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Financial Statements of Bank Gospodarstwa Krajowego Prepared in Accordance with IFRS for the Financial Year from 1 January to 31 December 2018

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Financial Statements of Bank Gospodarstwa Krajowego Prepared in Accordance with IFRS for the Financial Year from 1 January to 31 December 2018 Financial statements of Bank Gospodarstwa Krajowego prepared in accordance with IFRS for the financial year from 1 January to 31 December 2018 The above Financial Statements of Bank Gospodarstwa Krajowego is a translation from the original Polish version. In case of any discrepancies between the Polish and English version, the Polish version shall prevail. Warsaw, 15 April 2019 Financial statements of Bank Gospodarstwa Krajowego prepared in accordance with IFRS for the financial year from 1 January to 31 December 2018 (in PLN thousand) Selected financial data on financial statements The selected financial data specified below constitutes additional information to the financial statements of BGK for 2018. in PLN thousand in EUR thousand For the period For the period For the period For the period from 1 Jan 2018 from 1 Jan 2017 from 1 Jan 2018 from 1 Jan 2017 to 31 Dec 2018 to 31 Dec 2017 to 31 Dec 2018 to 31 Dec 2017 Net interest income 882,835 773,077 206,903 182,128 Net fee and commission income 190,379 156,774 44,618 36,934 Operating result 519,462 606,203 121,742 142,814 Profit before tax 519,462 606,203 121,742 142,814 Net profit 445,347 517,813 104,372 121,990 Net comprehensive income 386,624 950,041 90,610 223,818 Cash flows from operating activities 25,262,104 -1,429,555 5,920,482 -336,786 Cash flows from investing activities -3,467,675 -693,011 -812,692 -163,265 Cash flows from financing activities -1,213,038 1,772,758 -284,290 417,640 Net cash flows 20,581,391 -349,808 4,823,500 -82,411 in PLN thousand in EUR thousand As at As at As at As at 31 Dec 2018 31 Dec 2017 31 Dec 2018 31 Dec 2017 Balance sheet total 84,746,443 74,334,178 19,708,475 17,822,095 Total equity 19,127,340 20,047,692 4,448,219 4,806,563 Solvency ratio (total capital ratio) 32.09% 37.96% 32.09% 37.96% excluding cash flow funds Solvency ratio (total capital ratio) 31.50% 37.95% 31.50% 37.95% including cash flow funds Basic funds (Tier 1) 18,275,914 18,864,232 4,250,213 4,522,820 Supplementary funds (Tier 2) 0 0 0 0 Selected financial data on the financial statements was translated to EUR in line with the following rates: 31 Dec 2018 31 Dec 2017 . items from the statement of profit or loss, statement of other comprehensive income, and statement of cash flows at the mid-market rate quoted 4.2669 4.2447 by the National Bank of Poland (NBP) calculated as an arithmetic mean of the exchange rates applicable on the last day of each month in a given period . items from the statement of financial position at the mid-market rate quoted 4.3000 4.1709 by the NBP as at the last day of the period 2 Financial statements of Bank Gospodarstwa Krajowego prepared in accordance with IFRS for the financial year from 1 January to 31 December 2018 (in PLN thousand) Table of contents STATEMENT OF PROFIT OR LOSS .............................................................................................................................................................................. 4 STATEMENT OF COMPREHENSIVE INCOME ............................................................................................................................................................... 4 STATEMENT OF FINANCIAL POSITION ....................................................................................................................................................................... 5 STATEMENT OF CHANGES IN EQUITY ........................................................................................................................................................................ 6 STATEMENT OF CASH FLOWS ................................................................................................................................................................................... 8 NOTES TO THE FINANCIAL STATEMENTS ................................................................................................................................................................... 9 1. General information ..................................................................................................................................................................................................9 2. Accounting policies ..................................................................................................................................................................................................15 3. Operating segments .................................................................................................................................................................................................40 NOTES TO THE STATEMENT OF PROFIT OR LOSS AND STATEMENT OF OTHER COMPREHENSIVE INCOME ................................................................ 41 4. Interest income and expense ...................................................................................................................................................................................41 5. Fee and commission income and expense ...............................................................................................................................................................41 6. Net gain/loss on financial instruments at fair value through profit or loss and net exchange differences ..............................................................42 7. Gain/loss on investments in financial assets ............................................................................................................................................................42 8. Net modification gain/loss .......................................................................................................................................................................................42 9. Other operating income and expenses ....................................................................................................................................................................42 10. General administrative expenses .............................................................................................................................................................................43 11. Net impairment losses and provisions .....................................................................................................................................................................44 12. Income tax ...............................................................................................................................................................................................................44 13. Earnings per share ...................................................................................................................................................................................................46 14. Contribution to the State Budget .............................................................................................................................................................................46 NOTES TO THE STATEMENT OF FINANCIAL POSITION .............................................................................................................................................. 47 15. Cash and balances with the Central Bank ................................................................................................................................................................47 16. Receivables from banks ...........................................................................................................................................................................................47 17. Financial assets and financial liabilities held for trading ..........................................................................................................................................47 18. Assets and liabilities at fair value through profit or loss (other than held for trading) ............................................................................................48 19. Financial assets at fair value through other comprehensive income .......................................................................................................................50 20. Loans and advances to customers ...........................................................................................................................................................................52 21. Receivables under debt instruments at amortised cost ...........................................................................................................................................53 22. Receivables and liabilities under reverse repurchase/repurchase agreements .......................................................................................................54 23. Available-for-sale financial assets ............................................................................................................................................................................54 24. Held-to-maturity financial assets .............................................................................................................................................................................55 25. Investments in subsidiaries ......................................................................................................................................................................................55 26. Investments in associates ........................................................................................................................................................................................57
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