Our results

Adjustment of prior period errors

During transition to the EU IFRS, the Parent Company simplified valuation of investments in entities accounted for under the equity method. As a result, the value of such investments disclosed in the consolidated financial statements of the PKP CARGO Group for the financial year ended on 31 December 2016 did not reflect the Group’s share in the net assets of the entities accounted for under the equity method. As at 30 June 2017, the Parent Company Management Board revalued the investments accounted for under the equity method, adjusting their value to the Group’s share in their net assets. As a result, the Group adjusted retained earnings. The impact of the adjustment as at 31 December 2016 was the following:

  • the value of investments accounted for under the equity method was increased by PLN 17,409 thousand;
  • the value of FX differences from translation of financial statements of foreign entities was increased by PLN 524 thousand; and
  • the value of retained earnings was increased by PLN 16,885 thousand.

The Group restated comparative data for the financial year ended on 31 December 2016 in order to ensure comparability of presented data.

The effect of the restatement of the statement of financial position is presented below. Information disclosed in the additional explanatory notes to the Consolidated Financial Statement was restated as appropriate. Since the restatement does not have a significant impact on the Statement of Comprehensive Income and the Cash Flow Statement, the Group did not restate comparative data with this respect.

Consolidated statement of financial position as at 31 december 2016

Data in ths. PLN

 As at 31/12/2016 (audited)Adjustment of investments accounted for under the equity methodAs at 31/12/2016 (restated)
ASSETS   
Non-current assets   
Investments in entities accounted for under the equity method40,81017,40958,219
Total non-current assets4,942,86117,4094,960,270
    
TOTAL ASSETS6,490,79717,4096,508,206
    
EQUITY AND LIABILITIES   
Equity   
Foreign exchange differences resulting from translation of financial statements of foreign entities59,97052460,494
Retained earnings313,44016,885330,325
Total equity3,242,86917,4093,260,278
    
TOTAL EQUITY AND LIABILITIES6,490,79717,4096,508,206

Consolidated statement of financial position as at 1 january 2016

Data in ths. PLN

 As at 1/01/2016 (audited)   Adjustment of investments accounted for under the equity method As at 1/01/2016 (restated)
ASSETS     
Non-current assets     
Investments in entities accounted for under the equity method39,831 17,409 57,240
Total non-current assets4,979,501 17,409 4,996,910
      
TOTAL ASSETS6,102,457 17,409 6,119,866
      
EQUITY AND LIABILITIES     
Equity     
Foreign exchange differences resulting from translation of financial statements of foreign entities31,500 524 32,024
Retained earnings446,471 16,885 463,356
Total equity3,333,945 17,409 3,351,354
      
TOTAL EQUITY AND LIABILITIES6,102,457 17,409 6,119,866