Income statement
| (in millions of PLN) | 20141) | 2015 | 20162) | 2017 | 20183) | 2019 |
|---|---|---|---|---|---|---|
| Revenue | 7,409.9 | 9,823.0 | 9,729.8 | 9,828.6 | 10,686.1 | 11.676,1 |
| Retail revenue | 5,084.7 | 6,553.1 | 6,325.3 | 6,067.9 | 6,092.6 | 6,458.8 |
| Wholesale revenue | 1,954.0 | 2,596.9 | 2,466.1 | 2,538.6 | 3,043.8 | 3,350.2 |
| Sale of equipment | 327.3 | 583.4 | 850.8 | 1,055.2 | 1,386.0 | 1,585,0 |
| Other revenue | 43.9 | 89.6 | 87.6 | 166.9 | 163.7 | 282.1 |
| Operating costs | (5,977.1) | (7,867.9) | (8,069.3) | (8,015.9) | (8,978.8) | (9,754.8) |
| Content costs | (1,029.5) | (1,065.9) | (1,114.2) | (1,153.6) | (1,355.3) | (1,658.5) |
| Distribution, marketing, customer relation management and retention costs | (612.7) | (802.6) | (827.8) |
(894.3) |
(933.9) |
(1,021.3) |
| Depreciation, amortization, impairment and liquidation | (1,295.9) | (1,699.3) | (1,971.5) | (1,783.0) | (1,970.7) | (2,229.7) |
| Technical costs and cost of settlements with telecommunication operators | (1,412.4) | (2,141.0) | (1 938.7) | (2,014.0) | (2,448.9) | (2,311.3) |
| Salaries and employee-related costs | (421.7) | (550.2) | (570.5) | (553.1) | (738.9) | (870.6) |
| Cost of equipment sold | (925.2) | (1,332.8) | (1,354.7) | (1,323.6) | (1,174.2) | (1,320.4) |
| Cost of debt collection services and bad debt allowance and receivables written off | (67.6) | (62.6) | (46.9) | (67.4) |
(83,9) |
(98.9) |
| Other costs | (212.1) | (213.5) | (245.0) | (226.9) | (273.0) | (244.1) |
| Other operating income, net | 9.6 | 30.7 | 8.8 | 21.3 | 19.7 | 45.7 |
| Profit from operating activities | 1,442.4 | 1,985.8 | 1,669.3 | 1,834.0 | 1,727.0 | 1,967.0 |
| Gain/loss on investment activities, net | 15.2 | 8.6 | (69.8) | 7.2 | (33.0) | (27.0) |
| Finance costs, net | (1,146.0) | (664.6) | (566.1) | (509.0) | (386.7) | (465.9) |
| Share of the profit of jointly controlled entity accounted for using the equity method | 2.6 | 2.6 | - | - | - | - |
| Share of the profit of associates accounted for using the equity method | - | - | - | 2.8 | (1.2) | (6.5) |
| Gross profit for the period | 314.2 | 1,332.4 | 1,033.4 | 1,335.0 | 1,306.1 | 1,467.6 |
| Income tax | (21.7) | (169.0) | (12.4) | (389.8) | (490.0) | (353,0) |
| Net profit for the period | 292.5 | 1,163.4 | 1,021.0 | 945.2 | 816.1 | 1,114.6 |
| Net profit attributable to equity holders of the Parent | 292.5 | 1,163.4 | 1,041.3 | 980.6 |
833.6 |
1,100.6 |
| Net profit/(loss) attributable to non-controlling interest | - | - | (20.3) | (35.4) | (17.5) | 14.0 |
| Basic and diluted earnings per share (in PLN) | 0.54 | 1.82 | 1.60 | 1.48 | 1.28 | 1,.4 |
| EBITDA | 2,738.3 | 3,685.1 | 3,640.8 | 3,617.0 | 3,697.7 | 4,196.7 |
| EBITDA margin | 37.0% | 37.5% | 37.4% | 36.8% | 34.6% | 35.9% |
1) Consolidation of Metelem Holding Company Ltd. capital group from May 7, 2014
2) Consolidation of Litenite Ltd. capital group from February 29, 2016
3) Consolidation of Netia S.A. capital group from May 22, 2018
Balance sheet
ASSETS
| (in millions of PLN) | December 31,20141) | December 31,2015 | December 31,20162) | December 31,2017 | December 31,20183) | March 31,2020 |
|---|---|---|---|---|---|---|
| Reception equipment | 421.1 | 371.0 | 350.9 | 325.3 | 264.5 | 267.4 |
| Other property, plant and equipment | 2,714.9 | 2,548.6 | 2,964.3 | 2,867.1 | 4,792.2 | 5,004.3 |
| Goodwill | 10,585.3 | 10,606.4 | 10,975.4 | 11,041.7 | 11,309.4 | 11,349.5 |
| Customer relationships | 4,255.8 | 3,638.5 | 3,031.2 | 2,557.3 | 2,212.2 | 1,723.5 |
| Brands | 2,085.9 | 2,080.6 | 2,056.5 | 2,037.1 | 2,096.1 | 2,054.9 |
| Other intangible assets | 2,591.4 | 2,422.2 | 3,656.2 | 3,261.5 | 3,005.5 | 2,749.9 |
| Right-of-use assets | - | - | - | - | - | 1,383.8 |
| Non-current programming assets | 135.8 | 145.0 | 151.8 | 170.1 | 503.8 | 330.4 |
| Investment property | 5.3 | 5.2 | 5.1 | 5.1 | 29.9 | 29.3 |
| Non-current deferred distribution fees | 81.0 | 83.3 | 82.8 | 91.4 | 99.7 | 96.0 |
| Non-current trade receivables | - | - | - | - | - | 749.5 |
| Other non-current assets | 198.5 | 272.8 | 452.0 | 1,270.7 | 701.1 | 1,337.2 |
| includes shares in associates accounted for using the equity method | - | - | - |
665.2 |
43.0 |
1,306.1 |
| includes derivative instruments assets | 1.2 | 6.9 | 9.5 | 1.9 | - | - |
| Deferred tax assets | 281.1 | 87.6 | 232.7 | 197.2 | 259.7 | 243.2 |
| Total non-current assets | 23,356.1 | 22,261.2 | 23,958.9 | 23,824.5 | 25,274.1 | 27,318.9 |
| Current programming assets | 152.1 | 192.2 | 192.0 | 251.7 | 543.2 | 535.2 |
| Contract assets | - | - | - | - | 648.4 | 628.1 |
| Inventories | 301.4 | 281.0 | 278.7 | 283.7 | 394.0 | 398.3 |
| Trade and other receivables | 1,453.4 | 1,619.1 | 1,688.0 | 1,983.2 | 2,370.4 | 2,335.9 |
| Income tax receivable | 26.0 | 0.7 | 29.1 | 1.3 | 34.6 | 7.1 |
| Current deferred distribution fees | 141.7 | 212.7 | 207.2 | 207.9 | 218.5 | 222.1 |
| Other current assets | 160.1 | 399.5 | 38.7 | 31.7 | 34.9 | 72.3 |
| includes derivative instruments assets | 22.2 | 10.5 | 6.7 | 5.1 | - | - |
| Cash and cash equivalents | 1,735.3 | 1,512.0 | 1,326.0 | 1,161.5 | 1,167.0 | 1,130.6 |
| Restricted cash | 12.6 | 11.7 | 10.7 | 10.5 | 11.7 | 10.2 |
| Total current assets | 3,982.6 | 4,228.9 | 3,770.4 | 3,931.5 | 5,422.7 | 5,339.8 |
| TOTAL ASSETS | 27,338.7 | 26,490.1 | 27,729.3 | 27,756.0 | 30,696.8 | 32,658.7 |
EQUITY AND LIABILITIES
| (in millions of PLN) | December 31, 20141) | December 31, 2015 | December 31, 20162) | December 31, 2017 | December 31, 20183) | March 31,2020 |
|---|---|---|---|---|---|---|
| Share capital | 25.6 | 25.6 | 25.6 | 25.6 | 25.6 | 25.6 |
| Share premium | 7,174.0 | 7,174.0 | 7,174.0 | 7,174.0 | 7,174.0 | 7,174.0 |
| Other reserves | (12.2) | (3.7) | 4.5 | 3.2 | (162.5) | (4.8) |
| Retained earnings | 1,890.8 | 3,054.2 | 4,095.5 | 4,871.4 | 6,189.9 | 6,792.6 |
| Equity attributable to equity holders of the Parent | 9,078.2 | 10,250.1 | 11,299.6 | 12,074.2 | 13,227.0 | 13,987.4 |
| Non-controlling interests | - | - | 78.0 | 42.6 | 648.2 | 652.6 |
| Total equity | 9,078.2 | 10,250.1 | 11,377.6 | 12,116.8 | 13,875.2 | 13,987.4 |
| Loans and borrowings | 7,683.5 | 5,379.8 | 9,302.7 | 9,291.4 | 8,605.3 | 8,453.4 |
| Issued bonds | 4,550.2 | 975.3 | 1,835.7 | 975.7 | 976.0 | 1,950.7 |
| Finance lease liabilities | 11.7 | 20.9 | 20.9 | 18.6 | 15.8 | 986.2 |
| UMTS license liabilities | 750.3 | 652.8 | 574.0 | 440.8 | 348.2 | 254.9 |
| Deferred tax liabilities | 908.7 | 615.8 | 786.9 | 879.8 | 1,160.1 | 950.2 |
| Deferred income | 4.7 | 4.7 | 20.1 | 3.2 | - | - |
| Other non-current liabilities and provisions | 184.2 | 124.2 | 130.2 | 114.2 | 697.6 | 311.8 |
| includes derivative instruments liabilities | 40.1 | - | - | - | 165.2 | 30.2 |
| Total non-current liabilities | 14,093.3 | 7,773.5 | 12,670.5 | 11,723.7 | 11,803.0 | 12,907.2 |
| Loans and borrowings | 1,322.6 | 1,230.9 | 1,270.0 | 1,341.9 | 1,611.3 | 1,241.6 |
| Issued bonds | 464.4 | 4,776.7 | 42.4 | 42.5 | 42.3 | 63.1 |
| Finance lease liabilities | 6.8 | 4.3 | 5.0 | 9.7 | 8.2 | 430.3 |
| UMTS license liabilities | 117.1 | 117.0 | 121.5 | 114.5 | 118.1 | 125.8 |
| Contract liabilities | - | - | - | - | 705.2 | 725.1 |
| Trade and other payables | 1,523.0 | 1,485.4 | 1,569.5 | 1,727.3 | 2,382.4 | 2,190.0 |
| includes derivative instruments liabilities | 87.0 | 72.9 | - | 3.6 | 8.8 | 37.8 |
| Income tax liability | 48.0 | 176.1 | 24.9 | 61.3 | 151.1 | 335.6 |
| Deposits for equipment | 1.4 | 4) | 4) | 4) | 4) | 4) |
| Deferred income | 683.9 | 676.1 | 647.9 | 618.3 | - | - |
| Total current liabilities | 4,167.2 | 8,466.5 | 3,681,2 | 3,915.5 | 5,018.6 | 5,111.5 |
| Total liabilities | 18,260.5 | 16,240.0 | 16,351.7 | 15,639.2 | 16,821.6 | 18,018.7 |
| EQUITY AND LIABILITIES | 27,338.7 | 26,490.1 | 27,729.3 | 27,756.0 | 30,696.8 | 32,658.7 |
1) Consolidation of Metelem Holding Company Ltd. capital group from May 7, 2014
2) Consolidation of Litenite Ltd. capital group from February 29, 2016
3) Consolidation of Netia S.A. capital group from May 22, 2018
4) Item "Deposits for equipment" accounted for in item "Trade and other payables".
Cash flow statement
| (in millions of PLN) | 20141) | 2015 | 20162) | 2017 | 20183) |
|---|---|---|---|---|---|
| Net profit/(loss) | 292.5 | 1,163.4 | 1,021.0 | 945.2 | 816.1 |
| Adjustments for: | 1,825.3 | 1,821.7 | 2,130.5 | 2,181.1 | 2,416.0 |
| Depreciation, amortization, impairment and liquidation | 1,295.9 | 1,699.3 | 1,971.5 | 1,783.0 | 1,970.7 |
| Payments for film licenses and sports rights | (306.8) | (238.1) | (246.5) | (305.1) | (363.5) |
| Amortization of film licenses and sports rights | 224.4 | 212.6 | 230.7 | 228.6 | 337.0 |
| (Gain)/loss on the sale of property, plant and equipment and intangible assets | (2.9) | (6.9) | 4) | 4) | 4) |
| Cost of programming rights sold | 30.5 | 1.4 | 4) | 4) | 4) |
| Interest expense | 603.7 | 763.6 | 541.9 | 432.3 | 401.6 |
| Change in inventories | 0.5 | 26.4 | 3.0 | (5.0) | (77.2) |
| Change in receivables and other assets | (191.9) | (478.2) | (329.9) | (470.8) | (289.1) |
| Change in liabilities, provisions and deferred income | (277.7) | (118.0) | (33.3) | 183.1 | (44.2) |
| Change in contract assets | - | - | - | - | 47.8 |
| Change in contract liabilities | - | - | - | - | 107.6 |
| Change in internal production and advance payments | (4.9) | (3.9) | (6.1) | 3.9 | 4) |
| Valuation of hedging instruments | (3.9) | 6.6 | 9.8 | 4) | 4) |
| Share of the profit of a joint venture accounted for using the equity method | (2.6) | (2.6) | - | 4) | 4) |
| Share of the profit of associates accounted for using the equity method | - | - | - | (2.8) | 1.2 |
| Foreign exchange losses/(gains), net | 369.9 | 222.0 | 270.9 | (31.1) | 15.8 |
| Income tax | 21.7 | 169.0 | 12.4 | 389.8 | 490.0 |
| Net additions of reception equipment provided under operating lease | (193.1) | (134.7) | (153.0) | (137.5) | (83.9) |
| Cumulative catch-up and early redemption costs | 82.1 | (371.4) | - | - | - |
| Early redemption costs | - | - | - | 58.7 | - |
| (Profit)/net loss on derivatives | 84.3 | 53.0 | (164.9) | (1.5) | 4) |
| Other adjustments | 96.1 | 21.6 | 24.0 | 55.5 | (97.8) |
| Cash from/(used in) operating activities | 2,117.8 | 2,985.1 | 3,151.5 | 3,126.3 | 3,232.1 |
| Income tax paid | (189.1) | (136.2) | (292.7) | (216.2) | (343.2) |
| Interest received from operating activities | 45.2 | 38.8 | 25.9 | 31.3 | 26.2 |
| Net cash from/(used in) operating activities | 1,973.9 | 2,887.7 | 2,884.7 | 2,941.4 | 2,915.1 |
| Acquisition of property, plant and equipment | (263.6) | (417.8) | (436.2) | (524.8) | (624.3) |
| Acquisition of intangible assets | (71.8) | (165.3) | (154.2) | (214.3) | (304.1) |
| Acquisition of bonds | - | - | - | (9.3) | (9.2) |
| Concession payments | (482.3) | (118.7) | (268.5) | (120.7) | (119.6) |
| Acquisition of shares in associates | - | - | - | (662.5) | (16.1) |
| Acquisition of subsidiaries, net of cash acquired | 1,800.4 | (29.5) | (144.4) | (66.8) | (792.4) |
| Proceeds from sale of property, plant and equipment | 4.1 | 16.9 | 9.5 | 19.3 | 11.6 |
| Investment funds inflows/(outflows) | - | - | - | - | 0.5 |
| Repayment of loans granted | - | - | 0.1 | 30.5 | 29.3 |
| Granted loans | (23.1) | (16.1) | (11.6) | (31.1) | (12.4) |
| Other investing activities - derivatives | 6.6 | 3.9 | (1.6) | 7) | 7) |
| Dividends received | 2.5 | - | - | - | - |
| Other inflows/(outflows) | - | - | 3.5 | 6.4 | 1.2 |
| Net cash from/(used in) investing activities | 972.8 | (726.6) | (1,003.4) | (1,573.3) | (1,835.5) |
| Loans and borrowings inflows | 2,800.0 | 6,820.0 | 5,500.0 | 1,200.0 | 635.3 |
| Repayment of loans and borrowings | (1,087.1) | (9,222.2) | (1,940.9) | (1,162.5) | (1,282.2) |
| Bonds (redemption)/issue | (2,275.9) | 1,000.0 | (4,484.0) | (886.7) | - |
| Payment of interest on loans, borrowings, bonds, finance lease and commissions4) | (872.2) | (978.9) | (729.6) | (409.9) | (419.0) |
| Dividends paid | (102.9) | - | - | (204.7) | - |
| Acquisition of bonds issued by Midas | - | - | (323.6) | - | - |
| Early redemption fee | - | - | (262.1) | (58.7) | - |
| Hedging instrument effect – principal | - | - | 175.4 | - | - |
| Finance lease - principal repayments | (0.9) | (5.6) | 6) | 6) | 6) |
| Other inflows/(outflows) | - | - | (6.0) | (5.2) | (8.4) |
| Payment of share issuance-related consulting costs | (3.9) | - | - | - | - |
| Net cash from/ (used in) financing activities | (1,542.9) | (2,386.7) | (2,070.8) | (1,527.7) | (1,074.3) |
| Net increase/(decrease) in cash and cash equivalents | 1,403.8 | (225.6) | (189.5) | (159.6) | 5.3 |
| Cash and cash equivalents at the beginning of the period | 342.2 | 1,747.9 | 1,523.7 | 1,336.7 | 1,172.0 |
| Effect of exchange rate fluctuations on cash and cash equivalents | 1.9 | 1.4 | 2.5 | (5.1) | 1.4 |
| Cash and cash equivalents at the end of the period | 1,747.9 | 1,523.7 | 1,336.7 | 1,172.0 | 1,178.7 |
1) Consolidation of Metelem Holding Company Ltd. capital group from May 7, 2014.
2) Consolidation of Litenite Ltd. capital group from February 29, 2016.
3) Consolidation of Netia S.A. capital group from May 22, 2018
4) Item included in "Other adjustments".
5) Includes impact of hedging instruments, premiums paid for early bonds’ repayment and amount paid for costs related to the new financing.
6) Finance lease - principal repayments was recognized in "Other inflows/(outflows).
7) Item included in item "Other inflows/(outflows)".
Financial ratios
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| EBITDA margin1) | 37.0% | 37.5% | 37.4% | 36.8% | 34.6% |
| Net profit margin2) | 3.9% | 11.8% | 10.5% | 9.6% | 7.6% |
| Return on assets (ROA)3) | 1.1% | 4.4% | 3.7% | 3.4% | 2.7% |
| Return on equity (ROE)4) | 3.3% | 12.8% | 9.9% | 8.5% | 6.2% |
| Current ratio5) | 1.0 | 0.5 | 1.0 | 1.0 | 1.1 |
| Debt ratio6) | 66.8% | 61.3% | 59.0% | 56.3% | 54.3% |
1) EBITDA/sales revenue
2) net profit/sales revenue
3) net profit/total assets
4) net profit/(equity-net profit)
5) current assets/current liabilities
6) total liabilities/total assets
Last updated 05/15/2020