Financial data

Consolidated income statement

 

(in millions of PLN)for the year ended
December 31, 2015 December 31, 2014
Revenue 9 823.0 7 409.9
Retail revenue 6 553.1 5 084.7
Wholesale revenue 2 596.9 1 954.0
Sale of equipment 583.4 327.3
Other revenue 89.6 43.9
Operating costs (7 867.9) (5 977.2)
Content costs (1 065.9) (1 029.6)
Distribution. marketing, customer relation management and retention costs (802.6) (612.6)
Depreciation. amortization, impairment and liquidation (1 699.3) (1 295.8)
Technical costs and cost of settlementswith telecommunication operators (2 141.0) (1 412.5)
Salaries and employee-related costs (550.2) (421.8)
Cost of equipment sold (1 332.8) (925.2)
Cost of debt collection services and bad debt allowance and receivables written off (62.6) (67.6)
Other costs (213.5) (212.1)
Other operating income, net 30.7 9.6
Profit from operating activities 1 985.8 1 442.3
Gain/loss on investment activities, net 8.6 15.3
Finance costs (664.6) (1 146.1)
Share of the profit of a joint venture accounted for using the equity method 2.6 2.7
Gross profit for the period 1 332.4 314.2
Income tax (169.0) (21.7)
Net profit for the period 1 163.4 292.5
Net profit attributable to equity holders of the Parent 1 163.4 292.5
Basic and diluted earnings per share (in PLN) 1.82 0.54
   
EBITDA 3 685.1 2 738.1
EBITDA margin 37.5% 37.0%

 

Segments

 

(in millions of PLN)Segment of services to
individual and business customers
Broadcasting and
television production segment
Consolidation adjustmentsTotal
for the year endedfor the year endedfor the year endedfor the year ended
Dec 31, 2015Dec 31, 2014Dec 31, 2015Dec 31, 2014Dec 31, 2015Dec 31, 2014Dec 31, 2015Dec 31, 2014
Revenues from sales to third parties  8 675.5 6 289.8 1 147.5 1 120.1 - - 9 823.0 7 409.9
Inter-segment revenues 33.7 36.3 152.4 138.0 (186.1) (174.3) - -
Revenues 8 709.2 6 326.1 1 299.9 1 258.1 (186.1) (174.3) 9 823.0 7 409.9
EBITDA 3 240.0 2 334.0 445.1 404.3 - - 3 685.1 2 738.3
Depreciation, amortization, impairment and liquidation 1 660.5 1 259.3 38.8 36.6 - - 1 699.3 1 295.9
Profit from operating activities  1 579.5 1 074.7 406.3 367.7 - - 1 985.8 1 442.4
Acquisition of property, plant and equipment, reception equipment and other intangible assets  688.31) 488.61) 31.9 41.8 - - 720.2 530.4
Balance as at December 31                
Assets, including: 22 110.8 23 202.3 4 421.82) 4 233.83) (42.5) (54.9) 26 490.1 27 381.2
Investments in joint ventures - - 5.9 3.2 - - 5.9 3.2

1) This item also includes the acquisition of reception equipment for operating lease purposes.                    
2) Includes non-current assets located outside of Poland in the amount of PLN 15.9 million.                    
3) Includes non-current assets located outside of Poland in the amount of PLN 40.5 million.   

 

Consolidated balance sheet

 

Trade and other receivables2)

in millions of PLN31 December 201531 December 2014 restated 1)
ASSETS    
Reception equipment 371.0 421.1
Other property, plant and equipment 2 548.6 2 714.9
Goodwill 10 606.4 10 585.3
Customer relationships 3 638.5 4 255.8
Brands 2 080.6 2 085.9
Other intangible assets 2 422.2 2 591.4
Non-current programming assets 145.0 135.8
Investment property 5.2 5.3
Non-current deferred distribution fees 83.3 81.0
Other non-current assets 272.8 198.5
includes derivative instruments assets 6.9 1.2
Deferred tax assets 87.6 281.1
Total non-current assets 22 261.2 23 356.1
Current programming assets 192.2 152.1
Inventories 281.0 301.4
Trade and other receivables 1 619.1 1 453.4
Income tax receivables 0.7 26.0
Current deferred distribution fees 212.7 141.7
Other current assets 399.5 160.1
includes derivative instruments assets 10.5 22.2
Cash and cash equivalents 1 512.0 1 735.3
Restricted cash 11.7 12.6
Total current assets 4 228.9 3 982.6
TOTAL ASSETS 26 490.1 27 338.7
EQUITY AND LIABILITIES    
Share capital 25.6 25.6
Share premium 7 174.0 7 174.0
Other reserves (3.7) (12.2)
Retained earnings 3 054.2 1 890.8
Equity attributable to equity holders of the Parent 10 250.1 9 078.2
Total equity 10 250.1 9 078.2
Loans and borrowings 5 379.8 7 683.5
Issued bonds 975.3 4 550.2
Finance lease liabilities 20.9 11.7
UMTS license liabilities 652.8 750.3
Deferred tax liabilities 615.8 908.7
Deferred income 4.7 4.7
Other non-current liabilities and provisions 124.2 184.2
includes derivative instruments liabilities - 40.1
Total non-current liabilities 7 773.5 14 093.3
Loans and borrowings 1 230.9 1 322.6
Issued bonds 4 776.7 464.4
Finance lease liabilities 4.3 6.8
UMTS license liabilities 117.0 117.1
Trade and other payables 1 485.4 1 524.4
includes derivative instruments liabilities 72.9 87.0
Income tax liability 176.1 48.0
Deferred income 676.1 683.9
Total current liabilities 8 466.5 4 167.2
Total liabilities 16 240.0 18 260.5
EQUITY AND LIABILITIES 26 490.1 27 338.7

1) Restatement due to final purchase price allocation of Metelem.

 

Consolidated cash flow statement

 

(in millions of PLN)for the year ended
December 31, 2015December 31, 2014
Net profit
Adjustments for:
Depreciation, amortization, impairment and liquidation
Payments for film licenses and sports rights
Amortization of film licenses and sports rights
(Gain)/loss on the sale of property, plant and equipment and intangible assets
Cost of programming rights sold
Interest expense
Change in inventories
Change in receivables and other assets
Change in liabilities, provisions and deferred income
Change in internal production and advance payments
Valuation of hedging instruments
Share of the profit of a joint venture accounted for using the equity method
Foreign exchange losses/(gains), net
Income tax
Net additions of reception equipment provided under operating lease
Early redemption costs
Cumulative catch-up
Net loss on derivatives
Other adjustments
Cash from/ (used in) operating activities
Income tax paid
Interest received from operating activities
Net cash from/(used in) operating activities
Acquisition of property. plant and equipment
Acquisition of intangible assets
Concession payments
Acquisition of subsidiaries net of cash acquired
Proceeds from sale of property, plant and equipment
Granted loans
Other investing activities - derivatives
Dividends received
Net cash from/ (used in) investing activities
Repayment of loans and borrowings
Loans and  borrowings inflows
Bonds issue/(Bonds repayment)
Finance lease - principal repayments
Payment of interest on loans. borrowings, bonds, Cash Pool, finance lease and commissions 1)
Dividends paid
Payment of share issuance-related consulting costs
Net cash from/ (used in) financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Effect of exchange rate fluctuations on cash and cash equivalents
Cash and cash equivalents at the end of the period

1) Includes impact of hedging instruments, premium paid for early bonds’ repayment and amount paid for costs related to new financing

 

Consolidated Statement of Changes in Equity for the year ended 31 December 2015

 

in millions of PLNNumber of sharesShare  capitalShare premiumOther reservesRetained earnings*Equity attributable to equity holders of the Parent Total equity
Balance as at 1 January 2015  639 546 016 25.6 7 237.4 (12.2)  1 890.8 9 141.6 9 141.6
Restatement resulting from purchase price allocation of Metelem** - - (63.4) - - (63.4) (63.4)
Balance as at 1 January 2015 restated** 639 546 016 25.6 7 174.0 (12.2)  1 890.8 9 078.2 9 078.2
Total comprehensive income - - - 8.5 1 163.4 1 171.9 1 171.9
Hedge valuation reserve - - - 5.5 - 5.5 5.5
Actuarial gain   - - 3.0 - 3.0 3.0
Net profit for the period - - - - 1 163.4 1 163.4 1 163.4
Balance as at 31 December 2015 639 546 016 25.6 7 174.0 (3.7)  3 054.2 10 250.1 10 250.1

* The capital excluded from distribution amounts to PLN 8.5 million as at 31 December 2015 and 2014. In accordance with the provisions of the Commercial Companies Code, joint-stock companies are required to transfer at least 8% of their annual net profits to reserve capital until its amount reaches one third of the amount of their share capital.
** Restatement resulting from final purchase price allocation of Metelem. The amount also includes share issuance-related costs.