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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.

The carrying amount of provisions is as follows:

	As at December 31, 2016		As at December 31, 2015
	Non-current	Current	Non-current	Current
Employee benefits	2,148	543	2,496	517
Rehabilitation provision	2,666	4	3,348	2
Provision for deficit of CO2 emission rights	-	1,154	-	760
Provision for energy origin units held for redemption	-	416	-	380
Provision for non-contractual use of the property	91	12	97	20
Other provisions	99	52	103	130
TOTAL PROVISIONS	5,004	2,181	6,044	1,809

note_21_table_1_pge.xlsx

 

Changes in provisions

	Employee benefits	Rehabilitation provision	Provision for deficit of CO2 emission rights	Provision for energy origin units held for redemption	Provision for non-contractual use of the property	Other provisions	Total
JANUARY 1, 2016	3,013	3,350	760	380	117	233	7,853
Actuarial gains and losses excluding discount rate adjustment	(175)	-	-	-	-	-	(175)
Current service costs	74	-	-	-	-	-	74
Past service costs	(23)	-	-	-	-	-	(23)
Interest costs	82	99	-	-	-	-	181
Discount rate and other assumptions adjustment	(121)	(460)	-	-	-	-	(581)
Benefits paid / provisions used	(691)	(1)	(760)	(336)	-	(104)	(1,892)
Provisions reversed	(59)	(449)	-	(3)	(30)	(27)	(568)
Provisions raised in correspondence with costs	577	34	1,154	375	16	67	2,223
Provisions raised in correspondence with property, plant and equipment	-	92	-	-	-	-	92
Other changes	14	5	-	-	-	(18)	1
DECEMBER 31, 2016	2,691	2,670	1,154	416	103	151	7,185
Change recognized in operating costs	(536)	(37)	(1,154)	(372)	-	(3)	(2,102)
Change recognized in other operating income/ (expenses)	-	643	-	-	13	5	661
Change recognized in other financial income/ (expenses)	(82)	(99)	-	-	1	(24)	(204)
Change recognized in assets	-	172	-	-	-	-	172
Change recognized in other comprehensive income	249	-	-	-	-	-	249

note_21_table_2_pge.xlsx

restated*	Employee benefits	Rehabilitation provision	Provision for deficit of CO2 emission rights	Provisions for energy origin units held for redemption	Provision for non-contractual use of property	Other provisions	Total
JANUARY 1, 2015	3,243	3,299	676	555	92	304	8,169
Actuarial gains and losses excluding discount rate adjustment	50	-	-	-	-	-	50
Current service costs	82	-	-	-	-	-	82
Past service costs	(55)	-	-	-	-	-	(55)
Interest costs	70	86	-	-	-	-	156
Discount rate and other assumptions adjustment	(122)	(224)	-	-	-	-	(346)
Benefits paid / Provisions used	(725)	(1)	(680)	(1,159)	(1)	(74)	(2,640)
Provisions reversed	(116)	(4)	(1)	(2)	(19)	(82)	(224)
Provisions raised in correspondence with costs	560	56	765	986	45	85	2,497
Provisions raised in correspondence with property, plant and equipment	-	122					122
Changes in the PGE Group	(3)	-	-	-	-	-	(3)
Other changes	29	16	-	-	-	-	45
DECEMBER 31, 2015	3,013	3,350	760	380	117	233	7,853
Change recognized in operating costs	(442)	(27)	(764)	(984)	-	(41)	(2,258)
Change recognized in other operating income/ (expenses)	2	93	-	-	(26)	42	111
Change recognized in other financial income/ (expenses)	(70)	(86)	-	-	-	(4)	(160)
Change recognized in assets	-	(32)	-	-	-	-	(32)
Change recognized in other comprehensive income	15	-	-	-	-	-	15

* restatement of comparative figures refers to reclassifications between particular positions

note_21_table_3_pge.xlsx