CONSOLIDATED FINANCIAL STATEMENTS
share:
Consolidated statement of profit or loss
|
Consolidated statement of profit or loss [PLN m]
|
2019
|
2018
|
|
|
Revenue from sale of gas
|
30,496
|
29,628
|
|
|
Other revenue
|
11,527
|
11,606
|
|
|
Revenue
|
42,023
|
41,234
|
|
|
Cost of gas
|
(26,686)
|
(24,941)
|
|
|
Other raw materials and consumables used
|
(2,977)
|
(2,519)
|
|
|
Employee benefits expense
|
(3,168)
|
(2,871)
|
|
|
Transmission services
|
(1,053)
|
(1,039)
|
|
|
Other services
|
(1,828)
|
(1,865)
|
|
|
Taxes and charges
|
(782)
|
(819)
|
|
|
Other income and expenses
|
(442)
|
(564)
|
|
|
Work performed by the entity and capitalised
|
1,076
|
962
|
|
|
Recognition and reversal of impairment losses on property, plant and equipment and intangible assets
|
(659)
|
(463)
|
|
|
Operating profit before depreciation and amortisation (
|
5,504
|
7,115
|
|
|
Depreciation and amortisation expense
|
(3,056)
|
(2,720)
|
Note 2.2. |
|
Operating profit (
|
2,448
|
4,395
|
|
|
Net finance costs
|
(54)
|
(4)
|
|
|
Profit/(loss) from equity-accounted investees
|
(235)
|
111
|
|
|
Profit before tax
|
2,159
|
4,502
|
|
|
Income tax
|
(788)
|
(1,293)
|
|
|
Net profit
|
1,371
|
3,209
|
|
|
Net profit attributable to:
|
|
|
|
|
Owners of the parent
|
1,371
|
3,212
|
|
|
Non-controlling interests
|
-
|
(3)
|
|
|
Weighted average number of ordinary shares (million)
|
5,778
|
5,778
|
|
|
Basic and diluted earnings per share (PLN)
|
0.24
|
0.56
|
Consolidated statement of comprehensive income
|
Consolidated statement of comprehensive income [PLN m]
|
2019
|
2018
|
|
|
Net profit
|
1,371
|
3,209
|
|
|
Exchange differences on translating foreign operations
|
(14)
|
(19)
|
|
|
Hedge accounting
|
919
|
285
|
|
|
Deferred tax
|
(156)
|
(15)
|
|
|
Share of other comprehensive income of equity-accounted investees
|
-
|
4
|
|
|
Other comprehensive income subject to reclassification to profit or loss
|
749
|
255
|
|
|
Actuarial losses on employee benefits
|
(32)
|
(33)
|
|
|
Deferred tax
|
6
|
6
|
|
|
Share of other comprehensive income of equity-accounted investees
|
(7)
|
1
|
|
|
Other comprehensive income not subject to reclassification to profit or loss
|
(33)
|
(26)
|
|
|
Other comprehensive income, net
|
716
|
229
|
|
|
Total comprehensive income
|
2,087
|
3,438
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
Owners of the parent
|
2,087
|
3,441
|
|
|
Non-controlling interests
|
-
|
(3)
|
Consolidated statement of cash flows
|
Consolidated statement of cash flows [PLN m]
|
2019
|
2018
|
|
|
Cash flows from operating activities
|
|
|
|
|
Net profit
|
1,371
|
3,209
|
|
|
Depreciation and amortisation expense
|
3,056
|
2,720
|
|
|
Current tax expense
|
788
|
1,293
|
|
|
Net gain/(loss) on investing activities
|
433
|
(154)
|
|
|
Other non-cash adjustments
|
(384)
|
432
|
|
|
Income tax paid
|
(852)
|
(1,060)
|
|
|
Movements in working capital
|
526
|
(626)
|
|
|
Net cash from operating activities
|
4,938
|
5,814
|
|
|
Cash flows from investing activities
|
|
|
|
|
Payments for acquisition of tangible exploration and evaluation assets under construction
|
(1,215)
|
(851)
|
|
|
Payments for other property, plant and equipment and intangible assets
|
(4,854)
|
(3,683)
|
|
|
Payments for shares in related entities
|
(1)
|
(90)
|
|
|
Other items, net
|
(82)
|
(80)
|
|
|
Net cash from investing activities
|
(6,152)
|
(4,704)
|
|
|
Cash flows from financing activities
|
|
|
|
|
Increase in debt
|
3,851
|
3,160
|
|
|
Decrease in debt
|
(2,868)
|
(2,510)
|
|
|
Dividends paid
|
(636)
|
(404)
|
|
|
Other items, net
|
(20)
|
(9)
|
|
|
Net cash from financing activities
|
327
|
237
|
|
|
Net cash flows
|
(887)
|
1,347
|
|
|
Cash and cash equivalents at beginning of the period
|
3,928
|
2,581
|
|
|
Foreign exchange differences on cash and cash equivalents
|
(1)
|
-
|
|
|
Cash and cash equivalents at end of the period
|
3,041
|
3,928
|
Consolidated statement of financial position
|
Consolidated statement of financial position [PLN m]
|
2019
|
2018
|
|
|
ASSETS
|
|
|
|
Property, plant and equipment |
40,002 |
34,236 |
|
Intangible assets |
729 |
1,173 |
|
Deferred tax assets |
32 |
94 |
|
Equity-accounted investees |
1,564 |
1,806 |
|
Derivative financial instruments |
237 |
226 |
|
Other assets |
1,375 |
1,363 |
|
|
Non-current assets
|
43,939
|
38,898
|
|
Inventories |
4,042 |
3,364 |
|
Receivables |
5,504 |
5,742 |
|
Derivative financial instruments |
2,390 |
1,092 |
|
Other assets |
259 |
204 |
|
Cash and cash equivalents |
3,037 |
3,925 |
|
Assets held for sale |
14 |
46 |
|
|
Current assets
|
15,246
|
14,373
|
|
|
TOTAL ASSETS
|
59,185
|
53,271
|
|
|
|||
|
EQUITY AND LIABILITIES
|
|
|
|
Share capital and share premium |
7,518 |
7,518 |
|
Hedging reserve |
739 |
73 |
|
Accumulated other comprehensive income |
(246) |
(203) |
|
Retained earnings |
30,097 |
29,246 |
|
Equity attributable to owners of the parent |
38,108 |
36,634 |
|
Equity attributable to non-controlling interests |
(1) |
(2) |
|
|
TOTAL EQUITY
|
38,107
|
36,632
|
|
|
|||
Financing liabilities |
3,507 |
1,178 |
|
Derivative financial instruments |
20 |
105 |
|
Employee benefit obligations |
890 |
808 |
|
Provision for well decommissioning costs |
2,355 |
1,917 |
|
Other provisions |
279 |
197 |
|
Grants |
705 |
720 |
|
Deferred tax liabilities |
2,383 |
2,066 |
|
Other liabilities |
239 |
264 |
|
|
Non-current liabilities
|
10,378
|
7,255
|
|
|
|||
Financing liabilities |
3,245 |
2,524 |
|
Derivative financial instruments |
1,277 |
1,055 |
|
Trade and tax payables* |
3,487 |
3,748 |
|
Employee benefit obligations |
398 |
347 |
|
Provision for well decommissioning costs |
34 |
91 |
|
Other provisions |
728 |
675 |
|
Other liabilities |
1,531 |
944 |
|
|
Current liabilities
|
10,700
|
9,384
|
|
|
TOTAL LIABILITIES
|
21,078
|
16,639
|
|
|
TOTAL EQUITY AND LIABILITIES
|
59,185
|
53,271
|
|
* Including income tax of PLN 132m (2018: PLN 418m) |
Consolidated statement of changes in equity
|
Consolidated statement of changes in equity [PLN m]
|
|
|
|
|
|
|
|
||||
|
|
Equity attributable to owners of the parent
|
Equity attributable to non-controlling interests
|
Total equity
|
||||||||
|
|
Share capital
and share premium, including:
|
Hedging reserve
|
Accumulated other comprehensive income:
|
Retained earnings
|
Total
|
||||||
|
|
Share capital
|
Share premium
|
Translation reserve
|
Revaluation of financial assets available for sale
|
Actuarial gains/(losses) on employee benefits
|
Share of other comprehensive income of
equity-accounted investees
|
|||||
|
As at Jan 1 2018
|
5,778
|
1,740
|
7
|
(93)
|
(3)
|
(64)
|
(5)
|
26,266
|
33,626
|
1
|
33,627
|
|
Impact of IFRS 9 and IFRS 15
|
-
|
-
|
-
|
-
|
3
|
-
|
-
|
172
|
175
|
-
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,212
|
3,212
|
(3)
|
3,209
|
|
Other comprehensive income, net
|
-
|
-
|
270
|
(19)
|
-
|
(27)
|
5
|
-
|
229
|
-
|
229
|
|
Total comprehensive income
|
-
|
-
|
270
|
(19)
|
-
|
(27)
|
5
|
3,212
|
3,441
|
(3)
|
3,438
|
|
Change in equity recognised in inventories
|
-
|
-
|
(204)
|
-
|
-
|
-
|
-
|
-
|
(204)
|
-
|
(204)
|
|
Dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(404)
|
(404)
|
-
|
(404)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at Dec 31 2018
|
5,778
|
1,740
|
73
|
(112)
|
-
|
(91)
|
-
|
29,246
|
36,634
|
(2)
|
36,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of IFRS 16
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
119
|
119
|
-
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,371
|
1,371
|
-
|
1,371
|
|
Other comprehensive income, net
|
-
|
-
|
763
|
(14)
|
-
|
(26)
|
(7)
|
-
|
716
|
-
|
716
|
|
Total comprehensive income
|
-
|
-
|
763
|
(14)
|
-
|
(26)
|
(7)
|
1,371
|
2,087
|
-
|
2,087
|
|
Change in equity recognised in inventories
|
-
|
-
|
(97)
|
-
|
-
|
-
|
-
|
-
|
(97)
|
-
|
(97)
|
|
Dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(636)
|
(636)
|
-
|
(636)
|
|
Changes in the Group
|
-
|
-
|
-
|
4
|
-
|
-
|
-
|
(3)
|
1
|
1
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at Dec 31 2019
|
5,778
|
1,740
|
739
|
(122)
|
-
|
(117)
|
(7)
|
30,097
|
38,108
|
(1)
|
38,107
|