The comparative data presented in these consolidated financial statements derived from the approved financial statements for the year ended 31 December 2013 have been restated in order to maintain comparability. Restatements relate to the following:
a) The Group changed recognition of commissions paid to partners for concluding energy sales contracts and complex contracts. Previously they were expensed when incurred. Currently they are recognized as prepayments. Costs of commissions are recognized on a straight-line basis during the term of electricity sales contracts / complex contracts in proportion to the number of months of a contract. Prepaid commissions are presented in the financial statements as non-current and current trade and other receivables..
b) The Group changed the presentation of the transportation costs regarding purchase of coal. Previously, these costs were recognized in the cost of external services. From 2014 onwards the Group recognizes these costs as component of the costs of coal consumption and presents in profit or loss in consumption of materials and supplies and costs of goods sold.
c) The Group changed the presentation of cash flows. Payments concerning interest on loans and bonds are presented in cash flows from financial activities as interests paid while receipts of interest concerning cash deposits for more than 3 months are presented in cash flows from investing activities as interests received.
There are also changes in the presentation of liabilities related to VAT regarding the acquisition of property, plant and equipment. They are included in payments for acquisition of property, plant and equipment and intangible assets. Previously change in liabilities related to investment VAT was recognized as changes in working capital in cash flows from operating activities.
d) The Group changed presentation of the statement of financial position; accrued income from valuation of construction contracts and of street lighting modernization service are presented in these financial statements as income due to subsidies, connection fees and other. They were previously presented in other liabilities and provisions.
|
31.12.2014 ASSETS | 31.12.2013 Approved | (a) | Total adjustments | 31.12.2013 Restated |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant and equipment | 11 811 566 | - | 11 811 566 | |
| Perpetual usufruct of land | 68 431 | - | 68 431 | |
| Intangible assets | 206 580 | - | 206 580 | |
| Investment property | 30 641 | - | 30 641 | |
| Investments in subsidiaries and associates | 3 298 | - | 3 298 | |
| Deferred tax assets | 181 403 | (1 678) | (1 678) | 179 725 |
| Financial assets available for sale | 61 761 | - | 61 761 | |
| Financial assets measured at fair value through profit or loss | 1 860 | - | 1 860 | |
| Trade and other receivables | 3 933 | 4 173 | 4 173 | 8 106 |
| 12 369 473 | 2 495 | 2 495 | 12 371 968 | |
| Current assets | ||||
| CO2 emission rights | 190 566 | - | 190 566 | |
| Inventory | 521 498 | - | 521 498 | |
| Trade and other receivables | 1 345 966 | 4 661 | 4 661 | 1 350 627 |
| Current income tax receivables | 11 455 | 11 455 | ||
| Financial assets held to maturity | 45 | - | 45 | |
| Financial assets measured at fair value through profit or loss | 296 339 | - | 296 339 | |
| Cash and cash equivalents | 1 573 195 | - | 1 573 195 | |
| Non-current assets held for sale | 13 487 | - | 13 487 | |
| 3 952 551 | 4 661 | 4 661 | 3 957 212 | |
| Total assets | 16 322 024 | 7 156 | 7 156 | 16 329 180 |
| EQUITY AND LIABILITIES | 31.12.2013 Approved | (a) | (d) | Total adjustments | 31.12.2013 Restated |
|---|---|---|---|---|---|
| Equity attributable to shareholders of the Parent | |||||
| Share capital | 588 018 | - | 588 018 | ||
| Share premium | 3 632 464 | - | 3 632 464 | ||
| Share-based payments reserve | 1 144 336 | - | 1 144 336 | ||
| Financial instruments revaluation reserve | 45 185 | - | 45 185 | ||
| Other capital | (20 664) | - | (20 664) | ||
| Retained earnings | 6 073 031 | 7 156 | 7 156 | 6 080 187 | |
| 11 462 370 | 7 156 | 7 156 | 11 469 526 | ||
| Non-controlling interest | 19 321 | - | 19 321 | ||
| Total equity | 11 481 691 | 7 156 | 7 156 | 11 488 847 | |
| Non-current liabilities | |||||
| Loans, borrowings and debt securities | 819 909 | - | 819 909 | ||
| Trade and other liabilities | - | - | - | ||
| Finance lease liabilities | 1 784 | 1 784 | |||
| Deferred income due to subsidies, connection fees and other | 630 411 | - | 630 411 | ||
| Deferred tax liability | 218 909 | - | 218 909 | ||
| Liabilities due to employee benefits | 483 961 | - | 483 961 | ||
| Liabilities due to an equivalent of the right to acquire shares free of charge | 364 | - | 364 | ||
| Provisions for other liabilities and charges | 407 735 | - | 407 735 | ||
| 2 563 073 | - | - | 2 563 073 | ||
| Current liabilities | |||||
| Loans, borrowings and debt securities | 22 648 | - | 22 648 | ||
| Trade and other liabilities | 1 407 703 | (6 110) | (6 110) | 1 401 593 | |
| Finance lease liabilities | 2 940 | - | 2 940 | ||
| Deferred income due to subsidies, connection fees and other | 71 398 | 11 229 | 11 229 | 82 627 | |
| Current income tax liabilities | 57 940 | - | 57 940 | ||
| Liabilities due to employee benefits | 270 809 | - | 270 809 | ||
| Liabilities due to an equivalent of the right to acquire shares free of charge | 292 | - | 292 | ||
| Financial liabilities measured at fair value through profit or loss | - | - | - | ||
| Provisions for other liabilities and charges | 443 260 | (5 119) | (5 119) | 438 141 | |
| Liabilities related to non-current assets held for sale | 270 | - | 270 | ||
| 2 277 260 | - | - | - | 2 277 260 | |
| Total equity and liabilities | 16 322 024 | 7 156 | - | 7 156 | 16 329 180 |
Restatement of consolidated statement of profit or loss and other comprehensive income
| 12 month period ended 31.12.2013 Approved | (a) | (b) | Total adjustments | 12 month period ended 31.12.2013 Restated | |
|---|---|---|---|---|---|
| Sales revenue | 9 355 406 | - | 9 355 406 | ||
| Excise duty | (204 886) | - | (204 886) | ||
| Net sales revenue | 9 150 520 | - | - | 9 150 520 | |
| Other operating revenue | 125 087 | - | 125 087 | ||
| Depreciation | (761 759) | - | (761 759) | ||
| Costs of employee benefits | (1 036 215) | - | (1 036 215) | ||
| Consumption of materials and supplies and costs of goods sold | (1 753 573) | (69 421) | (69 421) | (1 822 994) | |
| Energy purchased for resale | (3 303 371) | (3 303 371) | |||
| Transmission services | (599 170) | - | (599 170) | ||
| Other external services | (420 046) | 69 421 | 78 255 | (341 791) | |
| Taxes and charges | (244 240) | - | (244 240) | ||
| Gain/(loss) on sale and liquidation of property, plant | 109 | - | 109 | ||
| and equipment | |||||
| Impairment loss on property, plant and equipment | (11 363) | - | (11 363) | ||
| Other operating expenses | (248 954) | - | (248 954) | ||
| Operating profit | 897 025 | - | 8 834 | 905 859 | |
| Finance cost | (44 821) | - | (44 821) | ||
| Finance income | 88 144 | - | 88 144 | ||
| Impairment loss on goodwill | - | - | - | ||
| Dividend income | 4 552 | - | 4 552 | ||
| Share in profits/(losses) of associates measured | 331 | - | 331 | ||
| using the equity method | |||||
| Profit before tax | 945 231 | - | 8 834 | 954 065 | |
| Income tax | (229 867) | (1 678) | (231 545) | ||
| Net profit for the reporting period | 715 364 | - | 7 156 | 722 520 |
| 12 month period ended 31.12.2013 Approved | (a) | (b) | Total adjustments | 12 month period ended 31.12.2013 Restated | |
|---|---|---|---|---|---|
| Other comprehensive income | |||||
| Items that are or may be reclassified to profit or loss: | |||||
| - change in fair value of financial assets available for sale | (4 966) | - | (4 966) | ||
| - cash flow hedge | (1 025) | (1 025) | |||
| - income tax | 943 | - | 943 | ||
| Items that will not be reclassified to profit or loss: | - | ||||
| - remeasurement of defined benefit liability | 27 331 | - | 27 331 | ||
| - other | - | - | - | ||
| - income tax | (5 193) | - | (5 193) | ||
| Net other comprehensive income | 17 090 | - | - | - | 17 090 |
| Total comprehensive income for the reporting period | 732 454 | 7 156 | - | 7 156 | 739 610 |
| Including net profit: | |||||
| attributable to shareholders of the Parent | 715 368 | 7 156 | - | 7 156 | 722 524 |
| attributable to non-controlling interests | -4 | - | - | - | -4 |
| Including comprehensive income: | |||||
| attributable to shareholders of the Parent | 732 439 | 7 156 | - | 7 156 | 739 595 |
| attributable to non-controlling interests | 15 | - | - | - | 15 |
Restatement of consolidated statement of cash flow
| 12 month period ended 31.12.2013 Approved | (a) | (c) | Total adjustments | 12 month period ended 31.12.2013 Restated | |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Net profit for the reporting period | 715 364 | 7 156 | 7 156 | 722 520 | |
| Adjustments: | |||||
| Income tax in the profit or loss | 229 867 | 1 678 | 1 678 | 231 545 | |
| Depreciation | 761 759 | - | 761 759 | ||
| (Gain) / loss on sale and liquidation of property, plant and equipment | -109 | - | -109 | ||
| Impairment loss on property, plant and equipment | 11 363 | - | 11 363 | ||
| (Gain)/loss on disposal of financial assets | 9 637 | - | 9 637 | ||
| Interest income | (83 257) | 51 930 | 51 930 | (31 327) | |
| Dividend income | (4 552) | - | (4 552) | ||
| Interest expense | 12 745 | 3 790 | 3 790 | 16 535 | |
| (Gain)/loss on measurement of financial assets | 607 | - | 607 | ||
| Share in profits/losses of associates | -331 | - | -331 | ||
| Exchange (gains) / losses on loans and borrowings | 827 | - | 827 | ||
| Other adjustments | (1 595) | - | (1 595) | ||
| 936 961 | 1 678 | 55 720 | 57 398 | 994 359 | |
| Income tax paid | (254 421) | (254 421) | |||
| Interest received | 72 713 | (72 713) | (72 713) | - | |
| Interest paid | (8 063) | 8 063 | 8 063 | - | |
| Changes in working capital | |||||
| CO2 emission rights | 4 056 | - | 4 056 | ||
| Inventory | (11 921) | - | (11 921) | ||
| Trade and other receivables | 63 471 | (8 834) | (45 629) | (54 463) | 9 008 |
| Trade and other liabilities | (31 029) | 5 314 | 5 314 | (25 715) | |
| Liabilities due to employee benefits | 53 691 | - | 53 691 | ||
| Deferred income due to subsidies, connection fees and other | (74 534) | - | (74 534) | ||
| Liabilities due to an equivalent of the right to acquire | -14 | - | -14 | ||
| shares free of charge | |||||
| Fixed assets held for sale and related liabilities | -214 | - | -214 | ||
| Provisions for other liabilities and charges | 227 395 | - | 227 395 | ||
| 230 901 | (8 834) | (40 315) | (49 149) | 181 752 |
| 12 month period ended 31.12.2013 Approved | (a) | (c) | Total adjustments | 12 month period ended 31.12.2013 Restated | |
|---|---|---|---|---|---|
| Cash flows from investing activities | |||||
| Acquisition of property, plant and equipment and intangible assets | (1 989 095) | 40 315 | 40 315 | (1 948 780) | |
| Proceeds from disposal of property, plant and equipment | 26 347 | - | 26 347 | ||
| Acquisition of financial assets | (140 000) | - | (140 000) | ||
| Proceeds from disposal of financial assets | 277 063 | - | 277 063 | ||
| Acquisition of subsidiaries adjusted for acquired cash | (1 108) | - | (1 108) | ||
| Preceeds from disposal of subsidiary | 3 000 | - | 3 000 | ||
| Dividends received | 4 552 | - | 4 552 | ||
| Interests received | 369 | 5 854 | 5 854 | 6 223 | |
| Other proceeds | 1 844 | - | 1 844 | ||
| Net cash flows from investing activities | (1 817 028) | - | 46 169 | 46 169 | (1 770 859) |
| Cash flows from financing activities | |||||
| Loans and borrowings received | 795 041 | - | 795 041 | ||
| Loans and borrowings repaid | (25 896) | - | (25 896) | ||
| Dividend paid to shareholders of the Parent | (158 919) | - | (158 919) | ||
| Payment of finance lease liabilities | (5 775) | - | (5 775) | ||
| Interests paid | - | (6 180) | (6 180) | (6 180) | |
| Other adjustments | (2 571) | 9 256 | 9 256 | 6 685 | |
| Net cash flows from financing activities | 601 880 | - | 3 076 | 3 076 | 604 956 |
| Net increase/(decrease) in cash | 478 307 | - | - | - | 478 307 |
| Opening balance of cash | 1 095 495 | 1 095 495 | |||
| Effect of exchange rate fluctuations on cash | (607) | - | - | - | (607) |
| Closing balance of cash | 1 573 195 | - | - | 1 573 195 |