Financial highlights for the year ended December 31st 2014
|
|
PLNm
|
EURm
|
| FINANCIAL HIGHLIGHTS |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
|
Net revenue
|
23,738
|
27,110
|
5,666
|
6,438
|
|
Operating profit/(loss)
|
1,633
|
2,133
|
390
|
507
|
|
Profit/(loss) before tax
|
2,222
|
2,113
|
530
|
502
|
|
Net profit/(loss)
|
1,895
|
1,688
|
452
|
401
|
|
Total comprehensive income
|
1,696
|
1,767
|
405
|
420
|
|
Net cash generated by operating activities
|
3,982
|
4,319
|
951
|
1,026
|
|
Net cash (used in)/generated by investing activities
|
(1,845)
|
(413)
|
(440)
|
(98)
|
|
Net cash used in/(generated by) financing activities
|
(2,149)
|
(3,264)
|
(513)
|
(775)
|
|
Net increase/(decrease) in cash and cash equivalents
|
(12)
|
642
|
(3)
|
152
|
|
Earnings/(loss) and diluted earnings/(loss) per share attributable to holders of ordinary shares (in PLN and EUR)
|
0.32
|
0.29
|
0.08
|
0.07
|
| |
Dec 31 2014 |
Dec 31 2013 |
Dec 31 2014 |
Dec 31 2013 |
|
Total assets
|
35,356
|
35,424
|
8,294
|
8,541
|
|
Total liabilities
|
11,576
|
12,455
|
2,716
|
3,003
|
|
Total non-current liabilities
|
7,385
|
7,023
|
1,733
|
1,692
|
|
Total current liabilities
|
4,191
|
5,432
|
983
|
1,311
|
|
Equity
|
23,780
|
22,969
|
5,578
|
5,538
|
|
Share capital
|
5,900
|
5,900
|
1,384
|
1,423
|
|
Weighted average number of shares (million)
|
5,900
|
5,900
|
5,900
|
5,900
|
|
Book value per share and diluted book value per share (in PLN and EUR, respectively)
|
4.03
|
3.89
|
0.95
|
0.94
|
|
Dividend per share declared or paid (PLN/EUR)
|
0.15
|
0.13
|
0.04
|
0.03
|
Items of the statement of profit or loss, statement of comprehensive income and statement of cash flows were translated at the EUR/PLN exchange rate computed as the arithmetic mean of mid rates quoted by the National Bank of Poland (NBP) for the last day of each calendar month in a given reporting period.
Items of the statement of financial position were translated at the average EUR/PLN exchange rate quoted by the NBP at the end of a given period.
Average EUR/PLN exchange rates quoted by the NBP
| |
Dec 31 2014 |
Dec 31 2013 |
|
Average exchange rate in the period
|
4.1893
|
4.2110
|
|
Exchange rate at end of the period
|
4.2623
|
4.1472
|
Separate statement of profit or loss for the year ended December 31st 2014
| |
Note |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
|
|
|
audited
|
restated
|
|
Revenue
|
3
|
23,738
|
27,110
|
|
|
|
|
|
|
Raw materials and consumables used
|
4.1
|
(15,101)
|
(16,985)
|
|
Employee benefits expense
|
4.2
|
(750)
|
(970)
|
|
Depreciation and amortisation expense
|
|
(722)
|
(731)
|
|
Services
|
4.3
|
(4,156)
|
(5,665)
|
|
Work performed by the entity and capitalised
|
|
10
|
11
|
|
Other income and expenses
|
4.4
|
(1,386)
|
(637)
|
|
|
|
|
|
|
Total operating expenses
|
3
|
(22,105)
|
(24,977)
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
1,633
|
2,133
|
|
|
|
|
|
|
Finance income
|
5
|
966
|
1,020
|
|
Finance costs
|
5
|
(377)
|
(1,040)
|
|
|
|
|
|
|
Profit/(loss) before tax
|
|
2,222
|
2,113
|
|
|
|
|
|
|
Income tax
|
7
|
(327)
|
(425)
|
|
|
|
|
|
|
Net profit/(loss)
|
|
1,895
|
1,688
|
|
|
|
|
|
|
Earnings/(loss) and diluted earnings/(loss) per share attributable to holders of ordinary shares (PLN)
|
9
|
0.32
|
0.29
|
Separate statement of comprehensive income for the year ended December 31st 2014
| |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
|
|
audited
|
restated
|
|
Net profit/(loss)
|
1,895
|
1,688
|
|
|
|
|
|
Other comprehensive income that will be reclassified to profit or loss once specific conditions are met
|
(192)
|
52
|
|
Exchange differences on translating foreign operations
|
22
|
(6)
|
|
Hedge accounting
|
(264)
|
72
|
|
Deferred tax on other comprehensive income
|
50
|
(14)
|
|
Other comprehensive income that will not be reclassified to profit or loss
|
(7)
|
27
|
|
Actuarial gains/(losses) on employee benefits
|
(8)
|
34
|
|
Deferred tax
|
1
|
(7)
|
|
Other comprehensive income, net
|
(199)
|
79
|
|
|
|
|
|
Total comprehensive income
|
1,696
|
1,767
|
Separate statement of financial position as at December 31st 2014
| |
Note |
Dec 31 2014 |
Dec 31 2013 |
Jan 1 2013 |
|
|
|
audited
|
restated
|
restated
|
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and equipment
|
11
|
13,520
|
13,775
|
14,094
|
|
Investment property
|
12
|
1
|
1
|
2
|
|
Intangible assets
|
13
|
254
|
282
|
204
|
|
Shares
|
|
8,611
|
7,796
|
7,246
|
|
Other financial assets
|
14
|
4,403
|
4,668
|
5,780
|
|
Deferred tax assets
|
15
|
469
|
380
|
397
|
|
Other non-current assets
|
16
|
129
|
44
|
47
|
|
|
|
|
|
|
|
Total non-current assets
|
|
27,387
|
26,946
|
27,770
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
17
|
2,506
|
2,707
|
2,427
|
|
Trade and other receivables
|
18
|
1,307
|
3,368
|
4,684
|
|
Current tax assets
|
19
|
-
|
-
|
24
|
|
Other assets
|
20
|
20
|
18
|
18
|
|
Current financial assets
|
|
1,805
|
327
|
501
|
|
Derivative financial instrument assets
|
33
|
388
|
307
|
105
|
|
Cash and cash equivalents
|
21
|
1,942
|
1,683
|
1,043
|
|
|
|
|
|
|
|
Non-current assets held for sale
|
22
|
1
|
68
|
73
|
|
|
|
|
|
|
|
Total current assets
|
|
7,969
|
8,478
|
8,875
|
|
|
|
|
|
|
|
Total assets
|
|
35,356
|
35,424
|
36,645
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital
|
23
|
5,900
|
5,900
|
5,900
|
|
Share premium
|
|
1,740
|
1,740
|
1,740
|
|
Accumulated other comprehensive income
|
|
(185)
|
14
|
(66)
|
|
Retained earnings/(deficit)
|
|
16,325
|
15,315
|
14,388
|
|
|
|
|
|
|
|
Total equity
|
|
23,780
|
22,969
|
21,962
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Borrowings and other debt instruments
|
24
|
4,498
|
4,432
|
4,390
|
|
Employee benefit obligations
|
25
|
134
|
154
|
89
|
|
Provisions
|
26
|
1,414
|
1,156
|
1,576
|
|
Deferred revenue
|
27
|
690
|
621
|
559
|
|
Deferred tax liabilities
|
28
|
580
|
609
|
632
|
|
Other non-current liabilities
|
29
|
69
|
51
|
41
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
7,385
|
7,023
|
7,287
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
30
|
2,414
|
2,888
|
2,774
|
|
Borrowings and other debt instruments
|
24
|
656
|
1,691
|
3,879
|
|
Derivative financial instrument liabilities
|
33
|
423
|
123
|
393
|
|
Current tax liabilities
|
19
|
181
|
175
|
-
|
|
Employee benefit obligations
|
25
|
43
|
117
|
191
|
|
Provisions
|
26
|
472
|
434
|
154
|
|
Deferred revenue
|
27
|
2
|
4
|
5
|
|
|
|
|
|
|
|
Total current liabilities
|
|
4,191
|
5,432
|
7,396
|
|
|
|
|
|
|
|
Total liabilities
|
|
11,576
|
12,455
|
14,683
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
35,356
|
35,424
|
36,645
|
Separate statement of cash flows for the year ended December 31st 2014
| |
Note |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
|
|
|
audited
|
restated
|
|
Cash flows from operating activities
|
|
|
|
|
Net profit/(loss)
|
|
1,895
|
1,688
|
|
Adjustments:
|
|
|
|
|
Depreciation and amortisation expense
|
|
722
|
731
|
|
Net foreign exchange gains/(losses)
|
|
158
|
339
|
|
Net interest and dividend paid
|
|
(716)
|
(438)
|
|
Gain/(loss) on investing activities
|
|
750
|
652
|
|
Current tax expense
|
|
327
|
425
|
|
Other items, net
|
31
|
356
|
(216)
|
|
Income tax paid
|
|
(498)
|
(257)
|
|
|
|
|
|
|
Cash flows from operating activities before movements in working capital
|
|
2,994
|
2,924
|
|
Movements in working capital:
|
|
|
|
|
Increase/(decrease) in trade and other receivables
|
31
|
1,421
|
1,294
|
|
(Increase)/decrease in inventories
|
|
201
|
(280)
|
|
(Decrease)/increase in employee benefit obligations
|
|
(40)
|
(8)
|
|
Increase/(decrease) in provisions
|
31
|
60
|
265
|
|
Decrease/(increase) in current liabilities
|
31
|
(597)
|
163
|
|
(Increase)/decrease in other assets
|
31
|
(73)
|
1
|
|
(Decrease)/increase in deferred revenue
|
31
|
16
|
(40)
|
|
|
|
|
|
|
Net cash generated by operating activities
|
|
3,982
|
4,319
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Proceeds from disposal of property, plant and equipment and intangible assets
|
|
13
|
105
|
|
Proceeds from disposal of shares in non-consolidated entities
|
|
-
|
1
|
|
Purchase of property, plant and equipment and intangible assets
|
|
(392)
|
(824)
|
|
Payments for tangible exploration and evaluation assets under construction
|
|
(797)
|
(688)
|
|
Payments for shares in related entities
|
|
(400)
|
(916)
|
|
Acquisition of short-term securities
|
|
(989)
|
-
|
|
Decrease in loans advanced
|
|
524
|
1,675
|
|
Loans advanced
|
|
(678)
|
(390)
|
|
Proceeds from derivative financial instruments
|
|
199
|
163
|
|
Payment for derivative financial instruments
|
|
(180)
|
(146)
|
|
Interest received
|
|
115
|
125
|
|
Dividends received
|
|
530
|
355
|
|
Proceeds from finance leases
|
|
17
|
38
|
|
Other items, net
|
|
193
|
89
|
|
|
|
|
|
|
Net cash flows from investing activities
|
|
(1,845)
|
(413)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from issue of debt securities
|
|
474
|
1,501
|
|
Repayment of debt securities
|
|
(1,502)
|
(3,678)
|
|
Proceeds from derivative financial instruments
|
|
84
|
83
|
|
Payment for derivative financial instruments
|
|
(98)
|
(116)
|
|
Dividends paid
|
|
(885)
|
(767)
|
|
Interest paid
|
|
(220)
|
(295)
|
|
Other items, net
|
|
(2)
|
8
|
|
|
|
|
|
|
Net cash used in/(generated by) financing activities
|
|
(2,149)
|
(3,264)
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(12)
|
642
|
|
Effects of exchange rate changes on the balance of cash held in foreign currencies
|
31
|
1
|
(2)
|
|
Cash from/(used in) cash pooling activities
|
|
268
|
-
|
|
Cash and cash equivalents at beginning of the period
|
31
|
1,685
|
1,043
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period
|
31
|
1,673
|
1,685
|
|
including restricted cash
|
|
451
|
476
|
On July 16th 2014, a cash pooling agreement was executed for an indefinite term between Pekao S.A. and the following companies: PGNiG S.A., Polska Spółka Gazownictwa Sp. z o.o., Exalo Drilling S.A., PGNiG Technologie S.A., Geofizyka Kraków S.A., Operator Systemu Magazynowego Sp. z o.o., and PGNiG Serwis Sp. z o.o. On August 1st 2014, Geofizyka Toruń S.A. acceded to the agreement.
As the cash flows under the cash pooling transactions serve primarily to manage the Group’s current financial liquidity, they are presented in the statement of cash flows as an adjustment to cash under ‘Cash from/(used in) cash pooling activities’.
Statement of changes in equity for the year ended December 31st 2014
| |
Share capital |
Share premium |
Accumulated other comprehensive income, including |
Retained earnings/(deficit) |
Total equity |
|
Exchange differences on translating foreign operations
|
Hedging reserve
|
Actuarial gains/(losses) on employee benefits
|
|
As at Jan 1 2014 (audited)
|
5,900
|
1,740
|
(6)
|
(1)
|
20
|
15,315
|
22,969
|
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
-
|
-
|
-
|
(885)
|
(885)
|
|
Total comprehensive income
|
-
|
-
|
22
|
(214)
|
(7)
|
1,895
|
1,696
|
|
Net profit/(loss) for 2014
|
-
|
-
|
-
|
-
|
-
|
1,895
|
1,895
|
|
Net other comprehensive income for 2014
|
-
|
-
|
22
|
(214)
|
(7)
|
-
|
(199)
|
|
As at Dec 31 2014 (audited)
|
5,900
|
1,740
|
16
|
(215)
|
13
|
16,325
|
23,780
|
|
|
|
|
|
|
|
|
|
|
As at Jan 1 2013 (restated)
|
5,900
|
1,740
|
-
|
(59)
|
(7)
|
14,388
|
21,962
|
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
-
|
-
|
-
|
(767)
|
(767)
|
|
Total comprehensive income
|
-
|
-
|
(6)
|
58
|
27
|
1,688
|
1,767
|
|
Net profit/(loss) for 2013
|
-
|
-
|
-
|
-
|
-
|
1,688
|
1,688
|
|
Other comprehensive income, net, for 2013
|
-
|
-
|
(6)
|
58
|
27
|
-
|
79
|
|
Effect of business combination
|
-
|
-
|
-
|
-
|
-
|
6
|
6
|
|
As at Dec 31 2013 (audited)
|
5,900
|
1,740
|
(6)
|
(1)
|
20
|
15,315
|
22,969
|
Geographical areas
The Company conducts its business activity primarily on the domestic market. In 2014, revenue from export sales to external customers accounted for 4.87% (2013: 5.05%) of total net revenue from sales to external customers. The main export markets were Switzerland and Germany.
| |
Jan 1–Dec 31 2014 |
Jan 1–Dec 31 2013 |
|
Domestic sales
|
22,581
|
25,742
|
|
High-methane gas
|
18,343
|
21,789
|
|
Nitrogen-rich gas
|
1,290
|
1,417
|
|
Crude oil and natural gasoline
|
790
|
1,007
|
|
Helium
|
12
|
29
|
|
Propane-butane gas
|
83
|
76
|
|
LNG
|
59
|
58
|
|
Electricity
|
1,155
|
633
|
|
Certificates of origin for electricity
|
-
|
2
|
|
Other services
|
129
|
65
|
|
Other products
|
26
|
40
|
|
Merchandise and materials
|
6
|
8
|
|
Entitlement to operate storage facilities
|
633
|
554
|
|
CO2 emission allowances
|
55
|
64
|
|
Export sales:
|
1,157
|
1,368
|
|
High-methane gas
|
2
|
131
|
|
Nitrogen-rich gas
|
35
|
21
|
|
Crude oil and natural gasoline
|
999
|
1,051
|
|
Helium
|
108
|
155
|
|
Electricity
|
6
|
6
|
|
Other services
|
4
|
3
|
|
Other products
|
2
|
1
|
|
Merchandise and materials
|
1
|
-
|
|
Total
|
23,738
|
27,110
|
|
% share of exports in total sales:
|
4.87%
|
5.05%
|
Most of the Company’s non-current assets (other than financial instruments) are located in Poland. The value of non-current assets located abroad as at December 31st 2014 represented 1.44% of the Company’s total non-current assets (other than financial instruments) (December 31st 2013: 1.05%).
| |
Dec 31 2014 |
Dec 31 2013 |
|
|
audited
|
audited
|
|
Value of non-current assets other than financial instruments located in Poland
|
13,577
|
13,911
|
|
Value of non-current assets other than financial instruments located abroad
|
198
|
147
|
|
Total
|
13,775
|
14,058
|
|
% share of assets located abroad in total assets
|
1.44%
|
1.05%
|
