Financial statements
for the period from 1 January 2017 to 31 December 2017
Introduction to Financial Statements
General information
1. General data:
a) Polskie Sieci Elektroenergetyczne Spółka Akcyjna (hereinafter referred to as: PSE S.A., Company)
b) Konstancin-Jeziorna, ul. Warszawska 165
c) c) the subject of activities of PSE S.A. is provision of electricity transmission services in compliance with the required criteria for the safe operation of the Polish National Power System (NPS).
d) the main objectives of the activities of PSE S.A. include:
- provision of electricity transmission services,
- provision of safe and efficient operation of the National Power System and effective management of tariff measures,
- provision of cooperation of the National Power System with other power systems it is connected to,
- standing up to risks that surface in the Company’s environment and perfecting internal processes,
- increasing organisational efficiency and building a Company based on constant perfection, which allows for enhancing quality and productivity.
e) authority keeping the register:
Polskie Sieci Elektroenergetyczne Spółka Akcyjna has been established by the Notary Deed of 17 February 2004 and entered in the National Court Register kept by the District Court, 19th Commercial Division under the number KRS 0000197596 on 03 March 2004.
2. Duration of the Company: unlimited.
3. Period covered by the financial statements: 01 January 2017 – 31 December 2017; however, the comparative data cover the period from 01 January 2016 to 31 December 2016.
4. The financial statements have been prepared on a going concern basis in the foreseeable future. There are no circumstances indicating a threat to the continued operation of the Company.
5. The financial statements are prepared in accordance with the provisions of the Act of 29 September 1994 on accounting (consolidated text of Journal of Laws of 2018, item 395, as amended), hereinafter referred to as the Accounting Act or the Act.
6. All amounts are listed in Polish zlotys and groszes.
Overview of the accepted accounting principles (policy), including methods of measuring 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 for investment activities, suitable for commercial exploitation, with a foreseeable period of economic usefulness longer than one year, intended for use for the purposes of the Company.
Measurement of intangible assets
At the date of acquisition, the 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-downs or depreciation made for the purpose of taking into account their value due to use or passage of time.
At the balance sheet date, intangible assets are measured at purchase 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 depreciation, amortisation, and impairment write-downs.
The period and method of depreciation is determined as at the date of adoption of intangible assets for use. The periods of balance sheet depreciation are established by the organisational units responsible for the management of the asset based on the expected period of economic usefulness of intangible assets and are subject to periodic verification.
Write-downs
Write-downs of intangible assets are determined for individual assets or groups of identical assets based on the determination of the permanent loss of their value before their full depreciation — in the event of a cause leading to the loss of value.
The level of write-down for permanent loss of value is determined by comparing the net sales 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 meeting the following conditions as at the date of including:
- have material form or are property rights such as the perpetual usufruct right to land,
- their expected period of economic usefulness 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 sustainable use by other entities on the basis of lease, rental or leasing agreements, provided that those agreements do not meet the definition of a finance lease,
- are complete and suitable for use.
The asset is complete if it can carry out the functions assigned to it, which means that it meets all the technical requirements (in terms of structure) and legal requirements for a specific category of fixed assets, and, in particular, contains all the component parts.
The component part is an integral part of the fixed asset conditioning its use, which may not be from detached from it without substantial prejudice to the fitness of the fixed asset for use.
The component part is related physically or legally with the fixed asset.
Components exist in fixed assets classified under the following subgroups in the classification of fixed assets:
- Power lines,
- Water heating boilers,
- AC power distribution equipment,
- DC power equipment and instrumentation,
- Transformers.
3. Tangible fixed assets under construction
This item includes tangible fixed assets under construction, installation or improvements of the existing fixed asset classified as non-current assets.
The purchase price and the cost of production of tangible fixed assets under construction includes the general costs incurred by the entity for the period of construction, assembly, adaptation and improvement to the balance sheet date or to the date of adoption for 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 a commercial transaction.
Investments consist of 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 payable and due or intended to dispose of within 12 months of the balance sheet date or from the date of their establishing, issuing or acquisition, or which provide monetary assets, are classified as short-term investments.
Valuation of long-term investments
Long-term investments are recognised on the balance sheet date according to the price of purchase or acquisition, if the cost of carrying out and settlement of transactions are not relevant, adjusted by write-downs on investments. Creation of a write-down on the investment results from permanent loss of 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 on the date of acquisition or production according to the price of acquisition or purchase, if the cost of carrying out and settlement of transactions are not relevant.
5. Lease
Under the lease agreement, one of the parties to the agreement (the lessor) hands over to the other party (the lessee) fixed assets or intangible assets for paid use or also benefits for a definite time.
Classification of a lease agreement shall be made at the time of commencement of the lease.
Finance lease
If the lease agreement meets at least one of the conditions listed in article 3(4) of the Accounting Act, foreign fixed assets or intangible assets adopted for use under this agreement shall be included in fixed assets of the lessee and the latter depreciates the assets and presents them as other accruals under financial liability.
6. Inventory
Inventory (materials) are tangible current assets purchased for own consumption, suitable for sale and goods purchased for resale in an unprocessed state.
Records of inventory shall be kept in the balance sheet as records by volume and value and reconcile with the date of the relevant synthetic accounts at the end of each reporting period.
The value of materials consumed gradually are written off as costs once, at the time of issue to 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 directly after their purchase, excluding records by volume and value.
Write-downs of tangible assets (materials) made in connection with the loss of their value and resulting from bringing about net sales prices instead of the purchase prices or production costs are included in other operating expenses.
Materials and goods shall be measured during the financial year according to actual purchase prices.
Advances for deliveries are measured at nominal value, i.e. at the value of the amounts provided to suppliers as a credit towards the orders made.
7. Account receivable and account payable.
Receivables
At the balance sheet date, receivables and claims of the Company are measured at the amount of the due payment, increasing their value by interest for delay in payment and decreasing by write-downs of their value expressing the likely reduction of receivables, taking into account the level of security. Non-financial receivables redeemed, overdue debts or non-collectible debts shall be excluded from the books.
Write-downs of receivables fall within the other operating costs or financial costs, depending on the nature of the receivables subject to write-downs.
Long-term receivables of the Company include receivables, with the exception of those classified as financial assets and those related to deliveries and services due date of which falls in the period longer than one year from the balance sheet date.
Liabilities
At the balance sheet date liabilities are measured at the amount due. The amount due includes the nominal value of the liabilities, as well as the accrued interest owed to the counterparties.
The nominal value liabilities on 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 according to the average exchange rate established for the currency by the National Bank of Poland.
Exchange differences arising from the valuation at the balance sheet date, assets and liabilities denominated in foreign currencies with the exception of the long-term investments and in respect of the payment of the receivables and liabilities in foreign currencies, as well as on the sale of currencies, shall be accordingly included in revenues or financial expenses, 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 agreements, receivables and liabilities in respect of deliveries and services 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,
- available-for-sale financial assets.
Financial liabilities are divided into:
- financial liabilities held for trading,
- other liabilities.
10. Provisions
Provisions are liabilities whose due date or amount are not certain. The Company creates them on certain or probable future obligations, whose value can be reliably charged to provisions of other operating or financial expenses.
Provisions in the balance sheet are divided into:
- provision for deferred income tax,
- provision for retirement and similar benefits, broken down into:
- long-term,
- short-term,
- other provisions, broken down into:
- long-term,
- short-term.
The division criterion is the date of liability:
- up to 12 months of the balance sheet date,
- over 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 temporary 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 in respect of severance pay, jubilee awards and other similar benefits. Provisions for retirement and similar benefits are cost provisions 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 burdened with an existing obligation (legal or customary) resulting from past events,
- it is likely that meeting of the obligation will cause the necessity of obligation of outflow of funds — transfer of economic benefits,
- a reliable measurement 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
Prepayments are used for recording expenses incurred during the reporting period, but relating to future periods.
The condition for activation of costs is bringing 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.
Prepayments include:
- long-term settlements applicable to future reporting periods and lasting longer than 12 months after the balance sheet date,
- short-term settlements applicable to future reporting periods and lasting no longer than 12 months after the balance sheet date.
Write-downs of prepayments occur pursuant 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 in time,
- write-downs on Company Social Benefits Fund,
- the costs of research and development work (until their end),
- expenditure under the aid-funded projects.
Long-term prepayments include:
- deferred tax assets,
- other prepayments.
13. Equity
Equities include:
- initial capital — share capital, reflecting the par value of shares,
- supplementary capital, created to cover potential losses,
- reserve capital (fund), created to cover specific losses and expenses,
- revaluation reserve, created in accordance with the Accounting Act or other specific provisions,
- profit (loss) from previous years also including effects of errors and effects of changes in accounting policy,
- net profit (loss) of the current year,
- write-downs on net profit during the financial year (negative value).
Initial (share) capital at the balance sheet date shall be demonstrated in the amount specified in the agreement or the Articles of Association and listed in the National Court Register and reflecting the par value of shares.
Supplementary capital of the Company is created:
- from surcharges and surpluses achieved during issuance of shares above their par value,
- from write-downs on distribution of profits.
The use the supplementary capital is specified by the Company’s Articles of Association.
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 FTE. The company creates such a fund and make periodic write-downs in the amounts under the act on the collective labour agreement. The purpose of the Fund is to finance social activities. The balance of the fund is the accumulated revenues from the Fund less any non-recoverable expenditure from the Fund.
In the balance sheet the Company separately recognises balance of the Fund and assets of the Fund (loan receivables, financial means on 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 of receipt or transfer of payment.
The financial result is determined on the basis of the profit and loss account drawn up in the comparative option, according to the model forming Appendix 1 to the Accounting Act.
Balance sheet
Assets
|
# |
Title |
Table |
As at |
As at |
|---|---|---|---|---|
|
A |
FIXED ASSETS |
|
15,299,093,987.08 |
14,452,194,822.25 |
|
I |
Intangible assets |
1 |
42,218,950.53 |
38,833,137.96 |
|
1 |
Finished R&D expenses |
1 |
0.00 |
0.00 |
|
2 |
Goodwill |
1 |
531,786.36 |
0.00 |
|
3 |
Other intangible assets |
1 |
41,687,164.17 |
38,833,137.96 |
|
4 |
Advances for intangible assets |
1 |
0.00 |
0.00 |
|
II |
Tangible fixed assets |
2, 5 |
14,986,267,408.79 |
14,175,110,331.20 |
|
1 |
Tangible fixed assets |
2 |
13,117,495,462.97 |
12,959,861,009.16 |
|
a |
land (including right to perpetual usufruct) |
2 |
254,485,050.35 |
253,192,933.79 |
|
b |
buildings, premises, civil and water engineering structures |
2 |
9,322,298,760.34 |
9,284,994,608.18 |
|
c |
plant and machinery |
2 |
3,510,444,658.47 |
3,393,130,756.92 |
|
d |
vehicles |
2 |
15,821,920.88 |
16,794,740.14 |
|
e |
other tangible fixed assets |
2 |
14,445,072.93 |
11,747,970.13 |
|
2 |
Tangible fixed assets under construction |
5 |
1,868,771,945.82 |
1,215,249,322.04 |
|
3 |
Advances for tangible fixed assets under construction |
|
0.00 |
0.00 |
|
III |
Long-term receivables |
|
0.00 |
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 |
8 |
15,991,656.25 |
16,991,656.25 |
|
1 |
Real property |
|
0.00 |
0.00 |
|
2 |
Intangible assets |
|
0.00 |
0.00 |
|
3 |
Long-term financial assets |
8 |
15,991,656.25 |
16,991,656.25 |
|
a |
in related entities |
8 |
15,991,656.25 |
16,991,656.25 |
|
|
- shares |
8 |
15,991,656.25 |
16,991,656.25 |
|
b |
in other entities in which the entity has equity interest |
|
0.00 |
0.00 |
|
c |
in other entities |
|
0.00 |
0.00 |
|
4 |
Other long-term investments |
|
0.00 |
0.00 |
|
V |
Long-term prepayments |
|
254,615,971.51 |
221,259,696.84 |
|
1 |
Deferred tax assets |
13 |
253,634,548.24 |
221,212,283.36 |
|
2 |
Other prepayments |
|
981,423.27 |
47,413.48 |
|
B |
CURRENT ASSETS |
|
4,214,096,724.93 |
4,013,413,864.99 |
|
I |
Inventory |
15 |
58,034,021.07 |
57,230,715.22 |
|
1 |
Materials |
15 |
56,987,307.10 |
56,196,905.18 |
|
2 |
Semi-finished products and work in progress |
15 |
0.00 |
0.00 |
|
3 |
Finished products |
15 |
0.00 |
0.00 |
|
4 |
Goods |
15 |
968,240.00 |
968,240.00 |
|
5 |
Advances for deliveries and services |
15 |
78,473.97 |
65,570.04 |
|
II |
Short-term receivables |
16 |
1,148,355,973.68 |
983,709,990.65 |
|
1 |
Receivables from related entities |
16 |
686,591.45 |
3,121,491.56 |
|
a |
trade liabilities, maturing: |
16 |
233,260.89 |
3,121,491.56 |
|
|
- up to 12 months |
16 |
233,260.89 |
3,121,491.56 |
|
b |
other |
16 |
453,330.56 |
0.00 |
|
2 |
Receivables from other entities in which the entity has equity interest |
16 |
2,882,069.21 |
0.00 |
|
a |
trade liabilities, maturing: |
16 |
2,882,069.21 |
0.00 |
|
|
- up to 12 months |
16 |
2,882,069.21 |
0.00 |
|
b |
other |
16 |
0.00 |
0.00 |
|
3 |
Receivables from other entities |
16 |
1,144,787,313.02 |
980,588,499.09 |
|
a |
trade liabilities, maturing: |
16 |
1,020,154,693.81 |
879,918,040.10 |
|
|
- up to 12 months |
16 |
1,020,154,693.81 |
879,918,040.10 |
|
b |
receivables from tax, subsidy, customs, social security and other public receivables |
16 |
112,822,445.77 |
88,482,332.73 |
|
c |
other |
16 |
11,810,173.44 |
12,188,126.26 |
|
d |
claimed at court |
16 |
0.00 |
0.00 |
|
III |
Short-term investments |
10 |
2,994,012,345.13 |
2,960,850,370.55 |
|
1 |
Short-term financial assets |
10 |
2,994,012,345.13 |
2,960,850,370.55 |
|
a |
in related entities |
10 |
0.00 |
0.00 |
|
b |
in other entities |
10 |
301,057,205.48 |
0.00 |
|
|
- other short-term financial assets |
10 |
301,057,205.48 |
0.00 |
|
c |
cash and other monetary assets |
10 |
2,692,955,139.65 |
2,960,850,370.55 |
|
|
- cash in hand and at bank |
10 |
2,175,503,906.77 |
2,284,602,637.67 |
|
|
- other cash |
10 |
517,451,232.88 |
676,247,732.88 |
|
2 |
Other short-term investments |
|
0.00 |
0.00 |
|
IV |
Short-term prepayments |
19 |
13,694,385.05 |
11,622,788.57 |
|
C |
Called up share capital |
|
0.00 |
0.00 |
|
D |
Own shares |
|
0.00 |
0.00 |
|
TOTAL ASSETS |
19,513,190,712.01 |
18,465,608,687.24 |
||
Liabilities
|
# |
Title |
Table |
As at |
As at |
|---|---|---|---|---|
|
A |
EQUITY |
|
14,097,919,503.51 |
13,644,059,060.53 |
|
I |
Share capital |
20 |
9,605,473,000.00 |
9,605,473,000.00 |
|
II |
Supplementary capital |
22 |
3,779,852,661.09 |
2,676,584,490.89 |
|
III |
Revaluation capital |
|
0.00 |
0.00 |
|
IV |
Other reserve capitals, including: |
22 |
256,851,399.44 |
875,415,964.05 |
|
|
- created in accordance with the agreement (articles of association) of the Company |
|
256,851,399.44 |
875,415,964.05 |
|
|
- for own shares |
|
0.00 |
0.00 |
|
V |
Previous years' profit (loss) |
23 |
0.00 |
0.00 |
|
VI |
Net profit (loss) |
23 |
530,951,629.98 |
568,379,222.59 |
|
VII |
Write-down on net profit during the financial year (negative value) |
23 |
(75,209,187.00) |
(81,793,617.00) |
|
B |
LIABILITIES AND PROVISIONS FOR LIABILITIES |
|
5,415,271,208.50 |
4,821,549,626.71 |
|
I |
Provisions for liabilities |
24.26.27 |
2,406,859,102.54 |
2,256,271,115.88 |
|
1 |
Provision for deferred income tax |
24 |
1,597,448,240.32 |
1,594,214,731.53 |
|
2 |
Provision for retirement and similar benefits |
26 |
153,640,418.79 |
133,692,842.89 |
|
|
- long-term |
26 |
98,615,201.69 |
88,147,861.39 |
|
|
- short-term |
26 |
55,025,217.10 |
45,544,981.50 |
|
3 |
Other provisions |
27 |
655,770,443.43 |
528,363,541.46 |
|
|
- short-term |
27 |
655,770,443.43 |
528,363,541.46 |
|
II |
Long-term liabilities |
29 |
13,007,057.19 |
13,514,428.50 |
|
1 |
To related entities |
|
0.00 |
0.00 |
|
2 |
To other entities in which the entity has equity interest |
|
0.00 |
0.00 |
|
3 |
To other entities |
29 |
13,007,057.19 |
13,514,428.50 |
|
a |
credits and loans |
|
0.00 |
0.00 |
|
b |
arising from issuance of debt securities |
|
0.00 |
0.00 |
|
c |
other financial liabilities |
29 |
13,007,057.19 |
13,514,428.50 |
|
d |
bill-of-exchange liabilities |
|
0.00 |
0.00 |
|
e |
other |
|
0.00 |
0.00 |
|
III |
Short-term liabilities |
|
1,135,212,781.11 |
998,178,501.02 |
|
1 |
Liabilities to related entities |
|
8,068,982.39 |
10,875,874.28 |
|
a |
trade liabilities, maturing: |
30 |
1,355,314.25 |
2,473,058.47 |
|
|
- up to 12 months |
30 |
1,355,314.25 |
2,473,058.47 |
|
b |
other |
|
6,713,668.14 |
8,402,815.81 |
|
2 |
Liabilities to other entities in which the entity has equity interest |
30 |
285,208.75 |
0.00 |
|
a |
trade liabilities, maturing: |
30 |
285,208.75 |
0.00 |
|
|
- up to 12 months |
30 |
285,208.75 |
0.00 |
|
b |
other |
|
0.00 |
0.00 |
|
3 |
Liabilities to other entities |
|
1,113,538,481.46 |
975,024,210.92 |
|
a |
credits and loans |
|
0.00 |
0.00 |
|
b |
arising from issuance of debt securities |
|
0.00 |
0.00 |
|
c |
other financial liabilities |
29 |
4,087,352.11 |
3,220,998.28 |
|
d |
trade liabilities, maturing: |
30 |
620,587,796.41 |
552,337,259.78 |
|
|
- up to 12 months |
30 |
620,587,796.41 |
552,337,259.78 |
|
e |
received advances for deliveries and services |
|
0.00 |
0.00 |
|
f |
bill-of-exchange liabilities |
|
0.00 |
0.00 |
|
g |
receivables from tax, customs, social security and other public liabilities |
|
68,425,884.57 |
30,316,827.74 |
|
h |
payroll liabilities |
|
19,916,809.64 |
13,779,692.68 |
|
i |
other |
|
400,520,638.73 |
375,369,432.44 |
|
4 |
Special funds |
31 |
13,320,108.51 |
12,278,415.82 |
|
IV |
Prepayments and accruals |
33 |
1,860,192,267.66 |
1,553,585,581.31 |
|
1 |
Negative goodwill |
33 |
184,136,296.70 |
193,267,023.50 |
|
2 |
Other prepayments |
33 |
1,676,055,970.96 |
1,360,318,557.81 |
|
|
- long-term |
33 |
1,183,152,607.59 |
1,195,024,831.21 |
|
|
- short-term |
33 |
492,903,363.37 |
165,293,726.60 |
|
TOTAL LIABILITIES |
|
19,513,190,712.01 |
18,465,608,687.24 |
|
Profit and loss account – comparative option
|
# |
Title |
Table |
For the period | |
|---|---|---|---|---|
|
01.01–31.12.2017 |
01.01–31.12.2016 | |||
|
A |
Net revenues from sales and equivalent, |
|
8,886,788,919.98 |
8,144,476,446.37 |
|
|
- from related entities |
|
2,307,028.44 |
13,960,685.14 |
|
I |
Net revenues from sales of products |
34 |
6,926,245,842.56 |
5,564,330,572.53 |
|
II |
Change in the balance of products (increase — positive value, decrease — negative value) |
|
(337,765,576.25) |
(15,464,287.13) |
|
III |
Manufacturing cost of products for internal purposes |
|
0.00 |
0.00 |
|
IV |
Net revenues from sales of goods and materials |
34 |
2,298,308,653.67 |
2,595,610,160.97 |
|
B |
Operating expenses |
|
8,168,945,261.16 |
7,366,224,742.24 |
|
I |
Amortisation and depreciation |
|
620,686,875.23 |
611,979,966.53 |
|
II |
Consumption of materials and energy |
|
97,854,113.97 |
284,043,323.62 |
|
III |
External services |
|
4,516,442,091.43 |
3,391,244,782.06 |
|
IV |
Taxes and charges, including: |
|
256,954,483.94 |
242,732,246.40 |
|
|
- excise duty |
|
1,243,340.00 |
1,216,182.00 |
|
V |
Payroll |
|
261,051,142.84 |
243,410,368.38 |
|
VI |
Social security and other benefits, including: |
|
98,937,653.66 |
92,445,919.69 |
|
|
- retirements |
|
22,087,693.10 |
22,601,583.86 |
|
VII |
Other costs by type |
|
37,272,320.69 |
34,188,468.39 |
|
VIII |
Value of goods and materials sold |
|
2,279,746,579.40 |
2,466,179,667.17 |
|
C |
Profit (loss) on sales (A-B) |
|
717,843,658.82 |
778,251,704.13 |
|
D |
Other operating revenues |
36 |
70,989,676.03 |
57,670,907.70 |
|
I |
Gain on disposal of non-financial fixed assets |
36 |
1,047,582.49 |
1,808,329.56 |
|
II |
Subsidies |
36 |
22,845,815.55 |
23,191,835.33 |
|
III |
Revaluation of non-financial assets |
|
0.00 |
0.00 |
|
IV |
Other operating revenues |
36 |
47,096,277.99 |
32,670,742.81 |
|
E |
Other operating expenses |
37 |
178,631,776.53 |
187,845,517.72 |
|
I |
Loss on disposal of non-financial fixed assets |
37 |
22,017,767.46 |
0.00 |
|
II |
Revaluation of non-financial assets |
37 |
795,245.29 |
10,559,650.90 |
|
III |
Other operating expenses |
37 |
155,818,763.78 |
177,285,866.82 |
|
F |
Profit (loss) on operating activities (C+D-E) |
|
610,201,558.32 |
648,077,094.11 |
|
G |
Financial revenues |
38.39.40 |
50,611,917.81 |
61,670,692.61 |
|
I |
Dividend and profit sharing, including: |
38 |
2,408,089.14 |
0.00 |
|
a |
from related entities |
38 |
2,408,089.14 |
0.00 |
|
b |
from other entities |
|
0.00 |
0.00 |
|
II |
Interest, including: |
39 |
47,627,999.43 |
53,626,838.00 |
|
|
- from related entities |
39 |
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 |
40 |
575,829.24 |
8,043,854.61 |
|
H |
Financial expenses |
41.42 |
9,247,437.64 |
4,079,601.39 |
|
I |
Interest, including: |
41 |
1,985,178.65 |
477,893.81 |
|
|
- for related entities |
41 |
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 |
42 |
7,262,258.99 |
3,601,707.58 |
|
I |
Gross profit (loss) (F+G-H) |
|
651,566,038.49 |
705,668,185.33 |
|
J |
Income tax |
43 |
120,614,408.51 |
137,288,962.74 |
|
K |
Other statutory reductions in profit (increases in loss) |
|
0.00 |
0.00 |
|
L |
Net profit (loss) (I-J-K) |
|
530,951,629.98 |
568,379,222.59 |
Statement of changes in equity
|
# |
Title |
Table |
01.01–31.12.2017 |
01.01–31.12.2016 |
|---|---|---|---|---|
|
I. |
OPENING BALANCE OF EQUITY |
|
13,644,059,060.53 |
13,158,935,054.94 |
|
1. |
Opening balance of share capital |
20 |
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 |
20 |
9,605,473,000.00 |
9,605,473,000.00 |
|
2. |
Opening balance of supplementary capital |
22 |
2,676,584,490.89 |
2,115,501,464.61 |
|
2.1 |
Changes in supplementary capital |
22 |
1,103,268,170.20 |
561,083,026.28 |
|
a |
increase (due to): |
22 |
1,103,268,170.20 |
561,083,026.28 |
|
|
- profit distribution |
22 |
413,394,920.20 |
561,083,026.28 |
|
|
- resolution of the Extraordinary General Meeting — decrease in the Special-purpose Fund and designation of an amount of decrease for supplementary capital |
|
689,873,250.00 |
0.00 |
|
b |
decrease |
|
0.00 |
0.00 |
|
2.2 |
Closing balance of supplementary capital |
22 |
3,779,852,661.09 |
2,676,584,490.89 |
|
3. |
Opening balance of revaluation reserve - changes in accounting principles |
|
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 |
22 |
875,415,964.05 |
792,841,676.19 |
|
4.1 |
Changes in other reserve capitals |
22 |
(618,564,564.61) |
82,574,287.86 |
|
a |
increase due to profit distribution |
22 |
71,308,685.39 |
82,574,287.86 |
|
b |
decrease pursuant to the resolution of the Extraordinary General Meeting — decrease in the Special Purpose Fund and designation of an amount of decrease for supplementary capital |
22 |
689,873,250.00 |
0.00 |
|
4.2. |
Closing balance of other reserve capitals |
22 |
256,851,399.44 |
875,415,964.05 |
|
5. |
Opening balance of previous years' profit (loss) |
23 |
568,379,222.59 |
755,491,188.14 |
|
5.1 |
Opening balance of previous years' profit |
23 |
568,379,222.59 |
755,491,188.14 |
|
5.2 |
Opening balance of previous years' profit, after adjustments |
23 |
568,379,222.59 |
755,491,188.14 |
|
a |
increase (due to) |
23 |
0.00 |
0.00 |
|
b |
decrease (due to): |
23 |
568,379,222.59 |
755,491,188.14 |
|
|
- transfer for supplementary capital |
23 |
413,394,920.20 |
561,083,026.28 |
|
|
- write-down of profit on the special-purpose fund |
23 |
71,308,685.39 |
82,574,287.86 |
|
|
- write-down on Company Social Benefits Fund |
23 |
1,882,000.00 |
1,461,600.00 |
|
|
- write-down on profit payment |
23 |
81,793,617.00 |
110,372,274.00 |
|
5.3 |
Closing balance of previous years' profit |
|
0.00 |
0.00 |
|
5.4 |
Opening balance of previous years' loss (-) |
|
0.00 |
0.00 |
|
5.5 |
Opening balance of previous years' loss, after adjustments |
|
0.00 |
0.00 |
|
5.6 |
Closing balance of previous years' loss |
|
0.00 |
0.00 |
|
5.7 |
Closing balance of previous years' profit (loss) |
|
0.00 |
0.00 |
|
6. |
Net result |
|
455,742,442.98 |
486,585,605.59 |
|
a |
net profit |
23 |
530,951,629.98 |
568,379,222.59 |
|
b |
net loss (negative value) |
|
0.00 |
0.00 |
|
c |
write-downs on profit (negative value) |
23 |
(75,209,187.00) |
(81,793,617.00) |
|
II |
CLOSING BALANCE OF EQUITY |
|
14,097,919,503.51 |
13,644,059,060.53 |
|
III |
EQUITY INCLUDING PROPOSED PROFIT DISTRIBUTION (LOSS COVERAGE) |
|
14,095,660,503.51 |
X |
Cash flow statement
|
# |
Title |
Table |
01.01–31.12.2017 |
01.01–31.12.2016 |
|---|---|---|---|---|
|
A |
Cash flows from operating activities |
|
|
|
|
I |
Net profit (loss) |
23 |
530,951,629.98 |
568,379,222.59 |
|
II |
Total adjustments |
|
1,022,862,632.99 |
631,601,478.18 |
|
1 |
Amortisation and depreciation |
|
620,686,875.23 |
611,979,966.53 |
|
2 |
Exchange gains (losses) |
|
2,371,989.64 |
(426,002.84) |
|
3 |
Interest and profit sharing (dividend) |
|
(4,293,239.83) |
(42,775,017.82) |
|
4 |
Profit (loss) on investment activities |
|
30,753,458.06 |
14,074,736.96 |
|
5 |
Change in provisions |
|
148,085,492.19 |
146,007,995.81 |
|
6 |
Change in inventory |
44 |
496,710.06 |
3,727,362.77 |
|
7 |
Change in receivables |
44 |
(163,964,641.99) |
9,258,463.92 |
|
8 |
Change in short-term liabilities excluding credits and loans |
44 |
139,231,137.15 |
(48,688,662.30) |
|
9 |
Change in prepayments and accruals |
44 |
248,292,453.67 |
(60,868,124.91) |
|
10 |
Other adjustments |
44 |
1,202,398.81 |
(689,239.94) |
|
III |
Net cash flows from operating activities (I ± II) |
|
1,553,814,262.97 |
1,199,980,700.77 |
|
B |
Cash flows from investing activities |
|
|
|
|
I |
Inflows |
|
2,935,399.46 |
44,661,048.93 |
|
1 |
Disposal of intangible and tangible fixed assets |
|
1,050,248.77 |
1,886,031.11 |
|
2 |
Disposal of investments in real property and in intangible assets |
|
0.00 |
0.00 |
|
3 |
From financial assets, including: |
|
1,885,150.69 |
42,775,017.82 |
|
a |
in related entities |
|
0.00 |
0.00 |
|
b |
in other entities |
|
1,885,150.69 |
42,775,017.82 |
|
|
- interest |
|
1,885,150.69 |
42,775,017.82 |
|
4 |
Other inflows from investment activities |
|
0.00 |
0.00 |
|
II |
Outflows |
|
1,454,009,204.93 |
1,122,071,002.68 |
|
1 |
Purchase of intangible assets and tangible fixed assets |
44 |
1,454,009,204.93 |
1,122,071,002.68 |
|
2 |
Investments in real property and 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 investment activities |
|
0.00 |
0.00 |
|
III |
Net cash flow from investment activities (I-II) |
|
(1,451,073,805.47) |
(1,077,409,953.75) |
|
C |
Cash flows from financial activities |
|
|
|
|
I |
Inflows |
|
24,014,679.72 |
110,544,824.16 |
|
1 |
Net inflows from issuance of shares and other capital instruments and from capital contributions |
|
0.00 |
0.00 |
|
2 |
Credits and loans |
|
0.00 |
0.00 |
|
3 |
Issuance of debt securities |
|
0.00 |
0.00 |
|
4 |
Other inflows from financial activities |
|
24,014,679.72 |
110,544,824.16 |
|
II |
Outflows |
|
91,221,173.00 |
100,496,915.00 |
|
1 |
Purchase of own shares |
|
0.00 |
0.00 |
|
2 |
Dividend and other payments to shareholder |
|
89,339,173.00 |
99,035,315.00 |
|
3 |
Profit distribution liabilities other than profit distribution payments to shareholders |
|
1,882,000.00 |
1,461,600.00 |
|
4 |
Repayment of credits and loans |
|
0.00 |
0.00 |
|
5 |
Redemption of debt securities |
|
0.00 |
0.00 |
|
6 |
Payment of other financial liabilities |
|
0.00 |
0.00 |
|
7 |
Payment of liabilities arising from finance leases |
|
0.00 |
0.00 |
|
8 |
Interest |
|
0.00 |
0.00 |
|
9 |
Other outflows from financial activities |
|
0.00 |
0.00 |
|
III |
Net cash flows from financial activities (I-II) |
|
(67,206,493.28) |
10,047,909.16 |
|
D |
Total net cash flows (A.III. ± B.III ± C.III) |
|
35,533,964.22 |
132,618,656.18 |
|
E |
Balance sheet change in cash, including: |
|
33,161,974.58 |
133,044,659.02 |
|
|
- change in cash due to exchange differences |
|
2,371,989.64 |
(426,002.84) |
|
F |
Cash opening balance |
|
2,960,850,370.55 |
2,827,805,711.53 |
|
G |
Closing balance of cash, including: |
|
2,994,012,345.13 |
2,960,850,370.55 |
|
|
- of limited disposability |
|
239,058,084.74 |
2,134,593.95 |
