Polskie Górnictwo Naftowe i Gazownictwo S.A.
INTERIM REPORT
for the third quarter
ended September 30th 2017
prepared in accordance with International Financial Reporting Standards
as endorsed by the European Union
POLISH FINANCIAL SUPERVISION AUTHORITY Consolidated Quarterly Report QSr 3 / 2017quarter / year
(pursuant to Par. 82.2 and Par. 83.1 of the Regulation of the Minister of Finance of February 19th 2009 - Dz. U. of 2014, item 133, as amended)
for issuers of securities in the manufacturing, construction, trade and services sectors
for the third quarter of the 2017 financial year, covering the period from January 1st to September 30th 2017, containing interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN), and interim condensed separate financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN).
November 13th 2017
(filing date)
PO LSKI E GÓ RNI CTWO N AF TO WE i G AZOW NICTWO SPÓ ŁK A AK CY JN A(Full name of the issuer)
PGNIG(Abbreviated name of the issuer)
Fuels (pal)(industry according to WSE classification)
01-224(postal code)
Warsaw(city)
Marcina Kasprzaka 25(street) (number)
+48 22 589 45 55(phone)
+48 22 691 82 73(fax)
pr@pgnig.pl(e-mail)
www.pgnig.pl(www)
525−000−80−28(NIP)
012216736(REGON)
Financial highlights
Key data from the interim condensed consolidated
financial statements PLN million EUR million
9 months ended Sep 30 2017 | 9 months ended Sep 30 2016 | 9 months ended Sep 30 2017 | 9 months ended Sep 30 2016 | |
Revenue | 24,892 | 23,050 | 5,848 | 5,276 |
Operating profit before depreciation and amortisation (EBITDA) | 5,256 | 4,269 | 1,235 | 977 |
Operating profit (EBIT) | 3,260 | 2,313 | 766 | 529 |
Profit before tax | 3,312 | 2,240 | 778 | 513 |
Net profit attributable to owners of the parent | 2,465 | 1,629 | 579 | 373 |
Net profit | 2,465 | 1,628 | 579 | 373 |
Total comprehensive income attributable to owners of the parent | 2,337 | 1,988 | 549 | 455 |
Total comprehensive income | 2,337 | 1,987 | 549 | 455 |
Net cash from operating activities | 3,672 | 4,164 | 863 | 953 |
Net cash from investing activities | (2,979) | (2,880) | (700) | (659) |
Net cash from financing activities | (4,993) | (1,949) | (1,173) | (446) |
Net cash flows | (4,300) | (665) | (1,010) | (152) |
Basic and diluted earnings per share (PLN) | 0.43 | 0.28 | 0.10 | 0.06 |
As at Sep 30 2017 | As at Dec 31 2016 | As at Sep 30 2017 | As at Dec 31 2016 | |
Total assets | 45,883 | 49,672 | 10,648 | 11,228 |
Total liabilities | 12,686 | 17,656 | 2,944 | 3,991 |
Total non-current liabilities | 7,141 | 7,303 | 1,657 | 1,651 |
Total current liabilities | 5,545 | 10,353 | 1,287 | 2,340 |
Total equity | 33,197 | 32,016 | 7,704 | 7,237 |
Share capital | 5,778 | 5,778 | 1,341 | 1,306 |
Weighted average number of ordinary shares (million) | 5,778 | 5,867 | 5,778 | 5,867 |
Book value per share and diluted book value per share (PLN and EUR) | 5.75 | 5.46 | 1.33 | 1.23 |
Dividend per share declared or paid (PLN and EUR) | 0.20 | 0.18 | 0.05 | 0.04 |
Key data from the interim condensed
separate financial statements PLN million EURmillion
9 months ended Sep 30 2017 | 9 months ended Sep 30 2016 | 9 months ended Sep 30 2017 | 9 months ended Sep 30 2016 | |
Net revenue | 12,981 | 11,996 | 3,050 | 2,746 |
Profit before tax | 2,225 | 2,284 | 523 | 523 |
Net profit | 1,983 | 2,127 | 466 | 487 |
Total comprehensive income | 1,902 | 2,487 | 447 | 569 |
Net cash from operating activities | (214) | 699 | (50) | 160 |
Net cash from investing activities | 23 | 110 | 5 | 25 |
Net cash from financing activities | (4,730) | (1,990) | (1,111) | (456) |
Net cash flows | (4,921) | (1,181) | (1,156) | (270) |
Earnings and diluted earnings per share attributable to holders of ordinary shares (PLN and EUR) | 0.34 | 0.36 | 0.08 | 0.08 |
As at Sep 30 2017 | As at Dec 31 2016 | As at Sep 30 2017 | As at Dec 31 2016 | |
Total assets | 32,682 | 35,769 | 7,584 | 8,085 |
Total liabilities | 6,708 | 10,541 | 1,557 | 2,383 |
Total non-current liabilities | 2,216 | 2,144 | 514 | 485 |
Total current liabilities | 4,492 | 8,397 | 1,042 | 1,898 |
Equity | 25,974 | 25,228 | 6,028 | 5,703 |
Share capital and share premium | 7,518 | 7,518 | 1,745 | 1,699 |
Weighted average number of shares (million) in the period | 5,778 | 5,867 | 5,778 | 5,867 |
Book value per share and diluted book value per share (PLN and EUR) | 4.50 | 4.30 | 1.04 | 0.97 |
Dividend per share declared or paid (PLN/EUR) | 0.20 | 0.18 | 0.05 | 0.04 |
Average EUR/PLN exchange rates quoted by the NBP Sep 30 2017 Sep 30 2016 Dec 31 2016
Average exchange rate in period | 4.2566 | 4.3688 4.3757 |
Exchange rate at end of period | 4.3091 | 4.3120 4.4240 |
Items of the statement of profit or loss, statement of comprehensive income and statement of cash flows were translated at the EUR/PLN exchange rate computed as the arithmetic mean of mid rates quoted by the National Bank of Poland (NBP) for the last day of each calendar month in the reporting period.
Items of the statement of financial position were translated at the mid rate for EUR/PLN quoted by the NBP at the end of the reporting period.
TABLE OF CONTENTSInterim condensed consolidated financial statements 5
General information 9
KEY INFORMATION ABOUT THE GROUP 9
BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS INCLUDED IN THIS REPORT 9
APPLIED ACCOUNTING POLICIES 10
EFFECT OF NEW STANDARDS ON THE FINANCIAL STATEMENTS OF THE PGNIG GROUP 10
PRESENTATION CHANGES IN THE FINANCIAL STATEMENTS 11
The Group and its reporting segments 14
CHANGES IN THE GROUP STRUCTURE 16
EQUITY-ACCOUNTED INVESTEES 16
KEY DATA ON THE REPORTING SEGMENTS 17
SEGMENTS' FINANCIAL RESULTS 18
FACTORS AND EVENTS WHICH MAY AFFECT FUTURE RESULTS OF THE PGNIG GROUP 19
Notes to the interim condensed consolidated financial statements 20
DEFERRED TAX 20
IMPAIRMENT LOSSES/WRITE-DOWNS 20
PROVISIONS 21
REVENUE 22
OPERATING EXPENSES 22
OTHER INCOME AND EXPENSES 23
NET FINANCE INCOME/(COSTS) 23
INCOME TAX 23
PROPERTY, PLANT AND EQUIPMENT 24
DERIVATIVE FINANCIAL INSTRUMENTS 25
CONTINGENT ASSETS AND LIABILITIES 28
Supplementary information to the report 29
KEY EVENTS RELATED TO THE ISSUER IN THE REPORTING PERIOD 29
SHARES HELD BY MANAGEMENT AND SUPERVISORY PERSONNEL 32
DIVIDEND PAID (DECLARED) 32
ISSUE, REDEMPTION, AND REPAYMENT OF DEBT SECURITIES 32
SEASONALITY 33
MATERIAL COURT, ARBITRATION AND ADMINISTRATIVE PROCEEDINGS 33
SETTLEMENTS FROM COURT PROCEEDINGS 35
CHANGES IN THE ECONOMIC ENVIRONMENT AND TRADING CONDITIONS WITH A MATERIAL BEARING ON FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 35
CREDIT DEFAULT OR BREACH OF MATERIAL CREDIT COVENANTS WITH RESPECT TO WHICH NO REMEDIAL ACTION WAS TAKEN BEFORE THE END OF THE REPORTING PERIOD 35
RELATED-PARTY TRANSACTIONS 35
MANAGEMENT BOARD'S POSITION ON FEASIBILITY OF MEETING PUBLISHED FORECASTS FOR THE YEAR 35
EVENTS SUBSEQUENT TO THE REPORTING DATE 35
OTHER INFORMATION MATERIAL TO THE ASSESSMENT OF HUMAN RESOURCES, ASSETS, FINANCIAL CONDITION AND RESULTS, AS WELL AS TO THE ASSESSMENT OF ABILITY TO FULFIL OBLIGATIONS 36
Quarterly financial data of PGNiG S.A. 37
FINANCIAL STATEMENTS 37
NOTES TO THE INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS 42
Page 4 of 46
PGNiG - Polish Oil & Gas Company published this content on 13 November 2017 and is solely responsible for the information contained herein.
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