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Financial data

Financial data

We have recorded an increase in revenues and profits at all levels. We have significantly increased our financial and operating results.

Asset position - the structure of assets and liabilities of the Enea Group

Assets [PLN k] As at: Change % change
31 December 2016 31 December 2017
Fixed assets 19 486 599 22 080 914 2 594 315 13.3%
Property, plant and equipment 18 382 498 20 416 867 2 034 369 11.1%
Perpetual usufruct of land 74 899 105 571 30 672 41.0%
Intangible assets 370 638 418 248 47 610 12.8%
Investment real estates 28 020 26 981 -1 039 -3.7%
Investments in subsidiaries, affiliates and jointly controlled entities 2 518 355 152 352 634 14 004.5%
Assets due to deferred income tax 403 257 501 945 98 688 24.5%
Financial assets available for sale 42 482 40 698 -1 784 -4.2%
Financial assets at fair value through profit or loss 112 33 364 33 252 29 689.3%
Derivatives 40 267 29 553 -10 714 -26.6%
Trade and other receivables 30 690 30 729 39 0.1%
Funds accumulated as part of the Mine Liquidation Fund 111 218 121 806 10 588 9.5%
Current assets 5 049 920 6 232 080 1 182 160 23.4%
CO2 Emission allowances 417 073 595 533 178 460 42.8%
Inventories 448 941 846 187 397 246 88.5%
Trade and other receivables 1 824 488 1 903 568 79 080 4.3%
Receivables due to current income tax 9 541 149 859 140 318 1 470.7%
Financial assets held to maturity 478 478 - -
Financial assets at fair value through profit or loss 4 852 49 329 44 477 916.7%
Cash and cash equivalents 2 340 217 2 687 126 346 909 14.8%
Fixed assets held for sale 4 330 - -4 330 -100.0%
Total assets 24 536 519 28 312 994 3 776 475 15.4%


1) incl. exclusions

Change factors for fixed assets (increase by PLN 2 594 million):

  • an increase in property, plant and equipment by PLN 2 034 million mainly due to the acquisition of EEP assets, the commissioning of unit No. 11 and increased expenditure on network assets - in the distribution segment
  • the increase in investments in subsidiaries by PLN 353 million mainly due to the acquisition of new shares in the increased share capital of Polska Grupa Górnicza sp. o.o., acquisition of shares in Polimex-Mostostal SA and Elektrownia Ostrołęka SA
  • increase in financial assets at fair value through profit or loss - PLN 33 million is mainly related to the valuation of call options for shares in Polimex-Mostostal SA

Change factors for current assets (increase by PLN 1 182 million):

  • an increase in inventories by PLN 397 million mainly due to greater inventories of coal, certificates of origin, biomass and spare parts for unit No. 11
  • an increase in cash and cash equivalents by PLN 347 million results mainly from the acquisition of EEP assets and investment and financial activities
  • an increase in the value of CO2 emission allowances by PLN 178 million is mainly due to the acquisition of EEP (acquisition of new CO2 emission allowances for redemption in 2018)
  • an increase in financial assets at fair value through profit or loss - PLN 45 million results from the valuation of forward contracts for the purchase of electricity and gas and property rights
Liabilities [PLN k] As at: Change % change
31 December 2016 31 December 2017
Total equity 13 011 729 13 999 669 987 940 7.6%
Share capital 588 018 588 018 - -
Capital from the surplus of the issue price over the nominal value 3 632 464 3 632 464 - -
Capital from the revaluation of financial instruments 744 741 -3 -0.4%
Other equity -25 652 -27 101 -1 449 -5.6%
Reserve capital from the valuation of hedging instruments 33 826 25 967 -7 859 -23.2%
Profits retained 7 946 612 8 858 130 911 518 11.5%
Non-controlling shares 835 717 921 450 85 733 10.3%
Liabilities 11 524 790 14 313 325 2 788 535 24.2%
Long-term liabilities 8 606 757 10 063 012 1 456 255 16.9%
Short-term liabilities 2 918 033 4 250 313 1 332 280 45.7%
Total liabilities and equity 24 536 519 28 312 994 3 776 475 15.4%


Change factors for long-term liabilities (increase by PLN 1 456 million)

  • PLN 1 444 million increase in loans, borrowings and debt securities - mainly due to the launch of subsequent loan tranches in the EIB for the financing of a multi-annual investment plan to modernize and expand Enea Operator's energy networks, issue new bonds under the „Scheme Agreement up to PLN 700 million" and new bonds - under the „Scheme Agreement up to PLN 3 000 million ". In addition, in the reporting period there was a buyout of bonds by LW Bogdanka and repayment of the EIB loan capital instalments and the "Program Agreement up to PLN 700 million"
  • PLN 52 million decrease in liabilities due to employee benefits results mainly from the release of the coal allowance provision for future and current pensioners of LW Bogdanka
  • PLN 53 million increase in the deferred tax liability mainly relates to the reversal of the impairment loss on non-current assets and the change in provisions for LW Bogdanka (in particular due to the coal allowance)

Change factors for short-term liabilities (increase by PLN 1 332 million)

  • PLN 909 million increase in trade and other liabilities results, for instance, from the EEP acquisition, higher liabilities under fixed assets under construction resulting from the construction of unit No. 11 and compensation for termination of contracts for the purchase of certificates of electricity origin
  • 2PLN 294 million increase in provisions for other liabilities and other encumbrances results mainly from the change in provisions for CO2 emission allowances and potential claims regarding the termination of contracts for the purchase of certificates of origin of electricity
  • PLN 90 million increase in loans, borrowings and debt securities results from classifying to the short-term liabilities parts of the EIB loan tranches drawn during the reporting period and issuance of new bond series

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