Grupa Kapitałowa Energa SA
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ENERGA SA Group Condensed Interim Consolidated Financial Statements prepared in accordance with IAS 34 for the nine-month period ended 30 September 2014 Energa SA Group Condensed interim consolidated financial statements as at and for the period of 9 months ended 30 September 2014 (in thousands of PLN) TABLE OF CONTENTS CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS ..........................................................................3 CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ..........................................................4 CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................................................................5 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ....................................................................7 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS .................................................................................9 1. General information ....................................................................................................................................................10 2. Composition of the Group and its changes ................................................................................................................11 3. Approval of the financial statements ..........................................................................................................................15 4. Basis for preparation of the financial statements .......................................................................................................15 5. Estimates ...................................................................................................................................................................16 6. Significant accounting policies ...................................................................................................................................16 7. Explanations regarding the seasonality and cyclicality of operations in the period under review ..............................19 8. Restatement of comparative information ...................................................................................................................20 9. Operating segments ...................................................................................................................................................21 10. Property, plant and equipment ...................................................................................................................................24 11. Impairment tests for property, plant and equipment and goodwill ..............................................................................24 12. Investment commitments ...........................................................................................................................................25 13. Cash and cash equivalents ........................................................................................................................................25 14. Earnings per share .....................................................................................................................................................26 15. Dividend .....................................................................................................................................................................26 16. Assets classified as held for sale ...............................................................................................................................26 17. Provisions ...................................................................................................................................................................28 18. Transactions with related entities ...............................................................................................................................30 19. Financial instruments .................................................................................................................................................31 20. Contingent assets and liabilities .................................................................................................................................37 21. Other information significantly affecting the assessment of assets, financial position and the financial result of the Group ...................................................................................................................................................................38 22. Subsequent events ....................................................................................................................................................40 2 Energa SA Group Condensed interim consolidated financial statements as at and for the period of 9 months ended 30 September 2014 (in thousands of PLN) CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three-month period Nine-month period Three-month period Nine-month period ended ended ended ended 30 September 2014 30 September 2014 30 September 2013 30 September 2013 (unaudited) (unaudited) (unaudited) (unaudited) (restated) (restated) Continuing operations Sales of products and goods for resale 1,591,764 4,949,828 1,882,404 5,896,065 including excise tax Excise tax (62,622) (191,648) (68,653) (216,218) Sales of products and goods for resale 1,529,142 4,758,180 1,813,751 5,679,847 Sales of services 956,124 2,969,686 919,711 2,815,267 Rental income 20,510 64,416 14,480 42,372 Revenue 2,505,776 7,792,282 2,747,942 8,537,486 Cost of sales (2,049,815) (6,182,148) (2,334,282) (7,081,164) Gross profit on sales 455,961 1,610,134 413,660 1,456,322 Other operating income 47,553 112,068 23,852 84,536 Selling and distribution expenses (75,123) (196,949) (75,279) (213,519) General and administrative expenses (79,948) (256,911) (97,486) (279,975) Other operating expenses (14,300) (76,525) (89,873) (135,063) Financial income 23,940 84,167 26,461 129,611 Financial costs (76,144) (236,158) (95,322) (246,753) Share of profit (loss) of associates - (157) (116) (513) Profit before tax 281,939 1,039,669 105,897 794,646 Income tax (64,353) (212,460) (43,751) (208,092) Net profit on continuing operations 217,586 827,209 62,146 586,554 Discontinued operations Net profit (loss) on discontinued operations 681 (2,466) (3,231) (5,807) Net profit for the period 218,267 824,743 58,915 580,747 Attributable to: Equity holders of the Parent Company 213,010 808,413 59,500 595,405 Non-controlling interests 5,257 16,330 (585) (14,658) Earnings per share (in PLN) - basic 0.51 1.96 0.15 1.45 - diluted 0.51 1.96 0.15 1.45 Loss per share from discontinued operations (in PLN) - basic 0.00 (0.01) (0.01) (0.01) - diluted 0.00 (0.01) (0.01) (0.01) 3 Accounting principles (policy) and additional explanatory notes to the condensed interim consolidated financial statements constitute an integral part thereof (This is translation of the condensed interim consolidated financial statements originally issued in Polish) Energa SA Group Condensed interim consolidated financial statements as at and for the period of 9 months ended 30 September 2014 (in thousands of PLN) CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Three-month period Nine-month period Three-month Nine-month period ended ended period ended ended 30 September 2014 30 September 2014 30 September 2013 30 September 2013 (unaudited) (unaudited) (unaudited) (unaudited) (restated) (restated) Net profit for the period 218,267 824,743 58,915 580,747 Items that will never be reclassified to profit or loss (563) (41,700) 5,887 31,271 Actuarial gains and losses on defined benefit plans (696) (51,482) 7,268 38,606 Income tax on items that will never be reclassified to profit or loss 133 9,782 (1,381) (7,335) Items that are or may be reclassified subsequently to profit or loss (31,242) (33,146) 2,444 27,569 Foreign exchange gains / (losses) arising on translation of foreign operations 347 681 (1,356) (703) Cash flow hedges (38,999) (41,762) 4,692 34,904 Income tax on items that are or may be reclassified subsequently to profit or 7,410 7,935 (892) (6,632) loss Net other comprehensive income (31,805) (74,846) 8,331 58,840 Total comprehensive income 186,462 749,897 67,246 639,587 Attributable to: Equity holders of the Parent Company 180,895 733,879 67,745 654,098 Non-controlling interests 5,567 16,018 (499) (14,511) 4 Accounting principles (policy) and additional explanatory notes to the condensed interim consolidated financial statements constitute an integral part thereof (This is translation of the condensed interim consolidated financial statements originally issued in Polish) Energa SA Group Condensed interim consolidated financial statements as at and for the period of 9 months ended 30 September 2014 (in thousands of PLN) CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at As at 30 September 2014 31 December 2013 (unaudited) (restated) ASSETS Non-current assets Property, plant and equipment 11,868,707 11,760,776 Investment property 16,112 15,189 Intangible assets 385,139 398,677 Goodwill 156,773 156,773 Deferred tax assets 215,347 245,086 Hedging derivatives 9,284 13,017 Other non-current financial assets 15,602 17,727 Other non-current assets 59,393 42,291 12,726,357 12,649,536 Current assets Inventories 311,618 302,043 Current tax receivables 40,611 43,427 Trade receivables 1,404,607 1,469,543 Deposits 42 4,121 Other current financial assets 25,830 8,891 Cash and