Consolidated statement of comprehensive income
31 December 2015
31 December 2014
|Sales revenue|| 11
11. Sales revenue
The revenue from sale of furnace blast and compressed air decreased because in December 2014 Zakład Wytwarzania Nowa was contributed in kind by the TAURON Group to TAMEH POLSKA Sp. z o.o., being a part of a joint arrangement. Zakład Wytwarzania Nowa was a major provider of the Group’s products in question in the comparable period.
Additional assessment of revenue from sales of electricity and distribution services in the Sales segment
Additional assessment of the revenue from the sale of electricity and distribution services have been discussed in Note 9.26 Sales revenue.
As at 31 December 2015 additionally assessed revenue from sale of electricity and distribution services in the Sales segment reached PLN 248 098 thousand and, when revered estimations from the prior year have been accounted for, the impact on the profit or loss for the year has reached PLN 95 390 thousand.
|18 375 224||18 577 479|
|Cost of sales, including:||12||(19 140 775)||(15 648 779)|
|Impairment of non-financial non-current assets||12||(3 594 654)||(50 050)|
|Profit (loss) on sale||(765 551)||2 928 700|
|Selling and distribution expenses||12||(488 859)||(549 164)|
|Administrative expenses||12||(618 969)||(664 187)|
|Other operating income and expenses|| 13
13. Other operating income and expenses
An increase in the costs of writing off discontinued investments is related to the write off of capitalized costs of drilling drifts and reinforcing working faces in the amount of PLN 78 610 thousand due to loss of economic use.
An increase in other operating expenses vs. the comparative data results mostly from settlement of a shortage in the inventory volume of coal and semi-finished products of PLN 39 084 thousand detected during a physical count in TAURON Wydobycie S.A.
|(27 762)||114 764|
|Operating profit (loss)||(1 901 141)||1 830 113|
|Share in profit/(loss) of joint ventures|| 22
22. Investments in joint ventures
*The data presented concern the TAMEH HOLDING Sp. z o.o. capital group. The value of the interest held in TAMEH HOLDING Sp. z o.o. differs from the value of net assets attributable to the Group, because the cost of shares in TAMEH HOLDING Sp. z o.o. was calculated taking into account the fair value of the share contributed to the joint venture by companies from the ArcelorMittal Capital Group.
*The data presented concern the TAMEH HOLDING Sp. z o.o. capital group
Elektrociepłownia Stalowa Wola S.A.
Elektrociepłownia Stalowa Wola S.A. is a special purpose vehicle established in 2010 on the initiative of TAURON Polska Energia S.A. and PGNiG S.A. The entity was registered to carry out an investment project, i.e. construction of a gas and steam unit fuelled with natural gas in Stalowa Wola with the gross maximum electrical capacity of 400 MWe and the net heat capability of 240 MWt.
TAURON Polska Energia S.A. holds an indirect 50% interest in the share capital of this company and in its governing body through TAURON Wytwarzanie S.A. Since as at 31 December 2015 the existing share in losses of a joint venture and the adjustment of performance on top-down transactions concluded between the Group companies and the joint venture exceeded the value of interests held in this joint venture, the Company has ceased recognizing its interests in further losses generated by the joint venture.
Additionally, the Company holds receivables arising from loans originated to Elektrociepłownia Stalowa Wola S.A.
in the amount of PLN 223 909 thousand, as described in detail in Note 23 and provisions for onerous contracts resulting from commercial contracts concluded by the Company in the amount of PLN 182 877 thousand (Note 36).
Elektrownia Blachownia Nowa Sp. z o.o.
On 5 September 2012 TAURON Wytwarzanie S.A., subsidiary, and KGHM Polska Miedź S.A. established a special purpose vehicle named Elektrownia Blachownia Nowa Sp. z o.o. with the registered address in Kędzierzyn Koźle. The Company was set up to perform a comprehensive investment project including preparation, construction and operation of a combined cycle gas and steam unit with the capacity of ca. 850 MWe on the land of TAURON Wytwarzanie S.A. – Oddział Elektrownia Blachownia.
TAURON Polska Energia S.A. holds an indirect 50% interest in the share capital of this company and in its governing body through TAURON Wytwarzanie S.A.
On 30 December 2013 TAURON Polska Energia S.A., KGHM Polska Miedź S.A. and TAURON Wytwarzanie S.A. concluded an agreement, based on which the construction of gas and steam power unit in Elektrownia Blachownia Nowa Sp. z o.o. has been suspended. The decision resulted from the current situation in the electricity and gas market entailing higher investment risk, which made the entities review and optimise the project.
The parties undertook to ensure further business operations of Elektrownia Blachownia Nowa Sp. z o.o., securing deliverables provided thus far, in particular updating project documentation and ensuring on-going monitoring of the energy market and regulatory environment in view of the possibility to restart project performance as soon as possible. The parties agreed that the decision to recommence the project will be adopted in the form of a separate agreement which is expected to be concluded by 31 December 2016.
As at 31 December 2015, following the project analysis, including the probability of its non-performance, recognition of an impartment loss on property plant and equipment has been deemed reasonable based on project documentation. As a result of recognizing the impairment loss, the entity’s profit/loss has been charged with PLN 27 351 thousand.
TAMEH HOLDING Sp. z o.o. and subsidiaries
In 2014 the TAURON Group entered into an agreement with the ArcelorMittal Group. The shareholders agreement states that TAMEH HOLDING Sp. z o.o. shall carry out investment and operational projects related to industrial power sector. The Agreement was concluded for the period of 15 years with possible term extension. Following the transactions concluded last year, both capital groups have held 50% of shares in TAMEH HOLDING Sp. z o.o. each.
TAMEH HOLDING Sp. z o.o. holds 100% of shares in TAMEH POLSKA Sp. z o.o. composed of: Zakład Wytwarzania Nowa and Elektrownia Blachownia contributed in kind by the TAURON Group and Elektrociepłownia in Kraków contributed in kind by the ArcelorMittal Group. Moreover, TAMEH HOLDING Sp. z o.o. holds 100% of shares in TAMEH Czech s.r.o.
|Finance income|| 14
14. Finance income
|73 452||85 906|
|Interest expense on debt|| 15
15. Finance costs
|(279 673)||(285 474)|
|Other finance costs|| 15
15. Finance costs
|(88 342)||(131 394)|
|Profit (loss) before tax||(2 187 771)||1 498 215|
|Income tax expense||16||383 556||(312 655)|
|Net profit (loss)||(1 804 215)||1 185 560|
|Measurement of hedging instruments||85 932||(20 207)|
|Foreign exchange differences from translation of foreign entities||595||245|
|Income tax||16||(16 327)||3 839|
|Other comprehensive income subject to reclassification to
profit or loss
|70 200||(16 123)|
|Actuarial gains/(losses)||64 523||(338 594)|
|Income tax||16||(12 260)||64 333|
|Share in other comprehensive income of joint ventures||(387)||–|
|Other comprehensive income not subject to reclassification to profit or loss||51 876||(274 261)|
|Other comprehensive income, net of tax||122 076||(290 384)|
|Total comprehensive income||(1 682 139)||895 176|
|Net profit (loss):|
|Attributable to equity holders of the parent||(1 807 317)||1 180 893|
|Attributable to non-controlling interests||3 102||4 667|
|Total comprehensive income:|
|Attributable to equity holders of the parent||(1 685 301)||890 879|
|Attributable to non-controlling interests||3 162||4 297|
|Basic and diluted earnings (loss) per share (in PLN):|| 17
17. Earnings (loss) per share
Presented below is information about the earnings and number of shares which served as the basis for calculation of the basic and diluted earnings per share presented in the statement of comprehensive income.