1. Consolidated statement of profit or loss and other comprehensive income
| NOTE | 2017 | 2016 | change (y/y) | ||
|---|---|---|---|---|---|
| value | % | ||||
| Sales revenues | 95,364 | 79,553 | 15,811 | 19.9 | |
|
revenues from sales of finished goods and services |
72,915 | 57,775 | 15,140 | 26.2 | |
|
revenues from sales of merchandise and raw materials |
22,449 | 21,778 | 671 | 3.1 | |
| Cost of sales | 9.1.3 | (81,766) | (68,223) | (13,543) | (19.9) |
|
cost of finished goods and services sold |
(61,266) | (47,976) | (13,290) | (27.7) | |
|
cost of merchandise and raw materials sold |
(20,500) | (20,247) | (253) | (1.3) | |
| Gross profit on sales | 13,598 | 11,330 | 2,268 | 20.0 | |
| Distribution expenses | (4,327) | (4,125) | (202) | (4.9) | |
| Administrative expenses | (1,537) | (1,426) | (111) | (7,8) | |
| Other operating income | 9.1.4 | 1,243 | 2,163 | (920) | (42.5) |
| Other operating expenses | 9.1.5 | (568) | (707) | 139 | 19.7 |
| Share in profit from investments accounted for under equity method | 9.2.4 | 248 | 297 | (49) | (16.5) |
| Profit from operations | 8,657 | 7,532 | 1,125 | 14.9 | |
| Finance income | 9.1.6.1 | 1,760 | 248 | 1,512 | 609.7 |
| Finance costs | 9.1.6.2 | (1,700) | (893) | (807) | (90.4) |
| Net finance income and costs | 60 | (645) | 705 | - | |
| Profit before tax | 8,717 | 6,887 | 1,830 | 26.6 | |
| Tax expense | 9.1.7 | (1,544) | (1,147) | (397) | (34.6) |
|
current tax |
(1,329) | (751) | (578) | (77.0) | |
|
deferred tax |
(215) | (396) | 181 | 45.7 | |
| Net profit | 7,173 | 5,740 | 1,433 | 25.0 | |
| Other comprehensive income: | |||||
| which will not be reclassified subsequently into profit or loss | (13) | (4) | (9) | 225.0 | |
|
fair value measurement of investment property as at the date of reclassification |
- | 6 | (6) | - | |
|
actuarial gains and losses |
(15) | (10) | (5) | 50.0 | |
|
deferred tax |
2 | - | 2 | - | |
| which will be reclassified into profit or loss | 136 | 221 | (85) | (38.5) | |
|
hedging instruments |
9.2.8.3 | 929 | (396) | 1,325 | - |
|
exchange differences on translating foreign operations |
(618) | 542 | (1,160) | - | |
|
deferred tax |
9.1.7.2 9.2.8.3 |
(175) | 75 | (250) | - |
| 123 | 217 | (94) | (43.3) | ||
| Total net comprehensive income | 7,296 | 5,957 | 1,339 | 22.5 | |
| Net profit attributable to | 7,173 | 5,740 | 1,433 | 25.0 | |
|
equity owners of the parent |
6,655 | 5,261 | 1,394 | 26.5 | |
|
non-controlling interest |
518 | 479 | 39 | 8.1 | |
| Total net comprehensive income attributable to | 7,296 | 5,957 | 1,339 | 22.5 | |
|
equity owners of the parent |
6,717 | 5,445 | 1,272 | 23.4 | |
|
non-controlling interest |
579 | 512 | 67 | 13.1 | |
| Net profit and diluted net profit per share attributable to equity owners of the parent (in PLN per share) | 15,56 | 12,30 | 3,26 | 26.5 | |
2. Consolidated statement of financial position
| NOTE | 31/12/2017 | 31/12/2016 | change (y/y) | ||
|---|---|---|---|---|---|
| ASSETS | value | % | |||
| Non-current assets | |||||
| Property, plant and equipment | 9.2.1 | 29,071 | 27,671 | 1 400 | 5.1 |
| Intangible assets | 9.2.2 | 1,272 | 1,377 | (105) | (7.6) |
| Investments accounted for under equity method | 9.2.4 | 715 | 763 | (48) | (6.3) |
| Deferred tax assets | 9.1.7.2 | 49 | 167 | (118) | (70.7) |
| Derivatives | 9.2.9 | 303 | 66 | 237 | 359.1 |
| Other assets | 9.2.9 | 330 | 277 | 53 | 19.1 |
| 31,740 | 30,321 | 1 419 | 4,7 | ||
| Current assets | |||||
| Inventories | 9.2.6.1 | 12,440 | 11,182 | 1,258 | 11.3 |
| Trade and other receivables | 9.2.6.2 | 9,518 | 8,553 | 965 | 11.3 |
| Current tax assets | 80 | 121 | (41) | (33.9) | |
| Cash and cash equivalents | 6,244 | 5,072 | 1,172 | 23.1 | |
| Non-current assets classified as held for sale | 75 | 61 | 14 | 23,0 | |
| Derivatives | 9.2.9 | 434 | 97 | 337 | 347.4 |
| Other assets | 9.2.9 | 133 | 152 | (19) | (12.5) |
| 28,924 | 25,238 | 3,686 | 14.6 | ||
| Total assets | 60,664 | 55,559 | 5,105 | 9.2 | |
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Share capital | 9.2.8.1 | 1,058 | 1,058 | - | - |
| Share premium | 9.2.8.2 | 1,227 | 1,227 | - | - |
| Hedging reserve | 9.2.8.3 | 331 | (355) | 686 | (193.2) |
| Revaluation reserve | 5 | 5 | - | - | |
| Exchange differences on translating foreign operations | 334 | 946 | (612) | (64.7) | |
| Retained earnings | 9.2.8.4 | 29,242 | 23,882 | 5,360 | 22.4 |
| Equity attributable to equity owners of the parent | 32,197 | 26,763 | 5,434 | 20.3 | |
| Non-controlling interests | 9.2.8.5 | 3,014 | 2,522 | 492 | 19.5 |
| Total equity | 35,211 | 29,285 | 5,926 | 20.2 | |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Loans, borrowings and bonds | 9.2.7.1 | 6,688 | 7,446 | (758) | (10.2) |
| Provisions | 9.2.10 | 902 | 828 | 74 | 8.9 |
| Deferred tax liabilities | 9.1.7.2 | 1,095 | 809 | 286 | 35.4 |
| Derivatives | 9.2.9 | 75 | 280 | (205) | (73.2) |
| Other liabilities | 9.2.9 | 311 | 289 | 22 | 7.6 |
| 9,071 | 9,652 | (581) | (6.0) | ||
| Current liabilities | |||||
| Trade and other liabilities | 9.2.6.3 | 14,469 | 13,591 | 878 | 6.5 |
| Loans, borrowings and bonds | 9.2.7.1 | 317 | 989 | (672) | (67.9) |
| Provisions | 9.2.10 | 673 | 666 | 7 | 1,1 |
| Current tax liabilities | 290 | 659 | (369) | (56.0) | |
| Derivatives | 9.2.9 | 313 | 403 | (90) | (22.3) |
| Other liabilities | 9.2.9 | 320 | 314 | 6 | 1.9 |
| 16,382 | 16,622 | (240) | (1.4) | ||
| Total liabilities | 25,453 | 26,274 | (821) | (3.1) | |
| Total equity and liabilities | 60,664 | 55,559 | 5,105 | 9.2 | |
3. Consolidated statement of changes in equity
| Equity attributable to equity owners of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital and share premium | Hedging reserve | Revaluation reserve | Exchange differences on translating foreign operations | Retained earnings | Total | Non-controlling interests | Total equity | |
| NOTE | 9.2.8.1 9.2.8.2 |
9.2.8.3 | 9.2.8.4 | 9.2.8.5 | ||||
| 01/01/2017 | 2 285 | (355) | 5 | 946 | 23,882 | 26,763 | 2,522 | 29,285 |
| Net profit | - | - | - | - | 6,655 | 6,655 | 518 | 7,173 |
| Items of other comprehensive income | - | 686 | - | (612) | (12) | 62 | 61 | 123 |
| Total net comprehensive income | - | 686 | - | (612) | 6,643 | 6,717 | 579 | 7,296 |
| Change in structure | - | - | - | - | - | - | 2 | 2 |
| Dividends | - | - | - | - | (1,283) | (1,283) | (89) | (1 372) |
| 31/12/2017 | 2,285 | 331 | 5 | 334 | 29,242 | 32,197 | 3,014 | 35,211 |
| 01/01/2016 | 2,285 | (80) | - | 537 | 19,431 | 22,173 | 2,071 | 24,244 |
| Net profit | - | - | - | - | 5,261 | 5,261 | 479 | 5,740 |
| Items of other comprehensive income | - | (275) | 5 | 463 | (9) | 184 | 33 | 217 |
| Total net comprehensive income | - | (275) | 5 | 463 | 5,252 | 5,445 | 512 | 5,957 |
| Change in structure | - | - | - | (54) | 54 | - | (1) | (1) |
| Redemption of non-controlling interest | - | - | - | - | (1) | (1) | (1) | (2) |
| Merger/sale of related parties | - | - | - | (54) | 55 | 1 | - | 1 |
| Dividends | - | - | - | - | (855) | (855) | (60) | (915) |
| 31/12/2016 | 2,285 | (355) | 5 | 946 | 23,882 | 26,763 | 2,522 | 29,285 |
4. Consolidated statement of cash flows
| 2017 | 2016 | change (y/y) | |||
|---|---|---|---|---|---|
| value | % | ||||
| Cash flows from operating activities | |||||
| Profit before tax | 8,717 | 6,887 | 1,830 | 26,6 | |
| Adjustments for: | |||||
|
Share in profit from investments accounted for under equity method |
9.2.4 | (248) | (297) | 49 | 16.5 |
|
Depreciation and amortisation |
9.1.3 | 2,421 | 2,110 | 311 | 14.7 |
|
Foreign exchange (gain)/loss |
9.1.6.4 | (233) | 287 | (520) | - |
|
Interest, net |
9.1.6.3 | 204 | 219 | (15) | (6.9) |
|
Dividends |
(4) | (5) | 1 | 20.0 | |
|
(Profit)/Loss on investing activities, incl.: |
549 | (299) | 848 | - | |
|
recognition/(reversal) of impairment allowances of property, plant and equipment and intangible assets |
9.1.4 9.1.5 |
169 | (145) | 314 | - |
|
Change in provisions |
9.2.10 | 345 | 330 | 15 | 4.6 |
|
Change in working capital |
9.2.6 | (1,967) | 816 | (2,783) | - |
|
inventories |
(1,445) | (287) | (1,158) | (403.5) | |
|
receivables |
(1,579) | (1,679) | 100 | (6.0) | |
|
liabilities |
1,057 | 2,782 | (1,725) | (62.0) | |
|
Other adjustments, incl.: |
(131) | (381) | 250 | 65.6 | |
|
change in balances of settlements due to compensation from insurers in Unipetrol Group |
9.2.6.2 | 222 | (222) | 444 | - |
|
rights received free of charge |
(310) | (240) | (70) | 29.2 | |
|
Income tax (paid) |
9.1.7.3 | (1,603) | (336) | (1,267) | (377.1) |
| Net cash from operating activities | 8,050 | 9,331 | (1,281) | (13.7) | |
| Cash flows from investing activities | |||||
| Acquisition of property, plant and equipment, intangible assets and perpetual usufruct of land | (4,039) | (5,033) | 994 | 19.8 | |
| Acquisition of shares adjusted for received cash | (3) | (2) | (1) | (50.0) | |
| Disposal of property, plant and equipment, intangible assets and perpetual usufruct of land | 105 | 141 | (36) | (25.5) | |
| Sale of subsidiary | - | 77 | (77) | - | |
| Dividends received | 252 | 317 | (65) | (20.5) | |
| Settlement of derivatives not designated as hedge accounting | (234) | 60 | (294) | - | |
| Other | (6) | 4 | (10) | - | |
| Net cash (used) in investing activities | (3,925) | (4,436) | 511 | 11.5 | |
| Cash flows from financing activities | |||||
| Proceeds from loans and borrowings received | 6 | 3,586 | (3,580) | (99.8) | |
| Bonds issued | 400 | 3,258 | (2,858) | (87.7) | |
| Repayments of loans and borrowings | (888) | (7,943) | 7,055 | 88.8 | |
| Redemption of bonds | (700) | - | (700) | - | |
| Interest paid | 9.1.6.3 | (234) | (223) | (11) | (4.9) |
| Dividends paid | (1,384) | (912) | (472) | (51.8) | |
|
to equity owners of the parent |
9.2.8.7 | (1,283) | (855) | (428) | (50.1) |
|
to non-controlling interest |
(101) | (57) | (44) | (77.2) | |
| Payments of liabilities under finance lease agreements | (28) | (28) | - | - | |
| Other | (4) | 52 | (56) | - | |
| Net cash (used) in financing activities | (2,832) | (2,210) | (622) | (28.1) | |
| Net increase in cash and cash equivalents | 1,293 | 2,685 | (1,392) | (51.8) | |
| Effect of exchange rate changes | (121) | 39 | (160) | - | |
| Cash and cash equivalents, beginning of the period | 5,072 | 2,348 | 2,724 | 116,0 | |
| Cash and cash equivalents, end of the period | 6,244 | 5,072 | 1,172 | 23.1 | |