Separate Financial Statements for the year ended December 31st 2013 – Highlights

Average EUR/PLN exchange rates quoted by the NBP

Dec 31 2013 Dec 31 2012
Average exchange rate for the period 4.2110 4.1736
Exchange rate at end of the period 4.1472 4.0882

Financial Highlights

  PLNm EURm
FINANCIAL HIGHLIGHTS Jan 1–Dec 31 2013  Jan 1–Dec 31 2012  Jan 1–Dec 31 2013  Jan 1–Dec 31 2012 
I. Revenue 27,186 25,686 6,456 6,154
II. Operating profit 2,133 1,804 507 432
III. Profit before tax 2,113 2,252 502 540
IV. Net profit 1,688 1,910 401 458
V. Total comprehensive income 1,767 1,709 420 409
VI. Net cash flows from operating activities 4,317 464 1,025 111
VII. Net cash flows from investing activities (413) (4,566) (98) (1,094)
VIII. Net cash flows from financing activities (3,262) 4,210 (775) 1,009
IX. Total net cash flows 642 108 152 26
X. Earnings/loss and diluted earnings/loss per ordinary share (PLN/EUR) 0.29 0.32 0.07 0.08
As at Dec 31 2013 As at Dec 31 2012 As at Dec 31 2013 As at Dec 31 2012
XI. Total assets  35,424 36,645 8,542 8,964
XII. Liabilities and provisions 12,455 14,683 3,003 3,592
XIII. Non-current liabilities 7,023 7,287 1,693 1,782
XIV. Current liabilities  5,432 7,396 1,310 1,810
XV. Equity  22,969 21,962 5,539 5,372
XVI. Share capital 5,900 5,900 1,423 1,443
XVII. Weighted average number of shares (million) 5,900 5,900 5,900 5,900
XVIII. Book value per share and diluted book value per share (PLN/EUR) 3.89 3.72 0.94 0.91
XIX. Dividend per share declared or paid (PLN/EUR) 0.13 -   0.03 0.00
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Separate Income Statement

Note Jan 1–Dec 31 2013 Jan 1–Dec 31 2012
(PLNm)
audited restated
Revenue 3 27,186 25,686
Raw material and consumables used 4.1 (16,625) (15,626)
Employee benefits expense 4.2 (970) (997)
Depreciation and amortisation expense (731) (603)
Services 4.3 (6,101) (5,815)
Work performed by the entity and capitalised 11 13
Other income and expenses 4.4 (637) (854)
Total operating expenses 4 (25,053) (23,882)
Operating profit 2,133 1,804
Finance income 5 1,020 728
Finance costs 5 (1,040) (280)
Profit before tax 2,113 2,252
Income tax 6 (425) (342)
Net profit 1,688 1,910
Earnings/loss and diluted earnings/loss per share attributable to holders of ordinary shares (PLN) 8 0.29 0.32
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Separate Statement of Comprehensive Income

  Jan 1–Dec 31 2013 Jan 1–Dec 31 2012
(PLNm)
audited restated
Net profit 1,688 1,910
Other comprehensive income that will be reclassified to profit or loss once specific conditions are met 52 (211)
Exchange differences on translating foreign operations (6) (9)
Hedge accounting 72 (249)
Deferred tax on other comprehensive income (14) 47
Other comprehensive income that will not be reclassified to profit or loss  27 10
Actuarial gains on employee benefits 34 12
Deferred tax  (7) (2)
Other comprehensive income, net 79 (201)
Total comprehensive income 1,767 1,709
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Separate Statement of Financial Position

  Note Dec 31 2013 Dec 31 2012 Jan 1 2012
audited restated restated
ASSETS
Non-current assets
Property, plant and equipment 10 13,775 14,094 13,035
Investment property 11 1 2 3
Intangible assets 12 282 204 159
Financial assets available for sale 13 7,796 7,246 6,454
Other financial assets 14 4,668 5,780 2,902
Deferred tax assets 15 380 397 350
Other non-current assets 16 44 47 26
Total non-current assets   26,946 27,770 22,929
Current assets
Inventories 17 2,707 2,427 1,897
Trade and other receivables 18 3,695 5,185 3,172
Current tax assets 19  -  24 5
Other assets 20 18 18 28
Derivative financial instrument assets 34 307 105 285
Cash and cash equivalents 22 1,683 1,043 936
Non-current assets held for sale 23 68 73 1
Total current assets   8,478 8,875 6,324
Total assets   35,424 36,645 29,253
LIABILITIES AND EQUITY
Equity
Share capital  24 5,900 5,900 5,900
Share premium 1,740 1,740 1,740
Accumulated other comprehensive income 14 (66) 135
Retained earnings 15,315 14,388 12,475
Total equity   22,969 21,962 20,250
Non-current liabilities
Borrowings and other debt instruments 25 4,432 4,390  - 
Employee benefit obligations 26 154 89 97
Provisions 27 1,156 1,576 1,154
Deferred income 28 621 559 257
Deferred tax liabilities 29 609 632 634
Other non-current liabilities 30 51 41 16
Total non-current liabilities   7,023 7,287 2,158
Current liabilities
Trade and other payables 31 2,888 2,774 2,660
Borrowings and other debt instruments 25 1,691 3,879 3,591
Derivative financial instrument liabilities 34 123 393 417
Current tax liabilities 19 175  -   - 
Employee benefit obligations 26 117 191 86
Provisions 27 434 154 89
Deferred income 28 4 5 2
Total current liabilities   5,432 7,396 6,845
Total liabilities   12,455 14,683 9,003
Total liabilities and equity   35,424 36,645 29,253
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Separate Statement of Cash Flows

  Note Jan 1–Dec 31 2013 Jan 1–Dec 31 2012
(PLNm)
audited restated
Cash flows from operating activities
Net profit 1,688 1,910
Adjustments:
Depreciation and amortisation expense    731    603
Net foreign exchange gains    337        9
Net interest and dividend  (438)  (364)
Gain on investing activities    652    148
Current tax expense    425    342
Other items, net 32  (216)    179
Income tax expense  (257)  (378)
Cash flows from operating activities before changes in working capital   2,922 2,449
Change in working capital:
Change in receivables 32 1,299 (1,801)
Change in inventories  (280)  (529)
Change in employee benefit obligations      (8)    112
Change in provisions 32    265      66
Change in current liabilities 32    163    185
Change in other assets 32      (4)    (22)
Change in deferred income 32    (40)        4
Net cash flows from operating activities   4,317    464
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment and intangible assets    105    153
Proceeds from disposals of shares in non-consolidated entities 1  - 
Purchase of property, plant and equipment and intangible assets   (824) (1,164)
Payments for tangible assets under construction - exploration for and evaluation of mineral resources  (688)  (499)
Purchase of shares in related entities  (916)  (790)
Decrease in loans advanced 1,675    194
Loans advanced  (390) (3,119)
Inflows from forward contracts    163    136
Outflows on forward contracts  (146)  (117)
Interest received    125      22
Dividends received    355    320
Proceeds from finance lease 38        5
Other items, net 89    293
Net cash flows from investing activities    (413) (4,566)
Cash flows from financing activities
Proceeds from borrowings  -  2,090
Proceeds from issue of debt securities 1,501 6,157
Repayment of borrowings    (70)  - 
Repayment of debt securities (3,661) (3,580)
Inflows from forward contracts 83  - 
Outflows on forward contracts  (116)  (111)
Dividend paid  (767)  - 
Interest paid  (240)  (345)
Other items, net  8      (1)
Net cash flows from financing activities   (3,262) 4,210
Net change in cash    642    108
Exchange differences on cash and cash equivalents  (2)      (1)
Cash and cash equivalents at beginning of the period 1,043    936
Cash and cash equivalents at end of the period   1,683 1,043
including restricted cash      476    238
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Statement of Changes in Equity

Share capital Share premium Accumulated other comprehensive income, including Retained earnings/(deficit) Total equity
Exchange differences on translating foreign operations Hedge accounting Actuarial gains/(losses)
As at Jan 1 2013 (restated) 5,900 1,740 - (59) (7) 14,388 21,962
Payment of dividend to owners - - - - (767) (767)
Total comprehensive income - - (6) 58 27 1,688 1,767
Net profit 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
As at Jan 1 2012 (restated) 5,900 1,740 9 143 (17) 12,475 20,250
Total comprehensive income - - (9) (202) 10 1,910 1,709
Net profit for 2012 - - - - - 1,910 1,910
Other comprehensive income, net, for 2012 - - (9) (202) 10 - (201)
Effect of business combination 3 3
As at Dec 31 2012 (restated) 5,900 1,740 - (59) (7) 14,388 21,962
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Geographical areas

Jan 1–Dec 31 2013 Jan 1–Dec 31 2012
Domestic sales: 25,818 24,992
High-methane gas 21,789 22,100
Nitrogen-rich gas 1,417 1,394
Crude oil (+ natural gasoline) 1,007 694
Helium 29 48
Propane-butane gas 76 67
LNG 58 54
Electricity 633 132
Certificates of origin for electricity 2 -
Geophysical and geological services 13 10
Drilling and well services 60 24
Other services 68 43
Other products 40 39
Merchandise and materials 8 10
Entitlement to operate storage facilities 554 365
CO2 emission allowances 64 12
Export sales: 1,368 694
High-methane gas 131 -
Nitrogen-rich gas 21 -
Crude oil 1,051 569
Helium 155 113
Electricity 6 1
Other services 3 9
Other products 1 1
Merchandise and materials - 1
Total 27,186 25,686
% share of exports in total sales: 5.03% 2.70%
Dec 31 2013 Dec 31 2012
audited restated
Value of non-current assets other than financial instruments  13,911 14,146
located in Poland 
Value of non-current assets other than financial instruments  147 154
located abroad
Total 14,058 14,300
% share of assets located abroad in total assets 1.05% 1.08%
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