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6. Segment reporting

The management of the Company’s activities is conducted by division of operations into segments, which are separated based on types of products and services offered. The Group has four operating segments:

  • trade – purchase and sale of electricity;
  • distribution – electricity transmission services;
  • production – electricity and heat production;
  • other activities - maintenance and modernization of road lighting equipment, hotel services, transport, construction services, travel services, health care services.

Segment revenue is generated from sales to external clients and transactions with other segments, which are directly attributable to a given segment with a relevant portion of the Group’s revenue that may be reasonably attributed to a given segment. In 2014 and 2013 no single customer was responsible for more than 10% of revenues from sale of any of business segments. 

Segment costs include costs of goods sold to external clients and costs of transactions with other Group segments, which result from operations of a given segment and may be directly allocated to a given segment with a relevant portion of the Group’s costs that may be reasonably allocated to a given segment.

Market prices are used in inter-segment transactions, which allow individual units to earn a margin sufficient to carry out independent operations in the market.

Information about geographical areas

The Group's operations were conducted during 2014 and 2013 in one geographical area i.e. on the territory of Poland.

(a) Segment reporting for the period from 1 January to 31 December 2014:

 TradeDistributionProductionAll other segmentsEliminationsTotal
Net sales revenue 3 733 830 2 890 362  3 055 797  175 406  -  9 855 395 
Inter-segment sales 447 560 97 186  433 964  243 013  (1 221 723) - 
Total net sales revenue 4 181 390 2 987 548  3 489 761  418 419  (1 221 723) 9 855 395 
Total expenses (4 075 665) (2 257 291) (3 068 436) (410 616) 1 193 381  (8 618 627)
Segment profit/loss 105 725 730 257  421 325  7 803  (28 342) 1 236 768 
Depreciation -757 (429 144) (286 666) (14 457)    
EBITDA 106 482 1 159 401  707 991  22 260     
% of net sales revenue 2,6% 38,8% 20,3% 5,3%    
Unassigned Group costs (general and administrative expenses)           (50 293)
Operating profit           1 186 475 
Finance cost           (125 483)
Finance income           81 178 
Impairment loss on goodwill           (3 131)
Dividend income           3 355 
Share in profit/(loss) of associates           708
Income tax           (233 980)
Net profit           909 122 
Share of non-controlling interests           803
segment_reporting_for_the_period_from_1_january_to_31_december_2014_enea_2014.xlsx

(b) Segment reporting for the period from 1 January to 31 December 2013:

 TradeDistributionProductionAll other segmentsEliminationsTotal
Net sales revenue 3 337 214  2 879 913  2 771 625  161 768  -  9 150 520 
Inter-segment sales 279 442  99 372  346 837  149 710  (875 361) - 
Total net sales revenue 3 616 656  2 979 285  3 118 462  311 478  (875 361) 9 150 520 
Total expenses (3 409 043) (2 430 032) (2 919 058) (296 413) 848 021  (8 206 525)
Segment profit/loss 207 613  549 253  199 404  15 065  (27 340) 943 995 
Depreciation -625 (384 328) (359 966) (17 498)    
EBITDA 208 238  933 581  559 370  32 563     
% of net sales revenue 5.80% 31.30% 17.90% 10.50%    
Unassigned Group costs (general and           (38 136)
administrative expenses)
Operating profit           905 859 
Finance cost           (44 821)
Finance income           88 144 
Dividend income           4 552 
Share in profit/(loss) of associates           331
Income tax           (231 545)
Net profit           722 520 
Share of non-controlling interests           -4
segment_reporting_for_the_period_from_1_january_to_31_december_2013_enea_2014.xlsx

Other segment reporting information as at 31 December 2014 and for the 12-month period ended as at that date:

 TradeDistributionProductionAll other segmentsEliminationsTotal
Property, plant and equipment 16 337  7 072 950  6 600 818  301 116  (304 620) 13 686 601 
Trade and other receivables 791 414  596 613  715 989  143 267  (565 072) 1 682 211 
Total 807 751  7 669 563  7 316 807  444 383  (869 692) 15 368 812 
ASSETS excluded from segmentation           2 739 228 
 - including property, plant and equipment           15 355 
 - including trade and other receivables           102 656 
TOTAL: ASSETS           18 108 040 
Trade and other liabilities 199 244  507 328  443 058  164 844  (562 923) 751 551 
Equity and liabilities excluded from segmentation           17 356 489 
 - including trade and other liabilities           387 381 
TOTAL: EQUITY AND LIABILITIES           18 108 040 
for the 12-month period ended 31 December 2014            
Capital expenditure for tangible and intangible fixed assets 1 019  822 336  1 579 772  87 323  (71 488) 2 418 962 
Capital expenditure for tangible and intangible fixed assets excluded from segmentation           6 267 
Depreciation and amortization 757 429 144  286 666  14 457  (9 363) 721 661 
Depreciation and amortization excluded from segmentation           6 747 
Recognition/(derecognition/utilization) of receivables allowance -197 3 753  507 (2 210) -2 1 851
other_segment_reporting_information_as_at_31_december_2014_and_for_the_12-month_period_ended_as_at_that_date_enea_2014.xlsx

Other segment reporting information as at 31 December 2013 and for the 12-month period ended as at that date:

 TradeDistributionProductionAll other segmentsEliminationsTotal
Property, plant and equipment 18 004  6 699 959  5 069 013  239 948  (234 181) 11 792 743 
Trade and other receivables 643 844  477 143  240 225  70 345  (174 449) 1 257 108 
Total 661 848  7 177 102  5 309 238  310 293  (408 630) 13 049 851 
ASSETS excluded from segmentation           3 279 329 
 - including property, plant and equipment           18 823 
 - including trade and other receivables           101 625 
TOTAL: ASSETS           16 329 180 
Trade and other liabilities 285 231  512 507  631 748  53 537  (173 892) 1 309 131 
Equity and liabilities excluded from segmentation           15 020 049 
 - including trade and other liabilities           92 462 
TOTAL: EQUITY AND LIABILITIES           16 329 180 
for the 12-month period ended 31 December 2013            
Capital expenditure for tangible and intangible fixed assets 2 251  900 992  1 260 053  24 420  (23 279) 2 164 437 
Capital expenditure for tangible and intangible fixed assets excluded           5 815 
from segmentation    
Depreciation and amortization  625 384 328  359 966  17 498  (7 795) 754 622 
Depreciation and amortization excluded from segmentation           7 137 
Recognition/(derecognition/utilization) of receivables allowance (28 958) 7 291  (31 899) -20 -  (53 586)
other_segment_reporting_information_as_at_31_december_2013_and_for_the_12-month_period_ended_as_at_that_date_enea_2014.xlsx