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.
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 |
