Group’s Balance Sheet Structure

The Group’s non-current assets stood at PLN 512.0 million representing 53% of total assets at December 31, 2012, compared to 55% at September 30, 2012 and 48% at December 31, 2011. The change in the structure of non-current assets in 2012 compared to 2011 was driven mainly by the acquisition of shares of PolPX. Intangible assets of the Group increased substantially in Q1 2012 due to the acquisition of a controlling stake in PolPX. Goodwill from the acquisition of the PolPX Group was PLN 147.8 million. Furthermore, WSE recognised an impairment write-down of goodwill of an organised part of the enterprise of poee at PLN 7.9 million at December 31, 2012. The write-down reduced the Group’s intangible assets accordingly.

The WSE Management Board decided to recognise an impairment write-down of the shares held in S.C. SIBEX at PLN 1.0 million in December 2012. The measurement of the shares at fair value in previous reporting periods was revised periodically and it was recognised under other capital.

The Group’s current assets stood at PLN 447.0 million representing 47% of total assets at December 31, 2012, compared to 45% at September 30, 2012 and 52% at December 31, 2011.

The increase in trade and other receivables in 2012 compared to December 31, 2011 results from the acquisition of the PolPX Group. The line mainly includes receivables in respect of other public law transactions (including VAT), which stood at PLN 24.7 million at December 31, 2012 compared to PLN 31.2 million at September 30, 2012 and PLN 0.01 million at December 31, 2011. Transactions cleared by the PolPX Group (WCCH) include large volumes of electricity sold to companies registered abroad, giving rise to a surplus of VAT in respect of power acquired from local companies and, consequently, receivables in respect of VAT reimbursement from the Tax Office. Due to significant VAT receivables, WCCH must use revolving credit facilities to make up for a shortage of cash.

Current financial assets available for sale decreased in Q3 2012 as a result of redemption of zero-coupon Treasury bonds with a nominal value of PLN 58,0 million.

Corporate income tax receivables as at the end of 2012 were a result of WSE’s paid corporate income tax advances and a surplus payment.

The increase in cash and cash equivalents in 2012 compared to 2011 results from the acquisition of the PolPX Group. The PolPX Group holds a significant amount of cash subject to specific restrictions including assets of the clearing guarantee system which stood at PLN 121.5 million at December 31, 2012 compared to PLN 100.9 million at September 30, 2012.

The balance-sheet total of the WSE Group stood at PLN 959.0 million and increased by PLN 25.0 million at December 31, 2012 compared to September 30, 2012, which was driven mainly by an increase in assets of the energy market guarantee fund set up by WCCH.

Consolidated statement of financial position of WSE Group at the end of selected quarters, 2011-2012 (assets)
  As at   
PLN'000 December 31, 2012 % September 30, 2012 % December 31, 2011 %
Non-current assets 512,004 53% 518,215 55% 355,291 48%
Tangible fixed assets 133,115 14% 133,864 14% 128,672 18%
Intangible fixed assets 209,545 22% 214,487 23% 60,621 8%
Investment in associates 151,213 16% 149,456 16% 147,894 20%
Deferred tax assets 3,155 0% 4,306 0% 3,110 0%
Available-for-sale financial assets 11,183 1% 11,002 1% 11,795 2%
Prepayments 3,793 0% 5,100 1% 3,199 0%
Current assets 447,020 47% 415,847 45% 377,616 52%
Inventory 253 0% 325 0% 260 0%
Corporate income tax receivables 4,837 1% 1,578 0% 0 0%
Trade and other receivables 62,929 7% 64,073 7% 29,62 4%
Available-for-sale financial assets 118 0% 586 0% 56,651 8%
Cash and cash equivalents 378,883 40% 349,285 37% 291,085 40%
incl,: assets of the clearing guarantee system 121,489 13% 100,862 11% 0 0%
Total assets 959,024 100% 934,062 100% 732,907 100%
Source: Consolidated Financial Statements, Company

The equity of the Group stood at PLN 555.9 million representing 58% of the Group’s total liabilities and equity at December 31, 2012, PLN 537.5 million (58%) at September 30, 2012, and PLN 524.5 million (72%) at December 31, 2011. The decrease of the share of equity in total liabilities and equity in 2012 was due to changes in the structure of financing of the Group following the additional issue of series B bonds with a nominal value of PLN 75.0 million in February 2012.

Non-controlling interests stood at PLN 1.4 million at December 31, 2012, a decrease of PLN 2.9 million compared to Q3 2012, which was driven by the acquisition of the remaining block of the share capital of PolPX up to 100%.

Non-current liabilities of the Group stood at PLN 247.8 million representing 26% of the Group’s total equity and liabilities at December 31, 2012, PLN 250.3 million (27%) at September 30, 2012, and PLN 175.5 million (24%) at December 31, 2011. The high value of non-current liabilities in 2012 compared to Q4 2011 was driven by the issue of the WSE’s series B bonds with a nominal value of PLN 75 million in February 2012. The bonds of both series are due for redemption on January 2, 2017. The bonds bear interest at a floating rate equal to WIBOR 6M plus a margin of 1.17%, interest is paid semi-annually.

Current liabilities of the Group stood at PLN 155.3 million and represented 16% of the Group’s total equity and liabilities at December 31, 2012, PLN 146.2 million (16%) at September 30, 2012, and PLN 32.9 million (4%) at December 31, 2011. The increase of other liabilities in 2012 was due to the acquisition of the PolPX Group, which has significant liabilities under the clearing guarantee system at PLN 121.5 million at December 31, 2012 and PLN 100.9 million at September 30, 2012. Furthermore, liabilities in respect of other public law transactions (including VAT) at PLN 7.7 million at December 31, 2012 and PLN 11.6 million at September 30, 2012 were an important part of the WSE Group’s other liabilities. At September 30, 2012, WCCH used a revolving credit facility of PLN 1.8 million taken out to cover current liquidity in the payment of VAT differences and recognized in current liabilities. The loan was repaid in Q4 2012.

Consolidated statement of financial position of WSE Group at the end of selected quarters, 2011-2012 (equity and liabilities)
  As at   
  December 31, 2012 % September 30, 2012 % December 31,
2011
%
Equity 555,890 58% 537,534 58% 524,492 72%
Share capital 63,865 7% 63,865 7% 63,865 9%
Other capital           (1,000) 0%           (2,639) 0% 270 0%
Retained earnings 491,647 51% 472,010 51% 459,074 63%
Non-controlling interests 1,377 0% 4,298 0% 1,283 0%
Non-current liabilities 247,842 26% 250,313 27% 175,517 24%
Employee benefits payable 4,305 0% 4,984 1% 4,206 1%
Finance lease liabilities 381 0% 329 0% 66 0%
Provisions for other liabilities and payments 0 0% 0 0% 1,019 0%
Liabilities under bond issue 243,157 25% 245,000 26% 170,226 23%
Current liabilities 155,292 16% 146,215 16% 32,898 4%
Trade payables 4,284 0% 6,108 1% 10,516 1%
Finance lease liabilities 336 0% 356 0% 61 0%
Corporate income tax liability 2,549 0% 1,487 0% 5,011 1%
Liabilities under bond issue 48 0% 3,917 0% 0 0%
Liabilities under loans and advances 13 0% 1,760 0% 0 0%
Dividend payout and other liabilities 134,137 14% 121,260 13% 4,459 1%
incl, liabilities of the clearing guarantee system 121,489 13% 100,862 11% 0 0%
Employee benefits payable  12,574 1% 10,317 1% 12,851 2%
Provisions for other liabilities and payments 1,351 0% 1,010 0% 0 0%
Total equity and liabilities 959,024 100% 934,062 100% 732,907 100%
Source: Consolidated Financial Statements, Company

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