Our results

Revenue from sales of services and finished products

Accounting policy applied

Revenue from sales is disclosed at fair value of the payment received or due less VAT, refunds, rebates and discounts.

Revenue from sales of services is recognized in the period in which the services were provided. Revenue from performance of uncompleted service is determined under the percentage of completion method. The percentage of completion is calculated on the basis of the percentage share of the service already completed in the total value of services to be performed.

In the domestic market, the date of sale is the date of performance provided in accordance with the contract of purchase and sale (dispatch or making available to the recipient of the delivery, or acceptance of a service). In the specific case of freight services, the date of sale of a service is each time the date of the service acceptance (completion). Regarding export sales, the date of sale is understood as the date of crossing the border, as confirmed by the border customs office.

Revenue from sales of goods and materials is disclosed if significant risk and benefits connected with the property rights have been transferred to the buyer and the amount of related revenue and expenses may be reliably assessed. The Group based its estimates on historical performance, taking into account the customer type, transaction type and details of the specific contracts.

  

Structure of revenue from sales of services and finished products.

The Group conducts its business within one segment only, i.e. domestic and international cargo freight and provision of comprehensive logistics services related to rail freight.

The Parent Company Management Board does not evaluate the Group’s performance and does not make decisions concerning allocation of resources to groups of services provided account being taken of the below structure of revenue from sale of services. Therefore, the specific service groups may not be treated as the Group’s operating segments. The Management Board of the Parent Company analyzes financial data in the layout in which they have been presented in these Consolidated Financial Statements.

Data in ths. PLN

 Year ended 31/12/2017(audited)Year ended 31/12/2016(audited)
Revenue from rail transportation and freight forwarding services3,945,6693,612,728
Revenue from other transport activity167,862169,180
Revenue from siding and traction services239,930267,263
Revenue from transshipment services82,23481,512
Revenue from reclamation services77,09073,864
Other revenues, including:  
Rent of assets41,97644,222
Revenue from customs agency services15,51715,148
Sales of finished products24,41428,200
Repair of rolling stock16,06721,030
Other30,04928,727
Total4,640,8084,341,874

Geography

The Group defines the geographical area of business as the location of the registered office of its customer, and not as the country of the service provision. Poland is the main geographic area of the Group’s activity.

Revenue from sales of services and finished products generated on external customers and broken down based on their headquarter is presented below:

Data in ths. PLN

 Year ended 31/12/2017(audited)Year ended 31/12/2016(audited)
Poland3,281,8893,011,970
Czech Republic585,741685,244
Germany242,237180,928
Slovakia115,46875,076
Italy83,20769,955
France50,73860,569
Other countries281,528258,132
Total4,640,8084,341,874

Non-current assets excluding financial instruments and deferred income tax assets, broken down to localization:

Data in ths. PLN

  As at 31/12/2017 (audited)As at 31/12/2016 (restated*)
Poland 3,984,0393,987,209
Czech Republic 804,841840,775
Other countries 12,57013,860
Total 4,801,4504,841,844

(*) restatement of comparable data is described in Note 4 to the Consolidated Financial Statements.

Information on key customers

In the financial year ended 31 December 2017, the sales of services and finished goods to a single capital group exceeded 10% and amounted to 11.0% of the total revenue from sales of services and finished goods. In the financial year ended 31 December 2016, the Group’s revenue from any single Group client did not exceed 10% of the total revenue from sales of services and finished goods.