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• General information, basis for preparation of the financial statements and other explanatory information
  • 1. General information
    • 1.1 Information about the parent company
    • 1.2 Information about the PGE Group
    • 1.3 Structure of the PGE Group
    • 1.4 Acquisition of a jointly controlled entity
  • 2. Basis for preparation of the financial statements
    • 2.1 Statement of compliance
    • 2.2 Presentation and functional currency
    • 2.3 New standards and interpretations published, not yet effective
    • 2.4 Professional judgment of management and estimates
  • 3. The analysis of impairment of property, plant and equipment, intangible assets and goodwill
    • 3.1 The analysis of impairment of power generating assets of Conventional Generation segment
    • 3.2 The analysis of impairment of the power generating assets of Renewables segment
    • 3.3 Property, plant and equipment in Distribution segment
  • 4. Significant accounting principles applied
  • 5. Changes of accounting principles and data presentation
• Explanatory notes to the consolidated financial statements
• Explanatory notes to the operating segments
  • 6. Information on operating segments
    • 6.1 Information on business segments
    • 6.2 Information on geographical areas
• Explanatory notes to the consolidated statement of comprehensive income
  • 7. Revenues and expenses
    • 7.1 Sales revenues
    • 7.2 Cost by nature and function
    • 7.3 Other operating income and expenses
    • 7.4 Financial income and expenses
    • 7.5 Share of profit of associates and entities jointly controlled entities accounted for under the equity method
  • 8. Income tax
    • 8.1 Tax in the statement of comprehensive income
    • 8.2 Effective tax rate
• Explanatory notes to the consolidated statement of financial position
  • 9. Property, plant and equipment
  • 10. Investment property
  • 11. Intangible assets
  • 12. Shares in associates accounted for under the equity method
  • 13. Deferred tax in the statement of financial position
    • 13.1 Deferred tax asset
    • 13.2 Deferred tax liability
  • 14. Inventories
  • 15. CO2 emission rights for captive use
  • 16. Other current and non-current assets
    • 16.1 Other non-current assets
    • 16.2 Other current assets
  • 17. Cash and cash equivalents
  • 18. Discontinued operations
  • 19. Assets and liabilities of the Social Fund
  • 20. Equity
    • 20.1 Share capital
    • 20.2 Hedging reserve
    • 20.3 Foreign exchange differences from translation of foreign entities
    • 20.4 Reserve capital
    • 20.5 Retained earnings and limitations to payment of a dividend
    • 20.6 Equity attributed to non-controlling interests
    • 20.7 Earnings per share
    • 20.8 Dividends paid and dividends declared
  • 21. Provisions
    • 21.1 Rehabilitation provision
    • 21.2 Provision for deficit of CO2 emission rights
    • 21.3 Provision for energy origin rights held for redemption
    • 21.4 Provision for non-contractual use of property
    • 21.5 Other provisions
  • 22. Employee benefits
    • 22.1 Post-employment benefits and jubilee awards
    • 22.2 Other provisions for employee benefits
  • 23. Deferred income and governments grants
    • 23.1 Non-current deferred income and government grants
    • 23.2 Current deferred income and government grants
  • 24. Other non financial liabilities
• Explanatory notes to financial instruments
  • 25. Financial instruments
    • 25.1 Description of significant items within particular classes of financial instruments
    • 25.2 Fair value of financial instruments
    • 25.3 Fair value hierarchy
    • 25.4 Statement of comprehensive income
    • 25.5 Collaterals for repayment of receivables and liabilities
  • 26. Objectives and principles of financial risk management
    • 26.1 Liquidity risk
    • 26.2 Interest rate risk
    • 26.3 Currency risk
    • 26.4 Price risk
    • 26.5 Credit risk
    • 26.6 Market (financial) risk – sensitivity analysis
    • 26.7 Hedge accounting
• Explanatory notes to the statement of cash flows
  • 27. Statement of cash flows
• Other explanatory notes
  • 28. Contingent liabilities and receivables. Legal claims
  • 29. Future investment commitments
  • 30. Lease
  • 31. Tax settlements
  • 32. Information on related parties
  • 33. Significant events of the reporting period and subsequent events
    • 33.1 Termination of long term contracts LTC
    • 33.2 Agreement on financial investment in Polska Grupa Górnicza sp. z o.o.
    • 33.3 Submission of an initial offer with partners for EDF assets in Poland
    • 33.4 Overburden slide at an internal heap in the Turów lignite mine
    • 33.5 Capital investment in Polimex-Mostostal S.A.

 

	Note	Year ended December 31, 2016	Year ended December 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before tax		3,274	(3,756)
Income tax paid		(327)	(616)
Adjustments for:
Share of profit/ (loss) of entities accounted for using the equity method		45	-
Depreciation, amortization, disposal and impairment losses		3,864	11,817
Interest and dividend, net		116	134
Profit / loss on investment activities	27.1	(131)	(28)
Change in receivables	27.1	(275)	(236)
Change in inventories	27.1	342	224
Change in liabilities, excluding loans and borrowings	27.1	(169)	318
Change in other non-financial assets, prepayments and CO2 emission rights	27.1	(96)	(860)
Change in provisions	27.1	(244)	(348)
Other		(8)	128
NET CASH FROM OPERATING ACTIVITIES		6,391	6,777
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and intangible assets		18	39
Acquisition of property, plant and equipment and intangible assets	27.2	(7,935)	(8,606)
Proceeds from sale of financial assets		-	74
Deposits with a maturity over 3 months	27.2	(2,867)	(243)
Termination of deposits over 3 months	27.2	566	233
Acquisition of financial assets and increase in shareholding in the PGE Group companies	27.2	(467)	(97)
Other		29	6
NET CASH FROM INVESTING ACTIVITIES		(10,656)	(8,594)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of non-controlling interests		10	-
Proceeds from loans, borrowings and issue of bonds	27.3	4,652	648
Repayment of loans, borrowings, bonds and finance lease	27.3	(203)	(311)
Dividends paid	27.3	(471)	(1,462)
Interest paid	27.3	(196)	(176)
Other		38	36
NET CASH FROM FINANCING ACTIVITIES		3,830	(1,265)
CHANGE IN CASH AND CASH EQUIVALENTS		(435)	(3,082)
Effect of movements in exchange rates on cash held		1	4
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	17	3,101	6,183
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	17	2,666	3,101
Restricted cash		107	333

consolidated_statement_of_cash_flows_pge.xlsx