Integrated annual report 2017 edition

11 Financial data

Summary financial statements for the year ended 31 december 2016
with independent auditor’s opinion

  • Auditor’s opinion on the summary financial statements
  • Basis of the preparation of a summary financial statements
  • Summary balance sheet prepared as at 31 December 2016
  • Summary profit and loss account for the year ended 31 December 2016
  • Summary statement of changes in equity as at 31 December 2016
  • Summary cash flow statement for the year ended 31 December 2016

Independent auditors’ report on
the summary financial statements

To the General Meeting of Polskie Sieci Elektroenergetyczne S.A.

The summary financial statements, which comprise the summary balance sheet and the summary statement of changes in equity as at 31 December 2016, the summary profit and loss account and the summary cash flows for the year then ended and the basis of preparation of summary financial statements are derived from the audited financial statements of Polskie Sieci Elektroenergetyczne S.A. seated in Konstancin-Jeziorna, ul. Warszawska 165 (“the Company”) for the year ended 31 December 2016. We expressed an unmodified audit opinion on those financial statements dated 28 March 2017, with other mater explaining that comparatives were presented based on the financial statements of the Company as at and for the year ended 31 December 2015 were audited by another auditor who expressed an unmodified opinion on those financial statements dated 23 March 2016.

The summary financial statements do not contain all the disclosures required by the Accounting Act dated 29 September 1994 (Official Journal from 2016, item 1047 with amendments) (“the Accounting Act”) and related bylaws, and other applicable regulations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Polskie Sieci Elektroenergetyczne S.A.

Management’s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of a summary of the audited financial statements on the basis described on page 4 of the accompanying summary financial statements.

Auditor’s Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing 810, Engagements to Report on Summary Financial Statements as adopted by the resolution dated 10 February 2015 of the National Council of Certified Auditors as the National Standard on Assurance 810.

Opinion

In our opinion, the summary financial statements derived from the audited financial statements of Polskie Sieci Elektroenergetyczne S.A. for the year ended 31 December 2016 are consistent, in all material respects, with those financial statements, on the basis described on page 4 of the accompanying summary financial statements.

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Basis for preparation of the summary financial statements

The summary financial statements which comprise the summary balance sheet and the summary statement of changes in equity as at 31 December 2016, the summary profit and loss account and the summary cash flows for the year then ended have been derived from the audited financial statements of Polskie Sieci Elektroenergetyczne S.A. seated in Konstancin-Jeziorna, ul. Warszawska 165 (“the Company”) for the year ended 31 December 2016, prepared in accordance with the Accounting Act dated 29 September 1994 (Official Journal from 2016, item 1047 with amendments); “Accounting Act” and related bylaws and other applicable regulations.

The preparation of summary financial statements requires management of the Company to determine the information that needs to be reflected in the summary financial statements so that they are consistent, in all material respects, with the audited financial statements.

These summary financial statements of the Company have been prepared by management of the Company using the following criteria:

  • Whether information in the summary financial statements is in agreement with the related information in the complete audited financial statements of the Company; and
  • Whether, in all material respects, the summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete audited financial statements of the Company.

The summary financial statements do not contain all information required by Accounting Act and related bylaws, and other applicable regulations. Accordingly, in order to fully understand the financial position of the Company as at 31 December 2016 and its financial performance and its cash flows for the year then ended, the summary financial statements should be read in conjunction with the annual financial statements that they were derived from.

Summary balance sheet (in thousand PLN)

Item

Balance as at 31.12.2016

Balance as at 31.12.2015

FIXED ASSETS

14 452 195

13 832 584

Intangible assets

38 833

42 508

Tangible fixed assets

14 175 110

13 586 955

Tangible fixed assets in use

12 959 861

12 903 053

Tangible fixed assets under construction

1 215 249

683 903

Long-term receivables

0

2 107

Long-term investments

16 992

17 492

Long-term financial assets

16 992

17 492

Long-term prepayments

221 260

183 523

CURRENT ASSETS

4 013 414

3 890 032

Inventories

57 231

58 993

Short-term receivables

983 710

993 366

Receivables from related parties

3 121

1 833

Receivables from other entities

980 588

991 533

Short-term investments

2 960 850

2 827 806

Short-term financial assets

2 960 850

2 827 806

Short-term prepayments

11 623

9 867

TOTAL ASSETS

18 465 609

17 722 616

EQUITY

13 644 059

13 158 935

Share capital

9 605 473

9 605 473

Reserve capital

2 676 584

2 115 501

Other capital reserves

875 416

792 842

Net profit

568 379

755 491

Appropriation of net profit during the financial year (negative value)

(81 794)

(110 372)

LIABILITIES AND PROVISIONS FOR LIABILITIES

4 821 550

4 563 681

Provisions for liabilities

2 256 271

2 110 263

Provision for deferred income tax

1 594 215

1 579 795

Provision for retirement and similar benefits

133 693

142 451

Other provisions

528 364

388 017

Long-term liabilities

13 514

13 548

To related parties

0

0

To other entities

13 514

13 548

Short-term liabilities

998 179

974 765

To related parties

10 876

9 109

To other entities

975 024

952 306

Special funds

12 278

13 350

Accruals and deferred income

1 553 586

1 465 105

TOTAL EQUITY AND LIABILITIES

18 465 609

17 722 616

Summary profit and loss account (in thousand PLN)

Item

For the period

01.01.-31.12.2016

01.01.-31.12.2015

Net revenues from sales and equivalent, including revenues:

8 144 476

7 623 543

Net revenue from sales of finished products

5 564 331

5 288 809

Changes in inventories of finished goods and work in progress

(15 464)

(34 301)

Net revenues from sales of merchandise and raw materials

2 595 610

2 369 035

Operating expenses

7 366 225

6 812 161

Depreciation

611 980

571 848

Materials and energy

284 043

678 864

External services

3 391 245

2 826 336

Taxes and charges

242 732

236 401

Payroll

243 410

229 361

Social security and other benefits

92 446

88 842

Other expenses by kind

34 188

33 312

Value of merchandise and raw materials sold

2 466 180

2 147 197

Profit on sales

778 252

811 382

Other operating income

57 671

91 284

Other operating costs

187 846

30 352

Operating profit

648 077

872 313

Financial income

61 671

60 853

Financial costs

4 080

786

Profit before taxation

705 668

932 380

Corporate income tax

137 289

176 889

Net profit

568 379

755 491

Summary statement of changes in equity (in thousand PLN)

Item

31.12.2016

31.12.2015

Opening balance of equity

13 158 935

12 515 286

Opening balance of share capital

9 605 473

9 605 473

Closing balance of share capital

9 605 473

9 605 473

Opening balance of reserve capital

2 115 501

1 645 198

Increases

561 083

470 304

Closing balance of reserve capital

2 676 584

2 115 501

Opening balance of other capital reserves

792 842

714 128

Increases

82 574

78 713

Closing balance of other capital reserves

875 416

792 842

Opening balance of previous year profit

755 491

641 681

Decreases

755 491

641 681

Closing balance of previous year profit

0

0

Net result/strong>

486 586

645 118

Net profit

568 379

755 491

Appropriation of profit (negative value)

(81 794)

(110 372)

Equity

13 644 059

13 158 935

Summary cash flow statement (in thousand PLN)

Item

01.01.-31.12.2016

01.01.-31.12.2015

Cash flows from operating activities

  

   

Net profit

568 379

755 491

Total adjustments

631 601

527 143

Net cash flows from operating activities

1 199 981

1 282 634

Cash flows from investment activities

   

   

Inflows

44 661

44 438

Outflows

1 122 071

1 627 369

Net cash flows from investment activities

(1 077 410)

(1 582 931)

Cash flows from financial activities

   

   

Inflows

110 545

197 808

Outflows

100 497

117 186

Net cash flows from financing activities

10 048

80 622

Total net cash flows

132 619

(219 676)

Cash opening balance

2 827 806

3 047 554

Change in cash due to exchange differences

(426)

(72)

Closing balance of cash

2 960 850

2 827 806

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