These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards and related interpretations adopted by the European Union (“EU IFRS”), published and in effect at the time of preparation of these Consolidated Financial Statements and in accordance with the Finance Minister’s Regulation of 19 February 2009 on the current and periodic information transmitted by securities issuers and the conditions for recognizing the information required by the regulations of a non-member state as equivalent (Journal of Laws of 2014 Item 133, as amended) (“Regulation”).
These Consolidated Financial Statements for the year ended 31 December 2017 have been prepared on the assumption that the Company will continue to be a going concern in the foreseeable future. As at the preparation date of the financial statements, there are no circumstances indicating any substantial doubt about the Group’s ability to continue as a going concern for the period of at least 12 months of the date of the financial statements.
The Consolidated Financial Statements have been prepared in accordance with the historic cost principle, except for derivatives measured at fair value.
Group’s accounting principles described in individual notes were applied in a continuous manner to all presented periods. The accounting principles and material estimates and judgments for the key items of the consolidated financial statements were presented in individual notes to these Consolidated Financial Statements.
Data in ths. PLN
|Note||Title||Amount recognized in the consolidated financial statements||Accounting policy||Material estimates and judgments|
|5||Revenue from sales of services and finished products||4,640,808||4,341,874||X|
|6||Expenses by kind||4,476,425||4,403,702|
|7||Other income and operating expenses||(22,096)||(78,262)|
|8||Financial income and expenses||(39,373)||(22,314)|
|9||Current and deferred income tax||32,973||(9,530)||X||X|
|10||Property, plant and equipment||4,687,982||4,700,550||X||X|
|12||Investments in entities accounted for under the equity method||53,610||58,219||X|
|13||Other financial assets||274,207||9,541||X|
|14||Other non-financial assets||50,319||53,264|
|16||Trade and other receivables||731,371||642,089||X||X|
|17||Cash and cash equivalents||516,776||755,919||X|
|18||Non-current assets held for sale||-||-|
|21||Bank loans and borrowings||1,562,330||1,471,408||X|
|22||Finance Lease liabilities||139,095||200,490||X|
|23||Other financial liabilities||272||119,931|
|25||Trade and other payables||751,314||671,866||X|
|26||Provisions for employee benefits||662,553||624,827||X||X|
The Consolidated Financial Statements comprise the separate financial statements of the Parent Company and its controlled entities (subsidiaries) for the financial year ended on 31 December 2017 and 31 December 2016. Control means a case when the Group has the ability to manage the financial and operational policy of the entity to draw economic benefits from its operations. The financial statements of the subsidiaries, after taking into consideration adjustments introduced to make them compliant with EU IFRS, are prepared for the same reporting period as the statements of the Parent Company, based on uniform accounting principles applied for transactions and similar economic events.
Revenues and costs of subsidiaries acquired or sold during the year are taken into account in the consolidated statement of comprehensive income as of the actual date of acquisition of the given entity to the date of its effective disposal. Comprehensive income of the subsidiaries are attributed to owners of the Parent Company and to non-controlling interests even if such attribution results in a negative balance of the non-controlling interests. All transactions effected within the Group, negative balances and revenues and costs of operations effected between the Group companies have been fully excluded from the consolidation.
The Parent Company settles business combinations using the acquisition method.
Transactions in foreign currencies are converted into the functional currency at the exchange rate at the date of the transaction or valuation upon their initial revaluation. As at the balance sheet date, cash assets and liabilities denominated in foreign currencies are restated according to the average NBP exchange rate binding on that date. Foreign exchange gains and losses obtained as a result of settlements of those transactions and balance sheet valuation of assets and liabilities denominated in foreign currencies are recorded in the result, provided they are not deferred in other comprehensive income when they are eligible for recognition as security for cash flows. Non-cash items carried at historical cost expressed in a foreign currency are converted using the exchange rate on the transaction date.
The financial data of foreign entities for the purpose of consolidation have been converted into the Polish currency in the following manner:
- assets and liabilities items at the exchange rate at the end of the reporting period,
- statement of comprehensive income items and cash flow statement items at the average exchange rate in the reporting period calculated as the arithmetic mean of the exchange rates as at the last day of each month in a given period.
FX differences resulting from the above translation are presented in the equity as FX differences resulting from translation of financial statements of foreign entities.
As at 31 December 2017 and 31 December 2016, for the needs of valuation of financial statements of foreign entities included in consolidation, the Group adopted the following exchange rates:
Data in ths. PLN
|Currency||Items of the statement of financial position||Items of the statement of comprehensive income and cash flow statement|
|As at 31/12/2017 (audited)||As at 31/12/2016 (audited)||Year ended 31/12/2017(audited)||Year ended 31/12/2016(audited)|
These Consolidated Financial Statements were approved for publication by the Parent Company’s Management Board on 15 March 2018.