| NOTE | 2019 | 2018 | change (y/y) | ||
|---|---|---|---|---|---|
| value | % | ||||
| Sales revenues | 9, 11.1, 11.2, 11.3 | 111,203 | 109,706 | 1,497 | 1.4 |
| revenues from sales of finished goods and services | 93,009 | 91,014 | 1 ,995 | 2.2 | |
| revenues from sales of merchandise and raw materials | 18,194 | 18,692 | (498) | (2.7) | |
| Cost of sales | 11.8 | (97,301) | (97,265) | (36) | – |
| cost of finished goods and services sold | (81,266) | (80,781) | (485) | 0.6 | |
| cost of merchandise and raw materials sold | (16,035) | (16,484) | 449 | (2.7) | |
| Gross profit on sales | 13,902 | 12,441 | 1,461 | 11.7 | |
| Distribution expenses | (6,355) | (4,745) | (1,610) | 33.9 | |
| Administrative expenses | (1,806) | (1,590) | (216) | 13.6 | |
| Other operating income | 11.9 | 1,246 | 2,150 | (904) | (42) |
| Other operating expenses | 11.10 | (1,717) | (1,152) | (565) | 49 |
| (Loss)/reversal of loss due to impairment of financial instruments | 11.12 | (41) | (16) | (25) | 156.3 |
| Share in profit from investments accounted for using the equity method | 12.3 | 136 | 127 | 9 | 7.1 |
| Profit from operations | 5,365 | 7,215 | (1,850) | (25.6) | |
| Finance income | 11.11.1 | 890 | 1,413 | (523) | (37) |
| Finance costs | 11.11.2 | (901) | (1,517) | 616 | (40.6) |
| Net finance income and costs | (11) | (104) | 93 | (89.4) | |
| (Loss)/reversal of loss due to impairment of financial instruments | 11.12 | (2) | (1) | (1) | 100 |
| Profit before tax | 5,352 | 7,110 | (1,758) | (24.7) | |
| Tax expense | 11.13 | (1,054) | (1,506) | 452 | (30) |
| current tax | (1,000) | (1,181) | 181 | (15.3) | |
| deferred tax | (54) | (325) | 271 | (83.4) | |
| Net profit | 4,298 | 5,604 | (1,306) | (23.3) | |
| Other comprehensive income: | |||||
| which will not be reclassified subsequently into profit or loss | (35) | (24) | (11) | 45.8 | |
| actuarial gains and losses | (21) | (5) | (16) | 320 | |
| gains/(losses) on investments in equity instruments at fair value through other comprehensive income | (20) | (23) | 3 | (13) | |
| deferred tax | 11.13.2 | 6 | 4 | 2 | 50 |
| which will be reclassified into profit or loss | 105 | 462 | (357) | (77.3) | |
| hedging instruments | (148) | 12 | (160) | – | |
| hedging costs | 115 | 38 | 77 | 202.6 | |
| exchange differences on translating foreign operations | 138 | 415 | (277) | (66.7) | |
| deferred tax | 11.13.2 | – | (3) | 3 | – |
| 70 | 438 | (368) | (84) | ||
| Total net comprehensive income | 4,368 | 6,042 | (1,674) | (27.7) | |
| Net profit/(loss) attributable to | 4,298 | 5,604 | (1,306) | (23.3) | |
| equity owners of the parent | 4,300 | 5,556 | (1,256) | (22.6) | |
| non-controlling interest | (2) | 48 | (50) | – | |
| Total net comprehensive income attributable to | 4,368 | 6,042 | (1,674) | (27.7) | |
| equity owners of the parent | 4,370 | 5,937 | (1,567) | (26.4) | |
| non-controlling interest | (2) | 105 | (107) | – | |
| Net profit and diluted net profit per share attributable to equity owners of the parent (in PLN per share) | 10.05 | 12.99 | (2.94) | (22.63) | |
| NOTE | 31/12/2019 | 31/12/2018 | change (y/y) | ||
|---|---|---|---|---|---|
| value | % | ||||
| ASSETS | |||||
| Non-current assets | |||||
| Property, plant and equipment | 12.1 | 32,363 | 31,390 | 973 | 3.1 |
| Intangible assets | 12.2 | 1,600 | 1,323 | 277 | 20.9 |
| Right-of-use asset | 14.2.1 | 3,952 | – | 3,952 | – |
| Investments accounted for using the equity method | 12.3 | 678 | 650 | 28 | 4.3 |
| Deferred tax assets | 11.13.2 | 51 | 70 | (19) | (27.1) |
| Derivatives | 12.8 | 310 | 161 | 149 | 92.5 |
| Long-term lease receivables | 14.2.2 | 13 | – | 13 | – |
| Other assets | 12.8 | 310 | 338 | (28) | (8.3) |
| 39,277 | 33,932 | 5,345 | 15.8 | ||
| Current assets | |||||
| Inventories | 12.5.1 | 15,074 | 14,362 | 712 | 5 |
| Trade and other receivables | 12.5.2 | 9,669 | 10,479 | (810) | (7.7) |
| Current tax assets | 262 | 114 | 148 | 129.8 | |
| Cash and cash equivalents | 12.6.2 | 6,159 | 4,192 | 1,967 | 46.9 |
| Derivatives | 12.8 | 243 | 524 | (281) | (53.6) |
| Short-term lease receivables | 14.2.2 | 12 | – | 12 | – |
| Other assets | 12.8 | 468 | 336 | 132 | 39.3 |
| Non-current assets classified as held for sale | 38 | 202 | (164) | (81.2) | |
| 31,925 | 30,209 | 1,716 | 5.7 | ||
| Total assets | 71,202 | 64,141 | 7,061 | 11 | |
| EQUITY AND LIABILITIES | |||||
| EQUITY | |||||
| Share capital | 12.7.1 | 1,058 | 1,058 | – | – |
| Share premium | 12.7.2 | 1,227 | 1,227 | – | – |
| Hedging reserve | 13.4 | 328 | 361 | (33) | (9.1) |
| Revaluation reserve | (33) | (15) | (18) | 120 | |
| Exchange differences on translating foreign operations | 847 | 709 | 138 | 19.5 | |
| Retained earnings | 12.7.3 | 35,169 | 32,387 | 2,782 | 8.6 |
| Equity attributable to equity owners of the parent | 38,596 | 35,727 | 2,869 | 8 | |
| Non-controlling interests | 12.7.4 | 11 | 12 | (1) | (8.3) |
| Total equity | 38,607 | 35,739 | 2,868 | 8 | |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Loans and bonds | 12.6.1 | 8,185 | 8,598 | (413) | (4.8) |
| Provisions | 12.9 | 1,113 | 1,055 | 58 | 5.5 |
| Deferred tax liabilities | 11.13.2 | 1,474 | 1,445 | 29 | 2 |
| Derivatives | 12.8 | 2 | 42 | (40) | (95.2) |
| Lease liabilities | 14.2.1 | 3,380 | – | 3,380 | – |
| Other liabilities | 12.8 | 161 | 366 | (205) | (56) |
| 14,315 | 11,506 | 2,809 | 24.4 | ||
| Current liabilities | |||||
| Trade and other liabilities | 12.5.3 | 15,132 | 13,697 | 1,435 | 10.5 |
| Lease liabilities | 14.2.1 | 618 | – | 618 | – |
| Liabilities from contracts with customers | 12.5.4 | 246 | 231 | 15 | 24.4 |
| Loans and bonds | 12.6.1 | 422 | 1,193 | (771) | (64.6) |
| Provisions | 12.9 | 1,236 | 1,019 | 217 | 21.3 |
| Current tax liabilities | 124 | 473 | (349) | (73.8) | |
| Derivatives | 12.8 | 266 | 193 | 73 | 37.8 |
| Other liabilities | 12.8 | 236 | 90 | 146 | 162.2 |
| 18,280 | 16,896 | 1,384 | 8.2 | ||
| Total liabilities | 32,595 | 28,402 | 4,193 | 14.8 | |
| Total equity and liabilities | 71,202 | 64,141 | 7,061 | 11 | |
| Equity attributable to equity owners of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital and share premium | Hedging reserve | Revaluation reserve | Exchange differences on translating foreign operations | Retained earnings |
Total | Non-controlling interests | Total equity | |
| NOTE | 12.7.1, 12.7.2 | 13.4 | 12.7.3 | 12.7.4 | ||||
| 01/01/2019 (approved data) | 2,285 | 361 | (15) | 709 | 32,387 | 35,727 | 12 | 35,739 |
| Impact of IFRS 16 adoption | – | – | – | – | (4) | (4) | – | (4) |
| 01/01/2019 (converted data) | 2,285 | 361 | (15) | 709 | 32,383 | 35,723 | 12 | 35,735 |
| Net profit/(loss) | – | – | – | – | 4,300 | 4,300 | (2) | 4,298 |
| Components of other comprehensive income | – | (33) | (18) | 138 | (17) | 70 | – | 70 |
| Total net comprehensive income | – | (33) | (18) | 138 | 4,283 | 4,370 | (2) | 4,368 |
| Issuance of shares attributable to non-controlling interest | – | – | – | – | – | – | 1 | 1 |
| Dividends | – | – | – | – | (1,497) | (1,497) | – | (1,497) |
| 31/12/2019 | 2,285 | 328 | (33) | 847 | 35,169 | 38,596 | 11 | 38,607 |
| 01/01/2018 | 2,285 | 331 | 5 | 334 | 29,233 | 32,188 | 3,014 | 35,202 |
| Net profit | – | – | – | – | 5,556 | 5,556 | 48 | 5,604 |
| Components of other comprehensive income | – | 30 | (20) | 375 | (4) | 381 | 57 | 438 |
| Total net comprehensive income | – | 30 | (20) | 375 | 5,552 | 5,937 | 105 | 6,042 |
| Change in structure | – | – | – | – | (1,115) | (1,115) | (3,107) | (4,222) |
| Dividends | – | – | – | – | (1,283) | (1,283) | – | (1,283) |
| 31/12/2018 | 2,285 | 361 | (15) | 709 | 32,387 | 35,727 | 12 | 35,739 |
| NOTE | 2019 | 2018 | change (y/y) | ||
|---|---|---|---|---|---|
| value | % | ||||
| Cash flows from operating activities | |||||
| Profit before tax | 5,352 | 7,110 | (1,758) | (24.7) | |
| Adjustments for: | |||||
| Share in profit from investments accounted for using the equity method | 12.3 | (136) | (127) | (9) | 7.1 |
| Depreciation and amortisation | 11.8 | 3,497 | 2,673 | 824 | 30.8 |
| Foreign exchange (gain)/loss | 11.11.4 | (72) | 319 | (391) | – |
| Net interest | 11.11.3 | 272 | 203 | 69 | 34.0 |
| Dividends | 11.11.1 | (5) | (4) | (1) | 25.0 |
| (Profit)/Loss on investing activities | 316 | (1,100) | 1,416 | – | |
| recognition/(reversal) of impairment allowances of property, plant and equipment, intangible assets and other non-current assets | 11.9, 11.10 | 179 | (704) | 883 | – |
| settlement and valuation of derivative financial instruments | 161 | (434) | 595 | – | |
| Change in provisions | 12.9 | 1,035 | 736 | 299 | 40.6 |
| Change in working capital | 12.5 | 1,182 | (3,059) | 4,241 | – |
| inventories | (709) | (1,729) | 1,020 | (59.0) | |
| receivables | 942 | (1,069) | 2,011 | – | |
| liabilities | 949 | (261) | 1,210 | – | |
| Other adjustments | (624) | (732) | 108 | (14.8) | |
| rights received free of charge | (683) | (494) | (189) | 38.3 | |
| security deposits | (367) | (1) | (366) | 36,600.0 | |
| change in settlements of settled derivatives not designated for hedge accounting purposes | 268 | (247) | 515 | – | |
| Income tax (paid) | 11.13.3 | (1,498) | (1,039) | (459) | 44.2 |
| Net cash from operating activities | 9,319 | 4,980 | 4,339 | 87.1 | |
| Cash flows from investing activities | |||||
| Acquisition of property, plant and equipment, intangible assets and right-of-use asset | (4,450) | (4,454) | 4 | (0.1) | |
| Acquisition of shares | – | (25) | 25 | – | |
| Disposal of property, plant and equipment, intangible assets and right-of-use asset | 245 | 161 | 84 | 52.2 | |
| Dividends received | 112 | 196 | (84) | (42.9) | |
| Settlement of derivatives not designated as hedge accounting | 82 | 339 | (257) | (75.8) | |
| Other | 17 | (15) | 32 | – | |
| Net cash (used) in investing activities | (3,994) | (3,798) | (196) | 5.2 | |
| Cash flows from financing activities | |||||
| Change in cash related to acquisition of non-controlling interest of UNIPETROL, a.s | 190 | (4,222) | 4,412 | – | |
| Proceeds from loans received | 12.6 | 381 | 2,232 | (1,851) | (82.9) |
| Bonds issued | – | 600 | (600) | – | |
| Repayment of loans | 12.6 | (492) | (97) | (395) | 407.2 |
| Redemption of bonds | 12.6 | (1,000) | (200) | (800) | 400.0 |
| Interest paid from loans and bonds | 11.11.3, 12.6 | (218) | (222) | 4 | (1.8) |
| Interest paid on lease | 11.11.3, 12.6 | (68) | (9) | (59) | 655.6 |
| Dividends paid | (1,497) | (1,284) | (213) | 16.6 | |
| to equity owners of the parent | 12.7.6 | (1,497) | (1,283) | (214) | 16.7 |
| to non-controlling interest | – | (1) | 1 | – | |
| Payments of liabilities under lease agreements | 12.6 | (656) | (32) | (624) | 1,950.0 |
| short-term and low-value lease payments | (149) | – | (149) | – | |
| Other | (3) | (3) | – | – | |
| Net cash (used) in financing activities | (3,363) | (3,237) | (126) | 3.9 | |
| Net increase/(decrease) in cash and cash equivalents | 1,962 | (2,055) | 4,017 | – | |
| Effect of changes in exchange rates | 5 | 3 | 2 | 66.7 | |
| Cash and cash equivalents, beginning of the period | 4,192 | 6,244 | (2,052) | (32.9) | |
| Cash and cash equivalents, end of the period | 6,159 | 4,192 | 1,967 | 46.9 | |
| including restricted cash | 1,086 | 87 | 999 | 1,148.3 | |