Annual report 2020

03

Separate statement of financial position

  • Annual Report 2020
  • Financial statements
  • Separate statements
  • Separate statement of financial position

Table. Separate statement of financial position

in PLN thousand Note As at
31 December 2020		 As at
31 December 2019		 As at
1 January 2019
current period previous period
(transformed data)		 previous period
(transformed data)
ASSETS
Non-current assets
Property, plant and equipment 1 193 006 1 197 592 1 196 587
Intangible assets 2 193 2 298 2 419
Right-of-use assets 63 674 64 767 12 714
Investment property 14 948 15 533 15 666
Long-term receivables 5 393 5 926 7 633
Other non-current assets 5 149 4 994 3 551
Investments in subsidiaries 169 112 169 112 169 112
Total non-current assets 1 453 475 1 460 222 1 460 222
Current assets
Inventories 113 467 116 122 91 096
Carbon-dioxide emission rights acquired
for redemption		 39 024 699 1 815
Short-term investments - 4 440 939
Income tax receivables - 4 602 1 474
Trade and other receivables 358 617 230 072 229 554
Other current assets 950 4 051 3 135
Cash and cash equivalents 13 351 15 293 2 388
Total current assets 525 409 375 279 330 401

Total assets 1 978 884 1 835 501 1 738 083
EQUITY AND LIABILITIES
Equity
Share capital 252 503 252 503 252 503
Share premium 251 258 251 258 251 258
Other reserve capital 764 413 737 959 660 923
Retained earnings 166 989 194 054 245 126
Total equity 1 435 163 1 435 774 1 409 810
Liabilities
Non-current liabilities
Long-term lease liabilities 50 819 51 152 88
Deferred tax liability 83 180 95 430 93 805
Deferred income and government grants 28 046 30 739 33 011
Other non-current liabilities 45 16 -
Employee benefit liabilities 1 528 2 316 3 096
Long-term provisions 35 356 29 616 23 191
Total non-current liabilities 198 974 209 269 153 191
Current liabilities
Loans, borrowings and debt instruments - - 24 781
Short-term lease liabilities 1 957 1 905 70
Income tax payables 2 693 - -
Deferred income and government grants 3 419 3 186 3 400
Trade and other payables 173 385 102 126 105 052
Employee benefit liabilities 13 363 12 167 11 986
Short-term provisions 149 930 71 074 29 793
Total current liabilities 344 747 190 458 175 082
Total liabilities 543 721 399 727 328 273

Total equity and liabilities 1 978 884 1 835 501 1 738 083

Sprawozdanie z całkowitych dochodów

Table. Property, plant and equipment

in PLN thousand Land Buildings Plant and equipment Vehicles Other
tangible assets		 Fixed assets
under construction		 Total
Gross carrying value
as at 1 Janury 2019		 1 707 974 025 2 266 555 887 15 382 48 593 3 307 149
Additions (transfer) of assets brought to use - 12 253 112 619 156 1 649 -126 677 -
Additions due to purchases - - - - - 112 909 112 909
Disposals due to liquidation/sale - -1 941 -10 355 - -85 - -12 381
Reclassification - 999 -2 086 -341 1 043 - -385
Other additions/disposals 6 - - - - - 6
Gross carrying value
as at 31 December 2019		 1 713 985 336 2 366 733 702 17 989 34 825 3 407 298
 
Gross carrying value
as at 1 Janury 2020		 1 713 985 336 2 366 733 702 17 989 34 825 3 407 298
Additions (transfer) of assets brought to use - 8 155 78 084 4 814 -87 057 -
Additions due to purchases - - - - - 120 504 120 504
Disposals due to liquidation/sale - - -615 - -1 -154 -770
Gross carrying value
as at 31 Decembe 2020		 1 713 993 491 2 444 202 706 18 802 68 118 3 527 032
in PLN thousand Land Buildings Plant and equipment Vehicles Other
tangible assets		 Fixed assets
under
construction		 Total
 
Accumulated depreciation
as at 1 January 2019		 - -656 605 -1 439 572 -656 -7 741 - -2 104 574
Depreciation for the period - -22 922 -85 805 -31 -1 325 - -110 083
Disposals of depreciation due to liquidation/sale - 1 941 8 646 - 86 - 10 673
Reclassification from assets held for sale - -333 1 158 265 -824 - 266
Accumulated depreciation
as at 31 December 2019		 - -677 919 -1 515 573 -422 -9 804 - -2 203 718
 
Accumulated depreciation
as at 1 January 2020		 - -677 919 -1 515 573 -422 -9 804 - -2 203 718
Depreciation for the period - -25 254 -98 374 -39 -1 269 - -124 936
Disposals of depreciation due to liquidation/sale - - 615 - 1 - 616
Accumulated depreciation
as at 31 December 2020		 - -703 173 -1 613 332 -461 -11 072 - -2 328 038
in PLN thousand Land Buildings Plant and equipment Vehicles Other
tangible assets		 Fixed assets
under
construction		 Total
Accumulated impairment losses
as at 1 January 2019		 - - -5 338 - - -650 -5 988
 
Accumulated impairment losses
as at 31 December 2019		 - - -5 338 - - -650 -5 988
 
Accumulated impairment losses
as at 1 January 2020		 - - -5 338 - - -650 -5 988
Reclassification - - 18 - -18 - -
Accumulated impairment losses
as at 31 December 2020		 - - -5 338 - - -650 -5 988
 
Net carrying value
As at 1 January 2019 1 707 317 420 821 645 231 7 641 47 943 1 196 587
As at 31 December 2019 1 713 307 417 845 822 280 8 185 34 175 1 197 592
As at 31 December 2020 1 713 290 318 825 550 245 7 712 67 468 1 193 006

Sprawozdanie z całkowitych dochodów

Table. Intangible assets

in PLN thousand Goodwill Concessions, licenses,
software and other		 Total intangible assets
Gross carrying value as at 1 January 2019 1 439 1 411 2 850
 
Gross carrying value as at 31 December 2019 1 439 1 411 2 850
 
Gross carrying value as at 31 December 2020 1 439 1 411 2 850
in PLN thousand Goodwill Concessions, licenses,
software and other		 Total
intangible assets
Accumulated amortisation as at 1 January 2019
-431 -431
Amortisation for the period -121 -121
Accumulated amortisation as at 31 December 2019
-552 -552

Accumulated amortisation as at 1 January 2020 -552 -552
Amortisation for the period -105 -105
Accumulated amortisation as at 31 December 2020
-657 -657
Net carrying value
As at 1 January 2019 1 439 980 2 419
As at 31 December 2019 1 439 859 2 298
As at 31 December 2020 1 439 754 2 196

Sprawozdanie z całkowitych dochodów

Table. Right-of-use assets


 Right of perpetual usufruct
of land		 Tenancy
and rental
of land		 Plant and equipment  Vehicles    Other     TOTAL  
Gross carrying value as at 1 January 2019 14 498 - - - - 14 498
Comming into force of IFRS 16 51 261 817 - - - 52 078
Additions/disposals -255 28 - - 902 675
Reclassifications - - 44 353 - 397
Gross carrying value as at 31 December 2019 65 504 845 44 353 902 67 648
Gross carrying value as at
1 January 2020		 65 504 845 44 353 902 67 648
Additions/disposals - -589 - -90 512 -167
Reclassifications 167 - 36 -203 - -
Gross carrying value as at 31 December 2020 65 671 256 80 60 1 414 67 481
Acumulated depreciation and impairment losses
as at 1 January 2019		 -1 784 - - - - -1 784
Depreciation for the period -912 -64 -30 -46 - -1 052
Disposals 228 - - - - 228
Reclassifications - - - -273 - -273
Accumulated depreciation and impairment losses
as at 31 December 2019		 -2 468 -64 -30 -319 - -2 881
Acumulated depreciation and impairment losses
as at 1 January 2020		 -2 468 -64 -30 -319 - -2 881
Depreciation for the period -902 -62 -30 -42 -32 -1 068
Disposals - - - 142 - 142
Reclassifications -215 - - 215 - -
Accumulated depreciation and impairment losses
as at 31 December 2020		 -3 585 -126 -60 -4 -32 -3 807
Net carrying value
As at 1 January 2019 12 714 - - - - 12 714
As at 31 December 2019 63 036 781 14 34 902 64 767
As at 31 December 2020 62 086 130 20 56 1 382 63 674

Sprawozdanie z całkowitych dochodów

Table. Investment property

in PLN thousand
Gross carrying value as at 1 January 2019 49 228
Additions 620
Other additions 7
Reclassifications -12
Gross carrying value as at 31 December 2019 49 843

Gross carrying value as at 1 January 2020 49 843
Additions 241
Gross carrying value as at 31 December 2020 50 084
Accumulated depreciation and impairment losses as at 1 January 2019 -33 562
Depreciation for the period -755
Reclassifications 7
Accumulated depreciation and impairment losses as at 31 December 2019 -34 310

Accumulated depreciation and impairment losses as at 1 January 2020 -34 310
Depreciation for the period -826
Accumulated depreciation and impairment losses as at 31 December 2020 -35 136
Net carrying value
As at 1 January 2019 15 666
As at 31 December 2019 15 533
As at 31 December 2020 14 948

Sprawozdanie z całkowitych dochodów

Table. Other long-term and short-term assets

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Prepayments for fixed assets under construction 2 093 2 093
Deferred costs in respect of the program of connecting buildings to the heat distribution network 3 056 2 901
Other non-current assets 5 149 4 994
Deferred costs in respect of property and civil liability insurance 38 2 703
Deferred costs in respect of the program of connecting buildings to the heat distribution network 600 531
Settlements for Social Fund 312 795
Other - 22
Other current assets 950 4 051

Inwestycje w jednostkach zależnych

Table. Share in subsidiaries

Share capital
(PLN)		 Number
of shares
(pcs)		 Nominal value
of share
(pcs)		 Number of shares held by KOGENERACJA S.A.
(directly)
Number
of shares (pcs)		 Nominal value of shares (PLN) % of equity/voting rights
EC Zielona Góra S.A. 13 853 150 554 126 25 545 277 13 631 925 98,40

Table. Basic financial data of subsidiaries

in PLN thousand Acquisition cost Impairment Carrying
value		 Assets Liabilities Equity Revenues Profit/ (loss) for the period
31 December 2020 169 112 - 169 112 1 015 645 643 879 371 766 459 852 126 511
31 December 2019 169 112 - 169 112 892 614 646 254 246 360 435 243 55 959
Total 169 112 - 169 112

Sprawozdanie z całkowitych dochodów

Impairment testing of assets

In the previous reporting periods, KOGENERACJA S.A. do not recognize any significant impairment losses on non-current assets. The key assumptions used for the asset impairment tests performed in 2019 are described in the prior year financial statements.

In the current reporting period, the circumstances were analyzed to verify whether the assets may have been impaired or may have required the reversal of previously recognized write-downs. The analysis covered the following:

  • financial plan,
  • investment plan,
  • energy and gas prices,
  • assumptions concerning the so-called capacity market, support for high-efficiency co-generation,
  • estimates of margins on production and sales of electricity in future periods vs. forecasts of energy, coal and CO2 emission right prices.

The analysis of circumstances showed that the Company generating units are achieving positive flows in the 2021–2022 financial plan. Forecasts of natural gas, electricity, hard coal and CO2 emission right prices available to the PGE Group result in favourable forecasts of realized margins. The support received for high-efficiency co-generation in gas-fired units was reduced and was partially offset by revenues from the so-called capacity market, thus not posing the risk of a significant change in the value in use. Therefore, in the opinion of the PGE Group, as at the reporting date, there are no circumstances for impairment of non-current assets or reversal of impairment losses recognized in previous periods.

Having analyzed the risks associated with the pandemic and its impact on future estimated cash flows, the Company has not identified any indication of impairment of assets related to the COVID-19 pandemic. The heat market in Poland is a regulated market subject to many regulations. Therefore, it cannot be freely shaped based solely on business decisions. This means that the regulatory environment aims for stable operation of heat suppliers in a given area in order to meet the long-term needs of consumers. The main task of the power and heating plant is to deliver the ordered heat to the distribution network. This task not only involves the need to maintain production at an appropriate level, but also ensures revenue from the sale of heat at rates set in heat sales tariffs, not directly dependent on the current market situation. Accordingly, the analysis of circumstances does not take into account the impact of the pandemic.

Sprawozdanie z całkowitych dochodów

Inwestycje krótkoterminowe

In the Separate statement of financial position as at 31 December 2019, the item Short-term investments includes the valuation of contracts for the sale of CO2 emission rights in the amount of PLN 4 440 thousand. The valuation was reversed in 2020 following the sale of CO2 emission rights. The value under Short-term investments as at 31 December 2020 is PLN 0.

Sprawozdanie z całkowitych dochodów

Income tax recognized in the statement of financial position

At the end of the reporting period, the liability for current income tax amounted to PLN 2 693 thousand (as at 31 December 2019, the receivable for current income tax amounted to PLN 4 602 thousand).

Table. Deferred tax assets and liabilities


 Assets Liabilities Net value
in PLN thousand As at
31 December 2020		 As at
31 December 2019		 As at
31 December 2020		 As at
31 December 2019		 As at
31 December 2020		 As at
31 December 2019
Property, plant and equipment and investment property - - -130 459 -125 030 -130 459 -125 030
Inventories 1 056 963 -1 252 -923 -196 40
Receivables - - -455 -1 213 -455 -1 213
Employee benefits 3 406 3 228 - - 3 406 3 228
Provisions 44 006 28 076 - - 44 006 28 076
Other 655 39 -137 -1 017 518 -978
Tax losses carried forward 447 - - - 447
Deferred tax assets/liabilities 49 123 32 753 -132 303 -128 183 -83 180 -95 430
Set off of tax -49 123 -32 753 49 123 32 753 - -
Net deferred tax assets/liabilities
in the statement
of financial position		 - - -83 180 -95 430 -83 180 -95 430

Table. Changes in temporary differences in the period

in PLN thousand Balance at 01.01.2020 Changes in temporary differences recognised in
the statement of
comprehensive income		 Changes in temporary differences recognised in
the statement of
other comprehensive income		 Balance at 31.12.2020
Property, plant and equipment and investment property -658 055 -28 573 - -686 628
Inventories 206 -1 235 - -1 029
Receivables -6 384 3 992 - -2 392
Employee benefits 16 988 720 216 17 924
Provisions 147 769 83 840 - 231 609
Other -5 143 7 874 - 2 731
Tax losses carried forward 2 354 -2 354 - -

-502 265 64 264 216 -437 785
in PLN thousand Balance at 01.01.2019 Changes in temporary differences recognised in
the statement of
comprehensive income		 Changes in temporary differences recognised in
the statement of
other comprehensive income		 Balance at 31.12.2019
Property, plant and equipment and investment property -552 691 -105 364 - -658 055
Inventories -5 008 5 214 - 206
Receivables -3 125 -3 259 - -6 384
Employee benefits 17 223 -1 079 844 16 988
Provisions 47 755 100 014 - 147 769
Other -2 541 -2 602 - -5 143
Tax losses carried forward 4 679 -2 325 - 2 354

-493 708 -9 401 844 -502 265

Sprawozdanie z całkowitych dochodów

Table. Inventories

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Raw materials 110 437 114 698
Prepayments for deliveries - 40
Energy origin certificates 3 030 1 384

113 467 116 122

Sprawozdanie z całkowitych dochodów

CO2 emission rights

As at 31 December 2020, CO2 emission allowances acquired for redemption were recognized in the amount of PLN 39 024 thousand (31 December 2019: PLN 699 thousand).

Środki pieniężne i ich ekwiwalenty

Table. Non-current receivables

in PLN thousand As at
31 December 2020		 As at
31 December 2019
(transformed data)
Receivables due from lease 5 363 5 926
Other receivables 30
5 393 5 926

Table. Trade and other receivables

in PLN thousand As at
31 December 2020		 As at
31 December 2019
(transformed data)
Trade receivables due from related parties 60 359 39 046
Trade receivables due from other entities 76 666 71 683
Receivables due from sale of tangible fixed assets 605 3 577
Cash pooling receivables 217 257 114 904
Support for cogeneration 168 -
Deposits and bid bonds 3 000 -
Leases receivables 548 459
Other receivables 14 403
358 617 230 072
in PLN thousand As at
31 December 2020		 As at
31 December 2019
(transformed data)
Gross overdue receivables
up to 1 month 358 239 229 669
over 1 month up to 3 months 196 164
over 3 months up to 6 months 57 181
over 6 months up to 1 year 125 58
358 617 230 072
in PLN thousand As at
31 December 2020		 As at
31 December 2019
Gross overdue receivables
up to 1 month 2 993 615
over 1 month up to 3 months 66 44
over 3 months up to 6 months 41 4
over 6 months up to 1 year 119 12
over 1 year 297 131
3 516 806
Bad debt allowances for overdue receivables -3 319 -338
Net overdue receivables 197 468

Sprawozdanie z całkowitych dochodów

Table. Cash and cash equivalents

in PLN thousand As at
31 December 2020		 As at
31 December 2019
(transformed data)
Cash at bank 1 003 13 862
Cash in VAT accounts 12 348 1 431
Cash and cash equivalents in the statement of financial position 13 351 15 293
Cash and cash equivalents in the statement of cash-flow 13 351 15 293

Sprawozdanie z całkowitych dochodów

Table. Equity

in thousand of shares As at
31 December 2020		 As at
31 December 2019
Number of shares as at opening balance 14 900 14 900
Number of shares as at closing balance (fully paid) 14 900 14 900
Nominal value of share (in PLN) 5 5
in PLN thousand
Nominal value of issue A 54 500 54 500
Nominal value of issue B 20 000 20 000
Hiperinflation 178 003 178 003
252 503 252 503

Sprawozdanie z całkowitych dochodów

Table. Lease liabilities

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Lease liabilities 50 819 51 152
Non-current liabilities 50 819 51 152
Lease liabilities 1 957 1 905
Current liabilities 1 957 1 905

Sprawozdanie z całkowitych dochodów

Table. Deferred income and government grants

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Non-current grants 28 038 30 739
Other 8 -

28 046 30 739
Current grants 3 419 3 186

3 419 3 186

Sprawozdanie z całkowitych dochodów

Table. Long-term trade and other payables

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Payables due to tangible assets' acquisition 15 16
Other liabilities 30 -
45 16

Table. Short-term trade and other payables

in PLN thousand As at
31 December 2020		 As at
31 December 2019
Trade payables due to subsidiaries and other related entities 96 962 23 374
Trade payables due to other entities 23 765 24 197
Tax, custom duties and social security payables 12 926 21 671
Payables due to tangible assets' acquisition 35 105 26 290
Environmental fees 2 615 2 916
Liabilities from property insurances - 2 296
Other payables 2 012 1 382
173 385 102 126

Sprawozdanie z całkowitych dochodów

Table. Long-term and short-term employee benefits

in PLN thousand As at
31 December 2020		 As at
31 December 2019
  long-term     short-term     TOTAL     long-term     short-term     TOTAL  
Individual leavings programme 1 450 768 2 218 2 034 574 2 608
Annual bonuses - 4 166 4 166 - 3 570 3 570
Target bonuses - 632 632 - 925 925
Unused holidays accrual - 980 980 - 822 822
Non-competition clause 78 - 78 282 - 282
Performance bonus - 1 791 1 791 - 1 498 1 498
Payroll liabilities - 2 473 2 473 - 2 595 2 595
Social insurance benefits - 2 553 2 553 - 2 183 2 183
TOTAL 1 528 13 363 14 891 2 316 12 167 14 483

Sprawozdanie z całkowitych dochodów

Table. Long-term and short-term employee benefits

in PLN thousand As at
31 December 2020		 As at
31 December 2019
  long-term     short-term     TOTAL     long-term     short-term     TOTAL  
Retirement pension benefits 3 019 426 3 445 2 964 503 3 467
Contributions to Social Fund 2 896 110 3 006 2 376 98 2 474
Defined benefits liabilities 5 915 536 6 451 5 340 601 5 941

Table. Employee benefits by kind

in PLN thousand
Changes in employee benefits liabilities
for the year ended 31 December 2020		 Retirement pension benefits Contributions to Social Fund TOTAL
Present value of obligations as at 1 January 2020 3 467 2 474 5 941
Interest cost 69 50 119
Current service cost 153 57 210
Past service cost 388 78 466
Benefits paid -344 -156 -500
Actuarial gains and losses -change of actuarial assumptions -467 182 -285
Actuarial losses -change in discount rate 179 321 500
Employee benefit liability as at 31 December 2020 3 445 3 006 6 451
Carrying amount of non-current liabilities 3 019 2 896 5 915
Carrying amount of current liabilities 426 110 536
in PLN thousand
Changes in employee benefits liabilities
for the year ended 31 December 2019		 Retirement pension benefits Contributions to Social Fund TOTAL
Present value of obligations as at 1 January 2019 3 344 1 884 5 228
Interest cost 100 56 156
Current service cost 146 41 187
Benefits paid -356 -118 -474
Actuarial losses 233 611 844
Employee benefit liability as at 31 December 2019 3 467 2 474 5 941
Carrying amount of non-current liabilities 2 964 2 376 5 340
Carrying amount of current liabilities 503 98 601

Table. Other provisions

in PLN thousand Provision for deficit of CO2 emission rights Provision for reclamation Provision for proprietary rights held for redemption Provision for penalties and compensation Total
Value as at 1 January 2019 29 199 18 557 - - 47 756
Additions 70 473 5 719 - - 76 192
Utilisation -29 199 - - - -29 199
Value as at 31 December 2019 70 473 24 276 - - 94 749
Value as at 1 January 2020 70 473 24 276 - - 94 749
Additions 144 140 5 165 3 390 1 864 154 559
Utilisation -70 423 - -70 423
Reversal -50 - - - -50
Value as at 31 December 2020 144 140 29 441 3 390 1 864 178 835
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