Our results


Accounting policy applied

Share capital in the consolidated financial statements is presented in the amount stated in the articles of association of the Parent Company, regardless of entry in the the national court register (principle of substance over legal form).

Share capital

Data in ths. PLN

 As at 31/12/2017 (audited)As at 31/12/2016 (audited)
The share capital consists of:  
Common shares – fully paid and registered2,239,3462,239,346

As at 31 December 2017 and as at 31 December 2016, the share capital of the Parent Company consisted of common shares with par value of PLN 50 each. Fully paid common shares with the par value of PLN 50 are equivalent to one vote at the shareholder meeting and entail the right to dividend.

PKP S.A. is the parent company of PKP CARGO S.A. Pursuant to articles of association of the Parent Company, PKP S.A. holds special personal rights to appoint and dismiss Supervisory Board Members in a number equal to half the composition of the Supervisory Board plus one. PKP S.A. is vested with a personal right to appoint the Supervisory Board Chairman and to determine the number of Supervisory Board Members. In addition, in the event that PKP S.A.’s share in the Parent Company’s share capital is 50% or less, PKP S.A. shall have the personal rights to exclusively select the candidates for the President of the Management Board of the Parent Company. The personal rights of PKP S.A. shall be vested always when PKP S.A. holds at least 25% of the Parent Company’s share capital.

In the financial year ended 31 December 2017 and 31 December 2016, there were no movements in the share capital of the Parent Company.

Supplementary capital

 As at 31/12/2017 (audited)As at 31/12/2016 (audited)
Supplementary capital, including:619,306618,666
Share premium (agio)201,263201,263
Charges to earnings (established pursuant to statutory regulations)46,73047,346
Distribution of profit (established in excess statutory value)231,331230,075
Capital formed from retirement of shares139,982139,982

Pursuant to the requirements of the Commercial Company Code, the entities with the status of joint-stock companies are obligated to establish supplementary capital to cover the loss. Transfers to supplementary capital should be at least 8% of the earnings for given financial year indicated in the company’s separate financial statements, until that capital reaches at least one-third of the company’s share capital.

The use of the supplementary capital is decided upon by the Shareholder Meeting, however, the portion of the supplementary capital representing one-third of the share capital may only be used to cover a loss shown in the standalone financial statements and it shall not be earmarked for other purposes. The amount to be divided among the shareholders may be increased by undistributed earnings from previous years and the amounts transferred from the supplementary capital established from earnings.

Agio is the share premium of the Parent Company transferred to supplementary capital without possibility of paying the dividend.

The capital established from retirement of shares was created as a result of reduction of the Parent Company’s share capital in 2013 earmarked for coverage of losses.

In the financial year ended 31 December 2017, changes to the Group’s supplementary capital were attributable to resolution of 30 June 2017 adopted by the Ordinary Shareholder Meeting of CARGOSPED Terminal Braniewo Sp. z o.o. in the matter of partial coverage with the supplementary capital of the net loss for 2016 of PLN 616 thousand, and resolution of 4 December 2017 adopted by the Extraordinary Shareholder Meeting of PKP CARGO SERVICE Sp. z o.o. in the matter of partial earmarking to supplementary capital of the net earnings for 2016 of PLN 1,256 thousand.

Retained earnings

The Group’s retained earnings include:

  1. financial performance of the current year,
  2. undistributed earnings and accumulated loss from previous years,
  3. differences attributable to transition to EU IFRS.

On 30 May 2017, the Ordinary General Meeting of the Parent Company adopted resolutions to approve the Standalone and Consolidated Financial Statements for 2016 and to cover the Parent Company’s loss for 2016 with undistributed earnings from previous years.