the date of the documented start of its construction until the date of documented consideration of its completeness and fitness for use.
To the initial value of the tangible fixed asset does not include the costs that are not in causal relationship with the acquisition or production of the fixed asset (e.g. sanction charges).
In particular, the initial value of the asset does not include:
- the general administrative expenses, with the exception reasonable maintenance costs of the units participating in the construction of fixed assets,
- the costs of training employees of the entity in operation of the newly acquired fixed asset, except where these costs are included in the purchase price of the fixed asset in a manner that prevents their determination or reliable measurement,
- the costs incurred in connection with the change of the location of the asset, or reorganisation of a part or all of the operations of the entity (the costs of relocation of fixed assets to new places of use) — such costs are in direct relationship with a change of location or reorganisation of the entity, and not with the construction of the fixed asset,
- the costs incurred prior to the date of the documented decision to acquire the asset or before the start of its construction,
- the costs of marketing activities, which aim to ensure that economic benefits are derived from the asset after its construction, regardless of the period in which they are incurred.
The acquisition price or the cost of production of a fixed asset does not include the costs that the Company will have to pay in the future in connection with the liquidation of the asset after the end of its useful life, or in connection with the rehabilitation of the land on which the asset was located.
The initial value of the fixed asset is increased by expenditure related to work performed for its improvement (conversion, extension, upgrading reconstruction) causing an increase in the value in use after the improvement is completed, in relation to its value at the time it was put into use, measured by the period of use, production capacity, product quality, operating expenses and other measures. Improvements of fixed assets in use can apply both to own and third-party assets. The improvement amount must exceed PLN 3,500 net.
Replacement of a component of a fixed asset, other than repair or maintenance, reduces the gross value of the fixed asset by the existing gross value of the component and reduces the existing accumulated depreciation of the fixed asset by the accumulated depreciation of the component. At the same time, the new component is shown in the records of fixed assets at acquisition price, cost of production or net book value plus the costs directly related to the adaptation of the component so as to make it fit for use, including the costs of transport as well as loading and unloading. If the attached component has been shown is the records of assets at gross value, the accumulated depreciation of the fixed asset must be reduced by the existing accumulated depreciation of the attached component.
All other expenses on the repair and maintenance of the fixed asset are charged to the profit and loss account in the period in which they are incurred.
In the course of the financial year, the initial value of fixed assets is reduced by depreciation or amortization made in order to take account of the diminution of their values, resulting from the use or the passage of time.
At the balance sheet date, tangible fixed assets are measured at purchase price or production cost or the reassessed value in the case of revaluation of fixed assets according to the regulations arising from the separate provisions, plus any costs of improvements, less the accumulated depreciation and impairment write-offs.
The period and method of depreciation is determined as at the date the tangible fixed asset is put into use. The periods of balance sheet depreciation are established by the units responsible for the management of the asset based on the expected economic useful life of the fixed asset.
The Company carries out systematic verification of the applicable periods and rates of depreciation of tangible fixed assets and components, at the end of each reporting period at the latest. The revised rates apply starting from the new financial year.
The permanent diminution in value of fixed assets occurs when there is a high probability that an asset controlled by the Company will not generate a significant part or all of the anticipated economic benefits in the future.
In such a case, the Company makes an impairment write-off, bringing the book value of the asset to the realisable value.
Fixed assets used under rental or lease contracts, or other contracts of a similar nature, included in the assets of the entity are depreciated over the term of the contract or over economic useful life of the asset, whichever is shorter.
3. Tangible fixed assets under construction
This item includes tangible fixed assets under construction, installation or improvements of an existing fixed asset classified as non-current asset.
The acquisition price and cost of production of tangible fixed assets under construction include the totality of their costs incurred by the Company for the period of construction, assembly, adaptation and improvement until the balance-sheet date or the date they are put into use.
4. Long-term and short-term investments
Investment are assets owned by the Company in order to achieve the economic benefits resulting from the growth of their value, revenues in the form of interest, dividends (share in profit) and other benefits, including commercial transactions.
Investments include long-term investments and short-term investments. Classification of investments in fixed assets or current assets depends on the criterion of time. Investments that are due and payable or intended for disposal within 12 months of the balance sheet date or from the date of their establishment, issuing or acquisition, or which represent monetary assets, are classified as short-term investments.
Valuation of long-term investments
Long-term investments are recognised on the balance sheet date at the price of purchase or acquisition, if the transaction execution and settlement costs are not material, adjusted by investment impairment write-offs. Creation of an investment impairment write-off results from permanent diminution in value of the investment in a situation where there is a high probability that a long-term investment will not generate economic benefits in the future.
Valuation of short-term investments
Short-term investments are recognised in the books as at the date of acquisition or production at the acquisition or purchase price, if the transaction execution and settlement costs are not material.
Under the lease contract, one of the parties to the contract (the lessor) hands over to the other party (the lessee) fixed assets or intangible assets for paid use or also for deriving benefits for a definite time.
Classification of a lease contract is made at the time of commencement of the lease.
If the lease contract meets at least one of the conditions listed in Article 3(4) of the Accounting Act, foreign fixed assets or intangible assets put into use under the contract are clafssified as the lessee’s fixed assets and the lessee depreciates the assets, with a corresponding entry under financial liabilities.
Inventory (materials) are tangible current assets purchased for own consumption, suitable for sale and goods purchased for resale in an unprocessed state.
Records of inventories are kept in the balance sheet as records by volume and value and reconciled with the data of the relevant synthetic accounts at the end of each reporting period. The value of materials consumed gradually is expensed in full when delivered for use.
Certain types of materials, e.g., fuel, administrative and office materials, cleaning agents, minor purchases for representation and advertising purposes, water and food purchased in quantities to meet the current demand of the Company, are written off as operating expenses immediately after their purchase, excluding records by volume and value.
As at the balance-sheet date, inventories are carried at the lower of the cost of acquisition or the cost of production and the net selling price adjusted by any inventory impairment write-off.
Inventory impairment write-offs are made on the basis of an analysis of the balance of inventories, taking into account:
- balance of inventories,
- turnover of inventories,
- usefulness of inventories,
- the value of inventories remaining idle during the year,
- rate of economic depreciation.
Impairment write-offs of tangible current assets (materials) made in connection with their diminution in value and resulting from bringing about net selling prices instead of purchase prices or production costs are included in other operating expenses.
Materials and goods are measured during the financial year at actual acquisition prices.
Inventory depletion is measured during the year by way of detailed identification of the actual prices of those items which relate to specific projects, irrespective of the date of their purchase.
Advances for deliveries are measured at nominal value, i.e. at the value of the amounts provided to suppliers towards orders placed.
7. Receivables and payables
At the balance sheet date, receivables and claims of the Company are measured at the amount of the due payment, increased by default interest and decreased by impairment write-offs expressing the likely reduction of receivables, taking into account the level of security interests held. Non-financial receivables overdue, redeemed, or declared non-collectible debts are excluded from the books.
Impairment write-offs of receivables fall within other operating expenses or financial expenses, depending on the nature of the receivables subject to impairment.
The Company’s long-term receivables include receivables, with the exception of those classified as financial assets and trade receivables with maturity longer than one year from the balance sheet date.
At the balance sheet date, payables are measured at the amount due. The amount due includes the nominal value of the payables, as well as the accrued interest owed to the counterparty.
The nominal value of payables in repsect of loans and borrowings is increased by the accrued interest and increased or decreased by accrued exchange rate differences.
8. Foreign exchange differences
At the balance sheet date, assets and liabilities denominated in foreign currencies are measured at the average exchange rate established for the currency concerned by the National Bank of Poland.
Exchange differences arising from the valuation, as at the balance sheet date, of assets and liabilities denominated in foreign currencies with the exception of long-term investments and those arising in respect of the payment of the receivables and payables in foreign currencies, as well as on the sale of currencies, are included in financial revenues or expenses, as appropriate, and in justified cases - in the purchase price of goods, as well as the purchase price or production cost of fixed assets, tangible fixed assets under construction or intangible assets.
9. Classification of financial instruments
Financial instruments are recognised and measured in accordance with the Regulation of the Minister of Finance of 12 December 2001 on detailed rules for the recognition, valuation methods, the scope of disclosure and presentation of financial instruments. The above valuation principles do not apply to financial instruments excluded from the aforementioned Regulation, including, in particular,: shares in subordinated entities, rights and obligations under lease and insurance contracts, trade receivables and payables, and financial instruments issued by the Company as its capital instruments.
Division of financial instruments
Financial assets are divided into:
- financial assets held for trading,
- loans granted and own receivables,
- financial assets held to maturity,
- financial assets available for sale.
Financial liabilities are divided into:
- financial liabilities held for trading,
- other liabilities.
Provisions are liabilities whose due date or amount are not certain. The Company creates them for certain or probable future obligations, whose value can be reliably charged to other operating or financial expenses. Provisions for retirement and similar benefits are an exception, and they are charged to operating activities.
Provisions in the balance sheet are divided into:
- provision for deferred income tax,
- provision for retirement and similar benefits, broken down into:
- other provisions, broken down into:
The division criterion is the date on which the liability arises:
- within 12 months of the balance sheet date,
- after 12 months of the balance sheet date.
The provision for deferred income tax is recognised not less often than once a quarter in the amount of income tax payable in the future, in respect of positive timing differences, i.e. differences that will increase taxable income in the future.
Provisions for retirement and similar benefits are recognised in the amount of probable future obligations to employees arising by law, material to the Company’s result of operations , including: retirement severance pay, disability and death allowances, jubilee awards and other similar benefits. Provisions for retirement and similar benefits are cost provisions recorded under accruals charged to operating expenses, presented in the financial statements under the item "provisions for retirement and similar benefits" broken down into long-and short-term.
Other provisions are created by the Company in the financial statements when all of the following conditions are met:
- the Company is under an existing obligation (legal or customary) resulting from past events,
- it is likely that meeting of the obligation will cause the necessity of the outflow of funds — transfer of economic benefits,
- a reliable estimate of the amount of the obligation can be made.
11. Contingent liabilities — off-balance sheet
Contingent liabilities of the Company include the potential obligation to perform services, the occurrence of which us conditional upon the occurrence of certain events.
12. Prepayments and accruals
Prepayments are used for recording expenses incurred during the reporting period, but relating to future periods.
The activation of costs is conditional upon yielding economic benefits for the entity in future periods. Prepayments can be included in the balance sheet if they meet the conditions of the assets criterion specified in the Accounting Act.
- long-term prepayments applicable to future reporting periods and lasting longer than 12 months after the balance sheet date,
- short-term prepayments applicable to future reporting periods and lasting no longer than 12 months after the balance sheet date.
Wrtite-offs for prepayments are made according to the passage of time or the volume of the benefits under the prudence principle.
Short-term prepayments include:
- prepaid rents and leases,
- property tax,
- premiums for non-life insurance,
- subscriptions accounted for over time,
- write-offs for the Company Social Benefits Fund,
- costs of research and development projects (until completed),
- expenditure under projects financed from aid-funds.
Long-term prepayments include:
- deferred tax assets,
- other prepayments.
Accrued expenses are used to record provisions for costs that, in whole or in part, relate to the current period or previous periods and which have been reliably estimated.
Accrued revenues are is accounted for under the prudence principle.
Accrued revenues include, in particular:
- the equivalent of funds received or receivable from counterparties in respect of performances that will be provided in the following reporting periods,
- cash received to finance the acquisition or construction of fixed assets and development projects, in so far as they do not increase equity pursuant to other regulations, e.g. grid connection charges,
- negative goodwill,
- grants and subsidies.
In accordance with the matching principle, the fees collected by the Company for connection to the transmission grid are included in accrued revenues.
Long-term, accruing revenues include negative goodwill.
Negative goodwill is recognised and recorded by the Company in the accounts in connection with the merger or acquisition of a business or its organised part. It is the surplus of the fair value of the net assets of the acquired company above the acquisition price. The acquisition price is the price at which the entity (or its organised part) was acquired.
Negative goodwill is accounted for in equal instalments (written off as other operating income) for a period constituting a weighted average of the economic useful life of acquired, depreciable tangible fixed assets and amortisable intangible assets.
Grants and subsidies are recognised at their fair value where there is reasonable assurance that the grant will be received and all conditions for obtaining the grant will be met. If a grant or subsidy applies to a cost item, then it is deferred in the balance sheet and amortised systematically in a revenue item so as to match the costs the grant concerned is intended to compensate.
If the grant or subsidy is intended to finance the acquisition or production of an asset, then it is deferred in the balance sheet and recognised as revenue over the depreciation period of the asset.
- initial capital — share capital reflecting the par value of shares,
- supplementary capital, created to cover potential losses,
- reserve capital, created to cover specific losses and expenses,
- revaluation reserve, created in accordance with the Accounting Act or other specific provisions,
- profit (loss) brought forward, which includes also the effects of errors and effects of changes in accounting policy,
- current year net profit (loss),
- net profit written off during the financial year (negative value)
Initial (share) capital at the balance sheet date is shown in the amount stated in the deed or articlec association and entered in the court register (KRS) listed in the National Court Registe,r and reflecting the par value of shares.
Supplementary capital of the Company is created:
- from contributions and share premiums,
- from profit for distribution.
The use the supplementary capital is specified by the Company’s Articles of Association.
Revaluation reserve is designed to record the effects of the valuation of assets of the entity, i.e.:
- to reflect in market prices or otherwise determined fair value of investments held as current assets,
- derivatives included in current assets, which meet hedge accounting conditions. Other reserve capital is created and used for specifically designated purposes on the basis of the provisions of the Company’s Articles of Association.
In accordance with the currently applicable Regulation (EC) No 714/2009 of the European Parliament and of the Council of 13 July 2009 on conditions for access to the network for cross-border exchanges in electricity (and repealing Regulation (EC) No 1228/2003), the Company creates and recognises in other reserve capitals the special purpose fund intended for the purposes specified by the above Regulation. The fund is created from the Company’s net profit. The value of the fund is the difference between gross revenue from the provision of transmission capacity for cross-border exchange, determined as the sum of revenues from the cross-border exchange capacity on parallel and non-parallel connections, reduced by mandatory charges (including taxes).
The method of creating and using the fund is specified in the document “Special Purpose Fund Rules" approved by the General Meeting of the Company.
Reduction in the fund takes place after completion and settlement of the investment financed from the fund by resolution of the General Meeting of the Company.
Recognition of the use of the fund is based on a resolution of the General Meeting of the Company to rteduce the value of the fund and increase the supplementary capital by the amount specified in the resolution.
Profit or loss brought forward reflects the undistributed profit or loss carried over from previous years which is pending decision of the General Meeting, as well as the effects of adjustments to the accounting policy and errors regarding previous years, and revealed in the current financial year.
Write-offs on net profit during financial year (negative value) are advance payments on account of expected profits paid during the financial year under specific provisions. They are accounted for in the books in the next financial year after the approval of the financial statements.
14. Company Social Benefits Fund
The Act of 4 March 1994 (as amended) on the company social benefits fund provides that the Company Social Benefits Fund is created by employers employing at least 20 employees in terms of full-time equivalents. The company creates such a fund and make periodic write-offs in the amounts provided for in the the Act on collective labour agreements. The purpose of the Fund is to finance social activities. The balance of the fund is the accumulated revenue of the Fund less any non-recoverable expenditure from the Fund.
In the balance sheet, the Company separately recognises the Fund’s balance and the Fund’s assets (loan receivables, funds in a separate bank account).
15. Revenues, expenses, financial result
Revenues and expenses are recognised on accrual basis, i.e. in the periods they apply to, regardless of the date on which a payment is received or made.
The financial result is determined on the basis of the profit and loss account drawn up in the comparative format, in the form of Appendix 1 to the Accounting Act.
Konstancin-Jeziorna, 27 March 2019
II. Balance sheet
|No.||Title||Table||As at 31.12.2018||As at 31.12.2017|
|A||FIXED ASSETS||16 500 020 882,71||15 299 093 987,08|
|I||Intangible assets||1||38 881 898,73||42 218 950,53|
|1||Costs of completed development projects||1||0,00||0,00|
|2||Goodwill||1||411 381,90||531 786,36|
|3||Other intangible assets||1||38 470 516,83||41 687 164,17|
|4||Advances for intangible assets||1||0,00||0,00|
|II||Tangible non-current assets||2, 5||16 157 511 130,92||14 986 267 408,79|
|1||Tangible fixed assets||2||13 709 163 542,65||13 117 495 462,97|
|a||land (including perpetual usufruct right to land)||2||262 519 333,49||254 485 050,35|
|b||buildings, premises, civil engineering works||2||9 759 912 430,87||9 322 298 760,34|
|c||plant and machinery||2||36 32 770 958,76||35 104 44 658,47|
|d||transport equipment||2||11 877 881,78||15 821 920,88|
|e||other tangible fixed assets||2||42 082 937,75||14 445 072,93|
|2||Tangible fixed assets under construction||5||2 446 650 920,92||1 868 771 945,82|
|3||Advances for tangible fixed assets under construction||6||1 696 667,35||0,00|
|1||From related entities||0,00||0,00|
|2||From other entities in which the entity has equity interest||0,00||0,00|
|3||From other entities||0,00||0,00|
|IV||Long-term investments||7, 8||15 991 656,25||15 991 656,25|
|3||Long-term financial assets||7, 8||15 991 656,25||15 991 656,25|
|a||in related entities||7||15 959 828,00||15 991 656,25|
|- shares||7||15 959 828,00||15 991 656,25|
|b||in other entities in which the entity holds equity interest||8||31 828,25||0,00|
|- shares||8||31 828,25||0,00|
|c||in other entities||0,00||0,00|
|4||Other long-term investments||0,00||0,00|
|V||Long-term prepayments||287 636 196,81||254 615 971,51|
|1||Deferred tax assets||14||287 167 154,92||253 634 548,24|
|2||Other prepayments||469 041,89||981 423,27|
|B||CURRENT ASSETS||3 876 963 098,13||4 214 096 724,93|
|I||Inventory||17||58 726 010,71||58 034 021,07|
|1||Materials||17||57 715 331,23||56 987 307,10|
|2||Semi-finished products and work in progress||17||0,00||0,00|
|4||Goods||17||968 240,00||968 240,00|
|5||Advances for deliveries and services||17||42 439,48||78 473,97|
|II||Short-term receivables||18||1 263 601 287,44||1 148 355 973,68|
|1||Receivables from related entities||18||1 057 581,67||686 591,45|
|a||trade receivables, maturing:||18||1 057 581,67||233 260,89|
|- within 12 months||18||1 057 581,67||233 260,89|
|2||Receivables from other entities in which the entity has equity interest||18||3 253 230,06||2 882 069,21|
|a||trade receivables, maturing:||18||3 253 230,06||2 882 069,21|
|- within 12 months||18||3 253 230,06||2 882 069,21|
|3||Receivables from other entities||18||1 259 290 475,71||1 144 787 313,02|
|a||trade receivables, maturing:||18||1 128 294 161,77||1 020 154 693,81|
|- within 12 months||18||1 128 294 161,77||1 020 154 693,81|
|b||from taxes, subsidies, custom duties, social security and health insurance and other items under public law||18||118 496 680,34||112 822 445,77|
|c||other||18||12 499 633,60||11 810 173,44|
|d||claimed at court||18||0,00||0,00|
|III||Short-term investments||11||2 542 508 092,26||2 994 012 345,13|
|1||Short-term financial assets||11||2 542 508 092,26||2 994 012 345,13|
|a||in related entities||11||0,00||0,00|
|b||in other entities||11||806 041 095,89||301 057 205,48|
|- other short-term financial assets||11||806 041 095,89||301 057 205,48|
|c||cash and other monetary assets||11||1 736 466 996,37||2 692 955 139,65|
|- cash in hand and at bank||11||1 636 034 941,58||2 175 503 906,77|
|- other cash||11||100 432 054,79||517 451 232,88|
|2||Other short-term investments||0,00||0,00|
|IV||Short-term prepayments||21||12 127 707,72||13 694 385,05|
|C||Called up share capital||0,00||0,00|
|TOTAL ASSETS||20 376 983 980,84||19 513 190 712,01|
|No.||Title||Table||As at 31.12.2018||As at 31.12.2017|
|A||EQUITY||14 515 983 014,01||14 097 919 503,51|
|I||Share capital||22||9 605 473 000,00||9 605 473 000,00|
|II||Supplementary capital||24||4 154 659 225,24||3 779 852 661,09|
|IV||Other reserve capitals, including:||24||335 528 278,27||256 851 399,44|
|- created in accordance with articles of association||335528278,27||256851399,44|
|- for own shares||0,00||0,00|
|V||Profit (loss) brought forward||24||0,00||0,00|
|VI||Net profit (loss)||25||489 907 994,50||530 951 629,98|
|VII||Write-off on net profit during financial year (negative value)||25||(69 585 484,00)||(75 209 187,00)|
|B||LIABILITIES AND PROVISIONS FOR LIABILITIES||5 861 000 966,83||5 415 271 208,50|
|I||Provisions for liabilities||26,28,29,30||2 517 171 405,57||2 406 859 102,54|
|1||Provision for deferred income tax||26||1 605 218 075,56||1 597 448 240,32|
|2||Provision for retirement and similar benefits||28||161 944 517,02||153 640 418,79|
|- long-term||110 010 645,74||98615201,69|
|- short-term||51 933 871,28||55 025 217,10|
|3||Other provisions||29, 30||750 008 812,99||655 770 443,43|
|- short-term||29||750 008 812,99||655 770 443,43|
|II||Long-term liabilities||31||9 658 234,56||13 007 057,19|
|1||To related entities||0,00||0,00|
|2||To other entities in which the entity holds equity interest||0,00||0,00|
|3||To other entities||31||9 658 234,56||13 007 057,19|
|a||loans and borrowings||0,00||0,00|
|b||arising from issue of debt securities||0,00||0,00|
|c||other financial liabilities||31||9 658 234,56||13 007 057,19|
|III||Short-term liabilities||1 530 528 620,06||1 135 212 781,11|
|1||Liabilities to related entities||32||7 177 981,08||8 068 982,39|
|a||trade liabilities, maturing:||32||1 244 436,12||1 355 314,25|
|- within 12 months||32||1 244 436,12||1 355 314,25|
|b||other||5 933 544,96||6 713 668,14|
|2||Liabilities to other entities in which the entity holds equity interest||32||572 997,28||285 208,75|
|a||trade liabilities, maturing:||32||572 997,28||285 208,75|
|- within 12 months||32||572 997,28||285 208,75|
|3||Liabilities to other entities||1 509 899 956,62||1 113 538 481,46|
|a||loans and borrowings||0,00||0,00|
|b||arising from issue of debt securities||0,00||0,00|
|c||other financial liabilities||31||4 489 617,60||4 087 352,11|
|d||trade liabilities, maturing:||32||736 752 296,47||620 587 796,41|
|- within 12 months||32||736 752 296,47||620 587 796,41|
|e||advances received for deliveries and services||0,00||0,00|
|g||in respect of taxes, customs duties, social security and health insurance and other public law benefits||49 049 681,35||68 425 884,57|
|h||payroll liabilities||19 374 224,71||19 916 809,64|
|i||other||700 234 136,49||400 520 638,73|
|4||Special funds||33||12 877 685,08||13 320 108,51|
|IV||Accruals||35||1 803 642 706,64||1 860 192 267,66|
|1||Negative goodwill||35||175 005 569,90||184 136 296,70|
|2||Other accruals||35||1 628 637 136,74||1 676 055 970,96|
|- long-term||35||1 207 048 525,63||1 183 152 607,59|
|- short-term||35||421 588 611,11||492 903 363,37|
|TOTAL LIABILITIES||20 376 983 980,84||19 513 190 712,01|
III. Profit and loss account — comparative format
|No.||Title||Table||Performance for the period|
|A||Net turnover, of which:||10 097 050 680,28||8 886 788 919,98|
|- from related entities||970 948,23||2 307 028,44|
|I||Net turnover from sales of products||36||6 750 569 029,98||6 926 245 842,56|
|II||Change in the balance of products (increase — positive value, decrease — negative value)||64 530 677,57||-337 765 576,25|
|III||Manufacturing cost of products for internal purposes||0,00||0,00|
|IV||Net turnover from sales of goods and materials||36||3 281 950 972,73||2 298 308 653,67|
|B||Operating expenses||9 478 295 376,77||8 168 945 261,16|
|I||Depreciation and amortisation||629 023 414,17||620 686 875,23|
|II||Consumption of materials and energy||175 142 370,42||97 854 113,97|
|III||Third-party services||4 697 516 205,16||4 516 442 091,43|
|IV||Taxes and charges, of which:||294 446 623,78||256 954 483,94|
|- excise duty||1 186 656,00||1 243 340,00|
|V||Payroll||277 854 311,55||261 051 142,84|
|VI||Social security and other benefits, including:||102 549 459,30||98 937 653,66|
|- retirement benefits||22 891 664,92||22 087 693,10|
|VII||Other costs by type||42 746 886,43||37 272 320,69|
|VIII||Value of goods and materials sold||3 259 016 105,96||2 279 746 579,40|
|C||Profit (loss) on sales (A-B)||618 755 303,51||717 843 658,82|
|D||Other operating income||38||85 888 436,91||70 989 676,03|
|I||Gain on disposal of non-financial fixed assets||38||27 939,14||1047 582,49|
|II||Subsidies||38||21 459 636,92||22 845 815,55|
|III||Revaluation of non-financial assets||0,00||0,00|
|IV||Other operating income||38||64 400 860,85||47 096 277,99|
|E||Other operating expenses||39||145 827 388,02||178 631 776,53|
|I||Loss on disposal of non-financial fixed assets||39||10 296 666,55||22 017 767,46|
|II||Revaluation of non-financial assets||39||2 322 804,76||795 245,29|
|III||Other operating expenses||39||133 207 916,71||155 818 763,78|
|F||Operating profit (loss) (C+D-E)||558 816 352,40||610 201 558,32|
|G||Financial revenues||40,41,42||51 450 177,19||50 611 917,81|
|I||Dividends and profit sharing, including:||40||0,00||2 408 089,14|
|a||from related entities||40||0,00||2 408 089,14|
|b||from other entities||40||0,00||0,00|
|II||Interest, including:||41||44 434 099,81||47 627 999,43|
|- from related entities||41||0,00||0,00|
|III||Gain on disposal of financial assets||0,00||0,00|
|IV||Revaluation of financial assets||0,00||0,00|
|V||Other||42||7 016 077,38||575 829,24|
|H||Financial expenses||43,44||2 511 275,53||9 247 437,64|
|I||Interest, including:||43||1 172 571,56||1 985 178,65|
|- for related entities||43||0,00||0,00|
|II||Loss on disposal of financial assets||0,00||0,00|
|III||Revaluation of financial assets||0,00||0,00|
|IV||Other||44||1 338 703,97||7 262 258,99|
|I||Gross profit (loss) (F+G-H)||607 755 254,06||651 566 038,49|
|J||Income tax||45||117 847 259,56||120 614 408,51|
|K||Other statutory reductions in profit (increases in loss)||0,00||0,00|
|L||Net profit (loss) (I-J-K)||489 907 994,50||530 951 629,98|
IV. Statement of changes in equity
|I.||OPENING BALANCE OF EQUITY (OB)||14 097 919 503,51||13 644 059 060,53|
|1.||Opening balance of share capital||22||9 605 473 000,00||9 605 473 000,00|
|1.1||Changes in share capital||0,00||0,00|
|1.2||Closing balance of share capital||22||9 605 473 000,00||9 605 473 000,00|
|2.||Opening balance of supplementary capital||24||3 779 852 661,09||2 676 584 490,89|
|2.1||Changes in supplementary capital||24||374 806 564,15||110 326 8170,20|
|a||increase due to:||24||374 806 564,15||1 103 268 170,20|
|- profit distribution||24||374 806 564,15||413 394 920,20|
|- resolution of the Extraordinary General Meeting — decrease in the Special Purpose Fund and designation of the amount representing the decrease for supplementary capital||0,00||689 873 250,00|
|2.2||Closing balance of supplementary capital||24||4 154 659 225,24||3 779 852 661,09|
|3.||Opening balance of revaluation reserve - changes to accounting principles (policies) adopted||0,00||0,00|
|3.1||Changes in revaluation reserve||0,00||0,00|
|3.2||Closing balance of revaluation reserve||0,00||0,00|
|4.||Opening balance of other reserve capitals||24||256 851 399,44||875 415 964,05|
|4.1||Changes in other reserve capitals||24||78 676 878,83||-618 564 564,61|
|a||increase due to profit distribution||24||78 676 878,83||71 308 685,39|
|b||decrease pursuant to resolution of the Extraordinary General Meeting — decrease in the Special Purpose Fund and designation of an amount of decrease for supplementary capital||24||0,00||689 873 250,00|
|4.2||Closing balance of other reserve capitals||24||335 528 278,27||256 851 399,44|
|5.||Opening profit or loss brought forward||25||530 951 629,98||568 379 222,59|
|5.1||Opening profit brought forward||25||530 951 629,98||568 379 222,59|
|5.2||Opening profit brought forward, as adjusted||25||530 951 629,98||568 379 222,59|
|a||increase due to||0,00||0,00|
|b||decrease due to||25||530 951 629,98||568 379 222,59|
|- transfer to supplementary capital||25||374 806 564,15||413 394 920,20|
|- profit write-off for special purpose fund||25||78 676 878,83||71 308 685,39|
|- write off for Company Social Benefits Fund||25||2 259 000,00||1 882 000,00|
|- write-off for profit payment||25||75 209 187,00||81 793 617,00|
|5.3||Closing profit brought forward||0,00||0,00|
|5.4||Opening loss brought forward (-)||0,00||0,00|
|5.5||Opening loss brought forward, as adjusted||0,00||0,00|
|5.6||Closing loss brought forward||0,00||0,00|
|5.7||Closing profit (loss) brought forward||0,00||0,00|
|6.||Net result||420 322 510,50||455 742 442,98|
|a||net profit||25||489 907 994,50||530 951 629,98|
|b||net loss (negative value)||0,00||0,00|
|c||profit write-offs (negative value)||25||(69 585 484,00)||(75 209 187,00)|
|II||CLOSING BALANCE OF EQUITY (CB)||14 515 983 014,01||14 097 919 503,51|
|III||EQUITY INCLUDING PROPOSED PROFIT DISTRIBUTION (LOSS COVERAGE)||14 513 597 014,01||X|
V. Cash flow statement
|A||Cash flows from operating activities|
|I||Net profit (loss)||25||489 907 994,50||530 951 629,98|
|II||Total adjustments||789 706 146,86||1 022 862 632,99|
|1||Depreciation and amortisation||629 023 414,17||620 686 875,23|
|2||Exchange gains (losses)||2 905 465,47||2 371 989,64|
|3||Interest and profit sharing (dividend)||(14 366 756,16)||(4 293 239,83)|
|4||Profit (loss) on investing activity||11 367 870,82||30 753 458,06|
|5||Profit (loss) on investing activity||110 312 303,03||148 085 492,19|
|6||Change in inventories||46||4 567 744,70||496 710,06|
|7||Change in receivables||46||(115 245 313,76)||(163 964 641,99)|
|8||Change in short-term liabilities excluding loans and borrowings||46||285 580 576,86||139 231 137,15|
|9||Change in prepayments and accruals||46||(124 439 158,27)||248 292 453,67|
|10||Other adjustments||46||0,00||1 202 398,81|
|III||Net cash flows from operating activities (I ± II)||1 279 614 141,36||1 553 814 262,97|
|B||Cash flows from investing activities|
|I||Inflows||14 404 459,37||2 935 399,46|
|1||Disposal of intangible and tangible fixed assets||37 703,21||1 050 248,77|
|2||Disposal of investments in real property and in intangible assets||0,00||0,00|
|3||From financial assets, including:||14 366 756,16||1 885 150,69|
|a||in related entities||0,00||0,00|
|b||in other entities||14 366 756,16||1 885 150,69|
|- interest||14 366 756,16||1 885 150,69|
|4||Other investment inflows||0,00||0,00|
|II||Outflows||1 680 163 732,41||1 454 009 204,93|
|1||Acquisitions of intangible assets and tangible fixed assets||46||1 678 467 065,06||1 454 009 204,93|
|2||Investment in real property and in intangible assets||0,00||0,00|
|3||For financial assets, including:||0,00||0,00|
|a||in related entities||0,00||0,00|
|b||in other entities||0,00||0,00|
|4||Other outflows from investing activities||1 696 667,35||0,00|
|III||Net cash flow from investing activities (I-II)||(1 665 759 273,04)||(1 451 073 805,47)|
|C||Cash flows from financial activities|
|I||Inflows||36 436 049,28||24 014 679,72|
|1||Net inflows from the issue of shares and other capital instruments and capital contributions||0,00||0,00|
|2||Loans and borrowings||0,00||0,00|
|3||Issue of debt securities||0,00||0,00|
|4||Other financial inflows||36 436 049,28||24 014 679,72|
|II||Outflows||98 889 705,00||91 221 173,00|
|1||Acquisition of own shares||0,00||0,00|
|2||Dividends and other payments to shareholders||96 630 705,00||89 339 173,00|
|3||Outflows related to distribution of profit other than payments to owners||2 259 000,00||1 882 000,00|
|4||Repayment of loans and borrowings||0,00||0,00|
|5||Redemption of debt securities||0,00||0,00|
|6||Related to other financial liabilities||0,00||0,00|
|7||Payment of finance lease liabilities||0,00||0,00|
|9||Other financial outflows||0,00||0,00|
|III||Net cash flows from financial activities (I-II)||(62 453 655,72)||(67 206 493,28)|
|D||Total net cash flows (A.III. ± B.III ± C.III)||(448 598 787,40)||35 533 964,22|
|E||Balance sheet change in cash, including:||(451 504 252,87)||33 161 974,58|
|- change in cash due to exchange differences||2 905 465,47||2 371 989,64|
|F||Opening balance of cash||2 994 012 345,13||2 960 850 370,55|
|G||Closing balance of cash, including:||2 542 508 092,26||2 994 012 345,13|
|- restricted cash||203 028 058,34||239 058 084,74|