Consolidated Financial Statements

Consolidated statement of profit or loss and other comprehensive income

	NOTE	2021	2020 (restated data)
Sales revenues	11 , 13.1, 13.2, 13.3	131 341	86 180
Cost of sales	13.8.1	(110 789)	(76 667)
Gross profit on sales		20 552	9 513
Distribution expenses		(8 507)	(7 226)
Administrative expenses		(2 615)	(2 314)
Other operating income, incl.:	13.9	7 911	10 078
gain on bargain purchase of the ENERGA Group		–	4 062
Other operating expenses	13.10	(3 998)	(6 226)
(Loss)/reversal of loss due to impairment of trade receivables	13.12	(86)	(66)
Share in profit from investments accounted for using the equity method	14.3	613	149
Profit from operations		13 870	3 908
Finance income	13.11.1	789	852
Finance costs	13.11.2	(968)	(1 889)
Net finance income and costs		(179)	(1 037)
(Loss)/reversal of loss due to impairment of loans and interest on trade receivables	13.12	(8)	(15)
Profit before tax		13 683	2 856
Tax expense	13.13	(2 495)	(31)
Net profit		11 188	2 825

Other comprehensive income:
which will not be reclassified subsequently into profit or loss		119	(59)
fair value measurement of investment property as at the date of reclassification		16	–
actuarial gains and losses		124	(68)
gains/(losses) on investments in equity instruments at fair value through other comprehensive income		6	(5)
deferred tax		(27)	14
which will be reclassified into profit or loss		353	137
hedging instruments	16.4	137	(675)
hedging costs	16.4	(650)	255
exchange differences on translating foreign operations		766	481
share in other comprehensive income of investments accounted for using the equity method		1	–
deferred tax		99	76
		472	78
Total net comprehensive income		11 660	2 903
Net profit attributable to		11 188	2 825
equity owners of the parent		11 122	2 755
non-controlling interest		66	70
Total net comprehensive income attributable to		11 660	2 903
equity owners of the parent		11 587	2 840
non-controlling interest		73	63
Net profit and diluted net profit per share attributable to equity owners of the parent (in PLN per share)		26,00	6,44

Consolidated statement of financial position

	NOTE	31/12/2021	31/12/2020 (restated data)	01/01/2020 (restated data)
ASSETS
Non-current assets
Property, plant and equipment	14.1	55 379	49 625	32 563
Intangible assets and goodwill incl.:	14.2	4 829	2 515	1 600
goodwill	14.2.1	579	136	–
Right-of-use asset	17.2.1	5 586	5 252	3 952
Investments accounted for using the equity method	14.3	1 125	758	678
Deferred tax assets	13.13.2	718	685	51
Derivatives	14.10.1	343	179	310
Other assets	14.10.1	726	419	323
		68 706	59 433	39 477
Current assets
Inventories	14.5.1	18 410	12 279	15 074
Trade and other receivables	14.5.2	15 041	9 640	9 669
Current tax assets		129	449	262
Cash	14.6	2 896	1 240	6 159
Derivatives	14.10.1	1 149	440	243
Other assets	14.10.1	423	567	518
		38 048	24 615	31 925
Total assets		106 754	84 048	71 402
EQUITY AND LIABILITIES
EQUITY
Share capital	14.9.1	1 058	1 058	1 058
Share premium	14.9.2	1 227	1 227	1 227
Hedging reserve	16.4	(430)	(16)	328
Revaluation reserve		(20)	(37)	(33)
Exchange differences on translating foreign operations		2 111	1 328	847
Retained earnings	14.9.3	47 761	38 036	35 169
Equity attributable to equity owners of the parent		51 707	41 596	38 596
Non-controlling interests	14.9.4	871	793	11
Total equity		52 578	42 389	38 607
LIABILITIES
Non-current liabilities
Loans, borrowings and bonds	14.7	13 742	9 430	8 185
Provisions	14.11	1 905	2 264	1 113
Deferred tax liabilities	13.13.2	2 060	2 003	1 474
Derivatives	14.10.2	705	138	2
Lease liabilities	17.2.1	4 876	4 501	3 380
Other liabilities	14.10.2	586	370	344
Liabilities from contracts with customers	14.5.4	9	11	–
		23 883	18 717	14 498
Current liabilities
Trade and other liabilities	14.5.3	19 811	14 023	15 132
Lease liabilities	17.2.1	679	713	618
Liabilities from contracts with customers	14.5.4	719	442	246
Loans, borrowings and bonds	14.7	1 429	4 930	422
Provisions	14.11	6 201	2 299	1 236
Current tax liabilities		855	66	124
Derivatives	14.10.2	461	270	266
Other liabilities	14.10.2	138	199	253
		30 293	22 942	18 297
Total liabilities		54 176	41 659	32 795
Total equity and liabilities		106 754	84 048	71 402

Consolidated statement of changes in equity

	Equity attributable to equity owners of the parent							Total equity*
	Share capital and share premium	Hedging reserve	Revaluation reserve	Exchange differences on translating foreign operations	Retained earnings	Total	Non-controlling interests*	Total equity*
NOTE	14.9.1, 14.9.2	16.4			14.9.3		14.9.4
01.01.2021	2 285	(16)	(37)	1 328	38 036	41 596	793	42 389
Net profit	–	–	–	–	11 122	11 122	66	11 188
Components of other comprehensive income	–	(414)	17	766	96	465	7	472
Total net comprehensive income	–	(414)	17	766	11 218	11 587	73	11 660
Liquidation of company	–	–	–	17	–	17	(3)	14
Acquisition of subsidiary	–	–	–	–	–	–	9	9
Expiration of liabilities for payment of dividends to minority shareholders of ORLEN Unipetrol	–	–	–	–	4	4	–	4
Dividends	–	–	–	–	(1 497)	(1 497)	(1)	(1 498)
31.12.2021	2 285	(430)	(20)	2 111	47 761	51 707	871	52 578
01.01.2020	2 285	328	(33)	847	35 169	38 596	11	38 607
Net profit	–	–	–	–	2 755	2 755	70	2 825
Components of other comprehensive income	–	(344)	(4)	481	(48)	85	(7)	78
Total net comprehensive income	–	(344)	(4)	481	2 707	2 840	63	2 903
Acquisition of the ENERGA Group	–	–	–	–	–	–	1 684	1 684
Change in share structure	–	–	–	–	588	588	(965)	(377)
Dividends	–	–	–	–	(428)	(428)	–	(428)
31.12.2020	2 285	(16)	(37)	1 328	38 036	41 596	793	42 389

* restated data for 2020 (information in note 4.2)

Consolidated statement of cash flows

	NOTE	2021	2020 (restated data)
Cash flows from operating activities
Profit before tax		13 683	2 856
Adjustments for:
Share in profit from investments accounted for using the equity method	14.3	(613)	(149)
Depreciation and amortisation	13.8.2	5 341	4 557
Foreign exchange (profit)/loss	15.1	(152)	659
Net interest	15.2	431	392
Dividends	13.11.1	(3)	(6)
(Profit)/Loss on investing activities	15.3	(3 655)	(3 594)
Change in provisions	15.4	6 099	1 702
Change in working capital	14.5	(4 442)	2 209
inventories		(5 769)	3 144
receivables		(3 790)	2 252
liabilities		5 117	(3 187)
Other adjustments	15.5	(2 200)	(635)
Income tax (paid)	15.6	(1 194)	(744)
Net cash from operating activities		13 295	7 247
Cash flows from investing activities
Acquisition of property, plant and equipment, intangible assets and right-of-use asset		(11 225)	(7 573)
Acquisition of shares lowered by cash	15.7	(772)	(2 000)
Disposal of property, plant and equipment, intangible assets and right-of-use asset		95	70
Short-term deposits		62	(71)
Change in the ownership structure in Baltic Power		(35)	–
Dividends received		325	144
Proceeds/(Outflows) net cash from loans		–	136
Settlement of derivatives not designated as hedge accounting		1 784	750
Other		27	49
Net cash (used) in investing activities		(9 739)	(8 495)
Cash flows from financing activities
Proceeds from loans and borrowings received	14.8.1	14 392	5 928
Bonds issued	14.8.1	3 225	1 000
Repayment of loans and borrowings	14.8.1	(14 705)	(9 034)
Redemption of bonds	14.8.1	(2 452)	(100)
Interest paid from loans, borrowings and bonds	15.2, 14.8.1	(318)	(297)
Interest paid on lease	15.2, 14.8.1	(151)	(111)
Dividends paid	15.8	(1 498)	(428)
Payments of liabilities under lease agreements	14.8.1	(701)	(675)
Grants received		243	23
Other		(41)	(17)
Net cash (used) in financing activities		(2 006)	(3 711)
Net increase/(decrease) in cash		1 550	(4 959)
Effect of changes in exchange rates		106	40
Cash beginning of the period		1 240	6 159
Cash, end of the period	14.6	2 896	1 240
including restricted cash	14.6	398	217

Consolidated Financial Statements

Consolidated statement of profit or loss and other comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flows

See also

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