Condensed Quarterly Consolidated Financial Statements. for the Third Quarter of 2014 as at and for the period ended on 30 September 2014
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- Roderick Ferguson
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1 The Lubelski Węgiel BOGDANKA Group Condensed Quarterly Consolidated Financial Statements for the Third Quarter of 2014 as at and for the period ended on 30 September 2014 Financial Statements prepared in accordance with IAS 34 Interim Financial Reporting 1
2 Notes on the Condensed Quarterly Consolidated Financial Statements for the Lubelski Węgiel Bogdanka Group and to the Condensed Quarterly Financial Statements for the Parent, Lubelski Węgiel Bogdanka S.A., for the third quarter General information. The composition of the Group and the object of the Group's business. The Lubelski Węgiel Bogdanka Group (hereinafter referred to as the Group ) is composed of the following companies: Parent - Lubelski Węgiel Bogdanka S.A., with registered office in Bogdanka, Puchaczów. Lubelski Węgiel Bogdanka S.A. is a joint stock company, operating under the laws of Poland. The Company was created as a result of the restructuring of the state enterprise Kopalnia Węgla Kamiennego Bogdanka with registered office in Bogdanka, under the Act on the Privatisation of State Enterprises of 13 July The deed of transformation of a state-owned enterprise into a company wholly owned by the State Treasury operating under the business name: Kopalnia Węgla Kamiennego Bogdanka S.A. was drawn up on 1 March 1993 (Rep. A No. 855/1993) by Notary Public Jacek Wojdyło maintaining a Notarial Office in Katowice at ul. Kopernika 26. The Company was entered in Section B of the Commercial Register of the District Court in Lublin, VIII Commercial Division, under No. H , on the basis of a valid decision of that Court issued on 30 April 1993 (file ref. No. HB , Ns. Rej. H 669/93). On 26 March 2001, Lubelski Węgiel Bogdanka Spółka Akcyjna was registered in the Register of Entrepreneurs maintained by the District Court in Lublin, XI Division of the National Court Register, under KRS No On 22 June 2009, pursuant to the decision of the Polish Financial Supervision Authority, Series A and C Shares and Rights to Series C Shares were admitted to public trading on the WSE s main market. On 25 June 2009, the Company made its debut on the WSE by introducing Rights to Series C Shares to trading. As a result of transactions made in 2010 regarding the disposal of shares effected the State Treasury, represented by the Minister of the State Treasury, as well as transfer of shares on the basis of contracts on a free-of-charge disposal of shares for the benefit of eligible employees under the Act on Commercialisation and Privatisation, Lubelski Węgiel Bogdanka Spółka Akcyjna has lost the status of the Company owned by the State Treasury. In accordance with resolution of the Management Board of the National Depository for Securities No. 74/13 of 24 January 2013, on 4 February 2013 the National Depository registered 34,754 shares of the Company and marked them with code PLLWBGD On the same date, 34,754 employee shares were introduced to the WSE. As at today, there are 135 registered series B shares outstanding. The Company's core business activities, pursuant to the European Classification of Activity (EKD 0510Z), are mining and agglomeration of hard coal. The subsidiary - Łęczyńska Energetyka Sp. z o.o., with registered office in Bogdanka, , Puchaczów. As at 30 September 2014, the Parent held 88.70% of share in the capital of the subsidiary, Łęczyńska Energetyka Sp. z o.o. Łęczyńska Energetyka Sp. z o.o. provides services to mines involving supplying heat energy and conducts water/wastewater management. The company also conducts activities involving the construction and refurbishment of heat-generating, water supply and sewage disposal installations. The company prepares its balance sheet as at 31 December. 2
3 The subsidiary - EkoTRANS Bogdanka Sp. z o.o., with registered office in Bogdanka, , Puchaczów. As at 30 September 2014, the Parent held % of share in the capital of the subsidiary, EkoTRANS Bogdanka Sp. z o.o. EkoTRANS Bogdanka Sp. z o.o. provides services to the mine with respect to recovery of spoil arising during coal-associated shale cleaning and washing. The company prepares its balance sheet as at 31 December. The subsidiary - RG Bogdanka Sp. z o.o., with registered office in Bogdanka, , Puchaczów. As at 30 September 2014, the Parent held % of share in the capital of the subsidiary, RG Bogdanka Sp. z o.o. RG Bogdanka Sp. z o.o. provides services to the mine with respect to the mining works and regeneration services. The company prepares its balance sheet as at 31 December. The subsidiary - MR Bogdanka Sp. z o.o., with registered office in Bogdanka, , Puchaczów. As at 30 September 2014, the Parent held % of share in the capital of the subsidiary, MR Bogdanka Sp. z o.o. MR Bogdanka SP. z o.o. provides services to the mine with respect to renovation, regeneration and production of steel constructions. The company prepares its balance sheet as at 31 December. Lubelski Węgiel Bogdanka S.A. is the Parent in the Lubelski Węgiel Bogdanka Group. The Group prepares condensed consolidated financial statements for the period of 9 months ended on 30 September Principles applied in preparing the condensed quarterly consolidated financial statements and the condensed quarterly financial statements of Lubelski Węgiel Bogdanka S.A. These condensed quarterly consolidated financial statements of the LW Bogdanka Group for the third quarter of 2014 were prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. In order to understand fully the Group s financial standing and the results of its operation, these condensed quarterly consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Lubelski Węgiel Bogdanka Group, as well as with the audited financial statements of the Parent, Lubelski Węgiel Bogdanka, for the financial period ended on 31 December Those financial statements will be available on the Parent s website at These condensed quarterly consolidated financial statements were prepared in accordance with the historical cost principle, including the valuation at fair value of certain components of property, plant and equipment in connection with assuming fair value as to represent a deemed cost, which was carried out as at the day of the Group s transition to the IFRS, i.e. 1 January Drawing up the condensed quarterly consolidated financial statements in accordance with IAS 34 requires the use of certain significant accounting estimates. It also requires that the Management Board exercise its own judgement when applying the accounting principles adopted by the Group. The main estimates and judgements have not changed since the publication of the annual consolidated financial statements for These condensed quarterly consolidated financial statements were prepared using the same accounting principles for the current and comparative periods. 3. Brief description of achievements and failures of the Group during the reporting period, along with the list of the related key events. 3
4 With regard to the conducted activities, the following events impacting the Group s business took place in the third quarter of 2014 under analysis and by the date of the publication of these condensed quarterly consolidated financial statements: On 1 August 2014, Bank Polska Kasa Opieki S.A. (Guarantor) and Bank Gospodarstwa Krajowego (Guarantor) acquired jointly two series of bonds, issued by the Parent on 1 August 2014 within the Bond Issue Programme established under an agreement with the Guarantors. In line with the requirements set out in the Programme, the Guarantors jointly acquired 300 registered bonds with a nominal value of PLN 1,000,000 each, and jointly acquired 100 registered bonds with a nominal value of PLN 1,000,000 each. The aggregate amount of bonds acquired by the Guarantors equals PLN 400,000,000. The maturity date for the bonds is 30 June On 1 August 2014, from the funds obtained from the above bond issue, the Parent performed earlier repayment of the remaining portion of the held loans to date in the aggregate amount of PLN 281,000,000, of which PLN 181,000,000 concerned the loan obtained from PKO BP S.A., whereas PLN 100,000,000 concerned the loan obtained from Bank Polska Kasa Opieki S.A. 4. Description of factors and events, in particular of untypical nature, with a significant bearing on the financial results. On 14 October 2014, in connection with the change in the economic and financial situation, the Management Board of the Parent made a decision on resignation as at 30 September 2014 from the planned investment provided for in the strategy of the subsidiary Łęczyńska Energetyka Sp. z o.o. in Bogdanka, i.e. the Modernization and expansion of the heating plant in Bogdanka into a combined heat and power generating plant. In relation to the completion of works within this project, the Subsidiary settled outlays with no effect and made an impairment loss of the property, plant and equipment in total, in the amount of PLN 6.8 million. 5. Data with regard to the Condensed Consolidated Financial Statements for the Lubelski Węgiel Bogdanka Group in the third quarter and for three quarters of The third quarter of 2014 Consolidated Income Statement In the third quarter of 2014, the consolidated net revenue on sales of products, goods and materials achieved the level of PLN 544,973,000 while in the comparable period of 2013 the consolidated revenue on sales of products, goods and materials amounted to PLN 539,395,000. The consolidated operating profit in Q amounted to PLN 99,950,000. As a result of achieving the operating profit, in the third quarter of 2014 net profit attributable to owners of the Parent was recorded in the amount of PLN 80,218,000, while in the comparable period of 2013 the Group recorded net profit attributable to owners of the Parent of PLN 82,695,000. It represents a decrease by 3% compared to the same period of the previous year. Three quarters of 2014 Consolidated Income Statement In cumulative terms, the revenue on sales of products, goods and materials for three quarters of 2014 amounted to PLN 1,490,344,000, which represents an increase by 5.08% compared to the same period of the previous year. The operating profit for three quarters of 2014 amounted to PLN 226,608,000. In cumulative terms, the net profit attributable to owners of the Parent for three quarters of 2014 was recorded in the amount of PLN 171,435,000, while in the comparable period of 2013 the Group recorded net profit attributable to owners of the Parent of PLN 224,439,000. It represents a decrease by 23.62% as compared to the same period of the previous year. Consolidated Statement of Financial Position 4
5 As at 30 September 2014, the balance of total provisions for other liabilities and charges and the total amount of employee benefits payable in the member companies of the Lubelski Węgiel Bogdanka Group amounted to PLN 435,735,000, which represents an increase by PLN 85,590 in comparison to the balance as at 31 December For the three quarters of 2014, deferred income tax liability occurred in the amount of PLN 97,654,000, which represents a decrease by PLN 2,168,000 in comparison to the balance of this item as at 31 December Data with regard to the condensed financial statements for the Parent in the third quarter and for three quarters of 2014 The third quarter of 2014 Income Statement In the third quarter of 2014 net revenue on sales of products, goods and materials achieved the level of PLN 544,417,000, while in the comparable period of 2013 the item amounted to PLN 537,902,000, which represents an increase in the net revenue in 2014 by 1.21%. The operating profit in Q amounted to PLN 105,926,000. The net profit for the third quarter of 2014 amounted to PLN 84,902,000, while in the same period of the previous year the Company recorded net profit of PLN 82,439,000. It represents an increase by 3% as compared to the same period of the previous year. Three quarters of 2014 Income Statement In cumulative terms, the revenue on sales of products, goods and materials for three quarters of 2014 amounted to PLN 1,487,424,000, which represents an increase by 5.20% as compared to the same period of the previous year. The operating profit for three quarters of 2014 amounted to PLN 223,794,000. In cumulative terms, the net profit for three quarters of 2014 amounted to PLN 172,301,000, while in the same period of 2013 the Company recorded net profit of PLN 221,890,000. It represents a decrease by 22.35% as compared to the same period of the previous year. Statement of Financial Position As at 30 September 2014, the balance of provisions for other liabilities and charges and the amount of employee benefits payable in the Parent, Lubelski Węgiel Bogdanka S.A., amounted to PLN 433,527,000, which represents an increase by PLN 85,478,000 in comparison to the balance as at 31 December As at 30 September 2014, deferred income tax liability occurred in the amount of PLN 97,462,000, which represents a decrease by PLN 2,407,000 in comparison to the balance of this item as at 31 December Information regarding seasonal and cyclical nature of the Group s activity in the presented period. The production is not seasonal, whereas seasonal character of sales can be noticed in the case of retail sales at a point of coal sale. Sales to individual customers in the third quarter of 2014 accounted for 1.32% of total consolidated revenue, whereas cumulatively for three quarters of 2014, the sale accounted for 0.76% of total consolidated revenue. This has no significant effect on operating and financing activity of the Group. 8. Information concerning the issue, redemption and repayment of debt and equity securities 5
6 In the third quarter of 2014, the Parent obtained PLN 400 million for investment and current financing of its business through the issue of bonds acquired by Bank Polska Kasa Opieki S.A. and Bank Gospodarstwa Krajowego. Details have been provided in section 3 of the Notes to these condensed quarterly consolidated financial statements. 9. Information concerning the dividend paid (or declared), in aggregate and calculated per share, divided into ordinary and preferred shares. In the third quarter of 2014, the Parent did not pay any dividend to the shareholders. The payment of dividend for 2013, in the amount of PLN 197,279,000, took place on 2 October In compliance with Resolution No. 22 of the Annual General Shareholders Meeting of Lubelski Węgiel Bogdanka S.A. of 12 June 2014, the profit for 2013 in the portion of PLN 197,279,000 has been distributed among the owners of the Parent. The payment of dividend for 2012, in the amount of PLN 172,110,000, took place on 2 October Therefore, the dividend rate due to owners of the Parent is presented in the table below. 1 Jan Sep Jan Sep Dividend due 197, ,110 Number of ordinary shares as at the dividend date ('000) 34,014 34,014 Dividend per share (in PLN per share) The dividend rate per share is calculated as the quotient of the dividend attributable to owners of the Parent and the number of ordinary shares as at the dividend date. 10. Events after the balance-sheet date not disclosed in the consolidated quarterly consolidated financial statements. The presented results for the third quarter and three quarters of 2014 refer to the events, identified by the Group, that occurred in this period. After the balance-sheet date no events affecting the financial results occurred that would not be disclosed in these condensed quarterly consolidated financial statements. 11. Information concerning changes in contingent liabilities or contingent assets, occurring following the end of the previous financial year. Since the previous consolidated report the balance of contingent liabilities has not changed significantly. 12. Transactions of the Lubelski Węgiel Bogdanka Group with related entities. Transactions of the Parent with related entities All transactions with the subsidiaries are concluded as part of regular operations of the Company and are performed on an arms' length basis. The Company s revenue resulting from the co-operation Łęczyńska Energetyka, a Company s subsidiary, is in the most part generated through sale of coal and bricks, lease of premises, telecommunications services and re-invoicing electricity costs. Purchases primarily include the purchase of heat power, potable water and the maintenance services for sewage installations, central heating, tailwater and water grid. 6
7 The Company s revenue resulting from the co-operation with its subsidiary, EkoTRANS Bogdanka Sp. z o.o., relates predominantly to payments for lease of premises and telecommunication services. Purchases primarily include the purchase of services connected with recovery of spoil arising during coal-associated shale cleaning and washing. The Company s revenue resulting from the co-operation with its subsidiary, RG Bogdanka Sp. z o.o., relates predominantly to payments for lease of premises, fees for use of equipment, tools and the baths, and telecommunication services. Purchases primarily include the purchase of services connected with performance of mining works and regeneration works. The Company s revenue resulting from the co-operation with its subsidiary, MR Bogdanka Sp. z o.o., relates predominantly to payments for lease of premises, fees for use of the baths, telecommunication services, and re-invoicing electricity costs. Purchases primarily include the purchase of services connected with renovation of mining equipment and devices. In the reporting periods ended on 30 September 2014 and 30 September 2013 the value of trade related to purchase with the following subsidiaries: Łęczyńska Energetyka Sp. z o.o., EkoTRANS Bogdanka Sp. z o.o., RG Bogdanka Sp. z o. o. and MR Bogdanka Sp. z o.o., and the balance of the Company s liabilities towards these related entities as at subsequent balance-sheet dates were as follows: 30 Sep Dec Sep Purchases in period 69,007 36,201 23,561 Liabilities at end of period including VAT 10,675 7,175 4,369 In the reporting periods ended on 30 September 2014 and 30 September 2013 the value of trade related to sales with the following subsidiaries: Łęczyńska Energetyka Sp. z o.o., EkoTRANS Sp. z o.o., RG Bogdanka Sp. z o. o. and MR Bogdanka Sp. z o.o., and the balance of the Company s liabilities from these related entities as at subsequent balance-sheet dates were as follows: 30 Sep Dec Sep Sales in period 20,600 9,364 7,619 Total receivables at end of period including VAT 791 1, Reporting by segments: industry and location The Management Board does not apply division into segments for managing the Group since the Group mainly focuses its activities on the production and sale of coal. 7
8 Consolidated Statement of Financial Position (Balance Sheet) 30 Sep Dec Assets Non-current assets Property, plant and equipment 3,253,379 3,169,722 Intangible assets 23,768 23,125 Deferred tax assets 2,243 1,817 Trade and other receivables 1,483 1,428 Cash and cash equivalents 79,143 77,912 3,360,016 3,274,004 Current assets Inventories 82, ,503 Trade and other receivables 343, ,739 Overpaid income tax 491 1,880 Cash and cash equivalents 426, , , ,126 TOTAL ASSETS 4,213,919 3,844,130 Equity Equity attributable to owners of the Parent Ordinary shares 301, ,158 Other capital 1,591,741 1,455,223 Retained profits 522, ,846 2,415,733 2,445,227 Non-controlling interests 9,352 10,304 Total equity 2,425,085 2,455,531 Liabilities Non-current liabilities Loans and borrowings 2,995 - Deferred tax liabilities 97,654 99,822 Provisions for employee benefits 175, ,479 Provisions for other liabilities and charges 116,008 85,278 Grants 15,360 16,145 Financing liabilities due to bonds issue 700, ,000 Trade and other liabilities 18,467 17,907 1,126, ,631 Current liabilities Loans and borrowings - 421,000 Provisions for employee benefits 60,722 39,551 Financing liabilities 3,550 5,232 Provisions for other liabilities and charges 83,086 64,837 Grants Current income tax liabilities 11, Dividend liabilities 197,283 4 Trade and other liabilities 305, , , ,968 Total liabilities 1,788,834 1,388,599 TOTAL EQUITY AND LIABILITIES 4,213,919 3,844,130 8
9 Consolidated Income Statement Q period from 1 Jul to 30 Sep Qs 2014 period from 1 Jul to 30 Sep Q period from 1 Jul to 30 Sep Qs 2013 period from 1 Jul to 30 Sep Revenue 544,973 1,490, ,395 1,418,299 Costs of products, goods and materials sold (402,622) (1,147,416) (358,413) (982,754) Gross profit 142, , , ,545 Selling cost (9,068) (28,255) (12,291) (33,378) Administrative costs (26,426) (73,081) (25,789) (71,537) Other income 274 1, ,292 Other costs (299) (1,298) (383) (925) Other losses - net (6,882) (14,788) (23,500) (24,438) Operating profit 99, , , ,559 Finance income 2,328 6,929 2,535 5,439 Finance cost (3,231) (17,694) (2,944) (12,029) Financial cost - net (903) (10,765) (409) (6,590) Profit before taxation 99, , , ,969 Income tax (19,677) (45,049) (36,295) (76,236) Net profit for the period 79, ,794 82, ,733 including: - attributable to owners of the Parent 80, ,435 82, ,439 - attributable to non-controlling interests (848) (641) Earnings per share attributable to the owners of the Parent during the year (in PLN per share) - basic diluted* * As at 30 September 2014, in connection with the introduction of the Management Options Scheme in 2013, the Parent held instruments causing possible dilution of ordinary shares. The impact of the dilution as at 30 September 2014 is not material, therefore diluted earnings per share are equal to basic earnings per share of the Parent (as at 30 September 2014 the Parent did not hold instruments causing possible dilution of ordinary shares). 9
10 Consolidated Statement of Comprehensive Income Q period from 1 Jul to 30 Sep Qs 2014 period from 1 Jul to 30 Sep Q period from 1 Jul to 30 Sep Qs 2013 period from 1 Jul to 30 Sep Net profit for the financial period 79, ,794 82, ,733 Other comprehensive income for the financial period Items not intended to be transferred to profit/loss - Actuarial gains (losses) of defined benefit schemes (15,028) (13,478) (3,135) (9,405) - Income tax relating to non-transferrable items 2,855 2, ,787 Items not intended to be transferred to profit/loss - total (12,173) (10,917) (2,539) (7,618) Items which may be transferred to profit/loss Cash flow hedges - Profit (loss) for period 5,063 1,682 (6,396) (929) - Income tax relating to transferrable items (963) (320) 1, Items which may be transferred to profit/loss - total 4,100 1,362 (5,181) (753) Other comprehensive income/(loss) for the financial period Comprehensive net income for the financial period (8,073) (9,555) (7,720) (8,371) 71, ,239 74, ,362 10
11 Consolidated Statement of Changes in Equity Ordinary shares Attributable to owners of the Parent Other capital Other Other capital capital - issue of Equity on transfer of Manageme valuation of cash profit/loss nt Options flow hedges Retained profits Total equity Noncontroll ing interest s Total equity As at 1 January ,158 1,345, ,335 2,286,381 9,993 2,296,374 Total comprehensive income for the financial period: (753) 216, , ,362 - net profit , , ,733 - other comprehensive income (753) (7,618) (8,371) - (8,371) Dividends concerning (172,110) (172,110) - (172,110) Transfer of the result for , (116,998) As at 30 September ,158 1,462,886 - (753) 567,048 2,330,339 10,287 2,340,626 As at 1 January ,158 1,456,608 2,853 (4,238) 688,846 2,445,227 10,304 2,455,531 Total comprehensive income for the financial period: , , ,880 (641) 161,239 - net profit , ,435 (641) 170,794 - other comprehensive income ,362 (10,917) (9,555) - (9,555) Dividends concerning (197,279) (197,279) (311) (197,590) Transfer of the result for , (129,251) Management Options Issue - - 5, ,905-5,905 As at 30 September ,158 1,585,859 8,758 (2,876) 522,834 2,415,733 9,352 2,425,085 11
12 Consolidated Statement of Cash Flows For 3Qs ended on 30 September Cash flow from (used in) operating activities Cash inflow from operating activities 597, ,151 Interest received and paid 2,049 (184) Income tax paid (32,629) (36,969) Net cash flow from (used in) operating activities 566, ,998 Cash flow from (used in) investing activities Acquisition of property, plant and equipment (418,209) (434,479) Interest paid regarding investing activity (10,729) (12,103) Acquisition of intangible assets (2,006) (2,136) Inflow from the sale of property, plant and equipment Interest received 3,820 2,461 Outflow on account of funds being deposited in the bank account of the Mine Closure Fund (1,231) (2,159) Net cash flow from (used in) investing activities (428,294) (448,209) Cash flow from (used in) financing activities Proceeds from loans and borrowings 2,995 - Inflow from issue of bonds 500, ,000 Repayments of loans and borrowings (421,000) (15,000) Funds transferred to the National Depository of Securities (Krajowy Depozyt Papierów Wartościowych S.A.) towards anticipated dividend - (169,830) Interest and commissions paid due to loans and borrowings (5,355) - Dividend paid (311) - Other net cash flow from (used in) financing activities 11 - Net cash flow from (used in) financing activities 76,340 (34,830) Net increase in cash and cash equivalents 214,992 79,959 Cash and cash equivalents at beginning of period 212, ,551 Cash and cash equivalents at end of period 426, ,510 12
13 Consolidated cash inflow from operating activities For 3Qs ended on 30 September Profit before taxation 215, ,969 - Depreciation of non-current assets 274, ,506 - Amortisation of intangible assets 1,396 1,275 - Profit on sale of property, plant and equipment (20) (1) - Income and costs related to changes in the property, plant and equipment 40,606 8,597 - Creating and using impairment losses of property, plant and equipment (22,438) 22,905 - Net finance income (364) (1,914) - Actuarial losses as recognised in the statement of comprehensive income (13,478) (9,405) - Change in provisions for employee benefits liabilities 36,549 37,685 - Change in provisions 24,561 4,117 - Other flows (888) Cost of Management Options 5, Change in inventories 28,902 (31,187) - Change in trade and other receivables (49,559) (44,757) - Change in trade and other liabilities 56,031 72,047 Cash inflow from operating activities 597, ,151 Balance-sheet change in receivables (99,131) (214,587) Receivables related to funds transferred to the National Depository of Securities (Krajowy Depozyt Papierów Wartościowych S.A.) towards anticipated dividend - 169,830 Receivables related to advances paid for property, plant and equipment 49,572 - Change in receivables for the purposes of the consolidated statement of cash flows (49,559) (44,757) Balance-sheet change in liabilities 225, ,927 Change in investment liabilities 28,247 35,230 Liabilities on account of dividend concerning the previous year (197,279) (172,110) Change in liabilities for the purposes of the consolidated statement of cash flows 56,031 72,047 Increase in non-current assets 400, ,352 Interest paid regarding investing activity (10,729) (12,103) Change in investment liabilities 28,247 35,230 Acquisition of property, plant and equipment 418, ,479 13
14 Statement of Financial Position (Balance Sheet) of Lubelski Węgiel Bogdanka S.A. 30 Sep Dec Assets Non-current assets Property, plant and equipment 3,179,485 3,098,350 Intangible assets 23,696 23,094 Non-current investments 75,601 74,534 Trade and other receivables Cash and cash equivalents 79,143 77,912 3,358,090 3,274,070 Current assets Inventories 81, ,361 Trade and other receivables 339, ,525 Overpaid income tax - 1,639 Property, plant and equipment held for sale - 9,974 Cash and cash equivalents 410, , , ,397 TOTAL ASSETS 4,189,460 3,815,467 Equity Ordinary shares 301, ,158 Other capital 1,599,306 1,462,788 Retained profits 507, ,224 Total equity 2,407,542 2,436,170 Liabilities Non-current liabilities Deferred tax liabilities 97,462 99,869 Provisions for employee benefits 173, ,565 Provisions for other liabilities and charges 116,008 85,278 Grants 15,360 16,145 Financing liabilities due to bonds issue 700, ,000 Trade and other liabilities 18,442 17,785 1,121, ,642 Current liabilities Loans and borrowings - 421,000 Provisions for employee benefits 60,717 39,369 Financing liabilities 3,550 5,232 Provisions for other liabilities and charges 82,984 64,837 Grants Current income tax liabilities 11,483 - Dividend liabilities 197,283 4 Trade and other liabilities 303, , , ,655 Total liabilities 1,781,918 1,379,297 TOTAL EQUITY AND LIABILITIES 4,189,460 3,815,467 14
15 Income Statement of Lubelski Węgiel Bogdanka S.A. Q period from 1 Jul to 30 Sep Qs 2014 period from 1 Jul to 30 Sep Q period from 1 Jul to 30 Sep Qs 2013 period from 1 Jul to 30 Sep Revenue 544,417 1,487, ,902 1,413,853 Costs of products, goods and materials sold (403,521) (1,152,419) (357,423) (981,935) Gross profit 140, , , ,918 Selling cost (9,454) (29,777) (12,558) (33,882) Administrative costs (25,695) (72,510) (25,042) (69,401) Other income ,440 Other costs (306) (1,303) (383) (925) Other profit / loss - net 463 (8,336) (23,496) (24,083) Operating profit 105, , , ,067 Finance income 2,223 9,967 2,203 4,373 Finance cost (3,227) (17,684) (2,939) (12,008) Finance cost - net (1,004) (7,717) (736) (7,635) Profit before taxation 104, , , ,432 Income tax (20,020) (43,776) (36,159) (75,542) Net profit for the financial period 84, ,301 82, ,890 Earnings per share attributable to owners of the Company during the year (in PLN per share) - basic diluted* * As at 30 September 2014, in connection with the introduction of the Management Options Scheme in 2013, the Company held instruments causing possible dilution of ordinary shares. The impact of the dilution as at 30 September 2014 is not material, therefore diluted earnings per share are equal to basic earnings per share of the Company (as at 30 September 2014 the Company did not hold instruments causing possible dilution of ordinary shares). 15
16 Statement of Comprehensive Income of Lubelski Węgiel Bogdanka S.A. Q period from 1 Jul to 30 Sep Qs 2014 period from 1 Jul to 30 Sep Q period from 1 Jul to 30 Sep Qs 2013 period from 1 Jul to 30 Sep Net profit for the financial period Other comprehensive income for the financial period Items not intended to be transferred to profit/loss - Actuarial gains (losses) of defined benefit schemes (15.028) (13.478) (3.135) (9.405) - Income tax relating to non-transferrable items Items not intended to be transferred to profit/loss - total (12.173) (10.917) (2.539) (7.618) Items which may be transferred to profit/loss Cash flow hedges - Profit (loss) for period (6.396) (929) - Income tax relating to transferrable items (963) (320) Items which may be transferred to profit/loss - total (5.181) (753) Other comprehensive income/(loss) for the financial period (8.073) (9.555) (7.720) (8.371) Comprehensive net income for the reporting period - total
17 Statement of Changes in Equity of Lubelski Węgiel Bogdanka S.A. Other capital Ordinary shares Other capital - transfer of profit / loss Other capital issue of Management Options Equity on valuation of cash flow hedges Retained profits Total equity As at 1 January 2013 Comprehensive net income for the financial period: 301,158 1,349, ,798 2,280, (753) 214, ,519 - net profit , ,890 - other comprehensive income Dividends concerning 2012 Transfer of the result for (753) (7,618) (8,371) (172,110) (172,110) - 114, (114,918) - As at 30 September ,158 1,464,173 - (753) 557,042 2,321,620 As at 1 January 2014 Comprehensive net income for the financial period: 301,158 1,464,173 2,853 (4,238) 672,224 2,436, , , ,746 - net profit , ,301 - other comprehensive income Dividends concerning 2013 Transfer of the result for ,362 (10,917) (9,555) (197,279) (197,279) - 129, (129,251) - Management Options Issue As at 30 September , , ,158 1,593,424 8,758 (2,876) 507,078 2,407,542 17
18 Statement of Cash Flows of Lubelski Węgiel Bogdanka S.A. For 3Qs ended on 30 September Cash flow from (used in) operating activities Cash inflow from operating activities 587, ,287 Interest received and paid 2,059 (163) Income tax paid (30,821) (36,001) Net cash flows from (used in) operating activities 558, ,123 Cash flow from (used in) investing activities Acquisition of property, plant and equipment (401,883) (430,260) Interest paid regarding investing activity (10,729) (12,103) Acquisition of intangible assets (1,983) (1,571) Inflow from the sale of property, plant and equipment 10, Interest received 3,303 1,575 Acquisition of shares in subsidiaries (1,067) (1,193) Dividend received 3,411 - Outflow on account of funds being deposited in the bank account of the Mine Closure Fund (1,231) (2,159) Net cash flows from (used in) investing activities (400,120) (445,507) Cash flow from (used in) financing activities Repayments of loans and borrowings (421,000) (15,000) Inflow from issue of bonds 500, ,000 Funds transferred to the National Depository of Securities (Krajowy Depozyt Papierów Wartościowych S.A.) towards - (169,830) anticipated dividend Interest and commissions paid regarding loans and borrowings (5,355) (963) Net cash flows from (used in) financing activities 73,645 (35,793) Net increase in cash and cash equivalents 232,259 78,823 Cash and cash equivalents at beginning of period ,094 Cash and cash equivalents at end of period ,917 18
19 Cash inflow from operating activities of Lubelski Węgiel Bogdanka S.A. For 3Qs ended on 30 September Profit before taxation 216, ,432 - Depreciation of non-current assets 271, ,743 - Amortisation of intangible assets 1,381 1,275 - Loss on sale of property, plant and equipment (40) (3) - Income and costs related to changes in the property, plant and equipment 35,473 8,597 - Creating and using impairment losses of property, plant and equipment (24,548) 22,905 - Actuarial gains / losses as recognised in the statement of comprehensive income (13,478) (9,405) - Change in provisions for employee benefits liabilities 36,601 37,400 - Change in provisions 24,561 4,117 - Other flows (131) Dividends (3,411) - - Cost of Management Options 5, Change in inventories 28,892 (31,627) - Change in trade and other receivables (48,632) (44,073) - Change in trade and other liabilities 57,791 72,708 Cash inflow from (used in) operating activities 587, ,287 Balance-sheet change in receivables (98,204) (213,903) Receivables related to funds transferred to the National Depository of Securities (Krajowy Depozyt Papierów Wartościowych S.A.) towards anticipated dividend - 169,830 Receivables related to advances paid for property, plant and equipment 49,572 - Change in receivables for the purposes of the statement of cash flows (48,632) (44,073) Balance-sheet change in liabilities 230, ,630 Change in investment liabilities 24,378 35,188 Liabilities on account of dividend concerning the previous year (197,279) (172,110) Change in liabilities for the purposes of the statement of cash flows 57,791 72,708 Increase in non-current assets 388, ,175 Interest paid regarding investing activity (10,729) (12,103) Change in investment liabilities 24,378 35,188 Acquisition of property, plant and equipment 401, ,260 19
20 14. Approval of the Condensed Quarterly Consolidated Financial Statements The Management Board of Lubelski Węgiel Bogdanka S.A. hereby declares that as at 5 November 2014 it approves for publication these condensed quarterly consolidated financial statements of the Group and the condensed quarterly financial statements of the Parent for the third quarter of financial year 2014, covering the period from 1 January 2014 to 30 September SIGNATURES OF ALL MEMBERS OF THE MANAGEMENT BOARD AND THE CHIEF ACCOUNTANT Zbigniew Stopa President of the Management Board Waldemar Bernaciak Vice-President of the Board, Trade and Logistics Roger de Bazelaire Vice-President of the Management Board, Economic and Financial Affairs Krzysztof Szlaga Vice-President of the Management Board, Procurement and Investments Urszula Piątek Chief Accountant 20
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