Ciech S.A. — Interim / Quarterly Report 2018

Jul 25, 2019

Changes in the Consolidated Annual Report of the CIECH Group for 2018:
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF THE CIECH GROUP	Note	31.12.2018 previously published	provision for tax liabilities	provision for late payment interest	write-off of deferred income tax assets	set - off of deferred tax assets	31.12.2018 after adjustment
ASSETS
Deferred income tax assets	4.3	77,043	-	-	(18,337)	9,166	67,872
Total non-current assets		3,558,745	-	-	(18,337)	9,166	3,549,574
Total assets		4,831,303	-	-	(18,337)	9,166	4,822,132
EQUITY AND LIABILITIES
Retained earnings		1,197,479	(46,537)	(6,114)	(18,337)	-	1,126,491
Equity attributable to shareholders of the parent		1,969,827	(46,537)	(6,114)	(18,337)	-	1,898,839
Total equity		1,970,115	(46,537)	(6,114)	(18,337)	-	1,899,127
Deferred income tax liability	4.3	65,662	-	-	-	9,166	74,828
Total non-current liabilities		1,627,589	-	-	-	9,166	1,636,755
Other provisions	7.7	120,373	46,537	6,114	-	-	173,024
Total current liabilities		1,233,599	46,537	6,114	-	-	1,286,250
Total liabilities		2,861,188	46,537	6,114	-	9,166	2,923,005
Total equity and liabilities		4,831,303	-	-	(18,337)	9,166	4,822,132

CONSOLIDATED STATEMENT OF PROFIT OR LOSS OF THE CIECH GROUP	Note	12 months ended 31.12.2018 previously published	provision for tax liabilities	provision for late payment interest	write-off of deferred income tax assets	12 months ended 31.12.2018 after adjustment
Financial expenses	3.5	(87,737)	-	(6,114)	-	(93,851)
Net financial income/(expenses)		(68,578)	-	(6,114)	-	(74,692)
Profit/(loss) before tax		311,138	-	(6,114)	-	305,024
Income tax	4.1	(127,647)	(46,537)	-	(18,337)	(192,521)
Net profit/(loss) on continuing operations		183,491	(46,537)	(6,114)	(18,337)	112,503
Net profit / (loss) for the year		183,491	(46,537)	(6,114)	(18,337)	112,503
including:
Net profit/(loss) attributable to shareholders of the parent company		183,032	(46,537)	(6,114)	(18,337)	112,044
Net profit/(loss) attributed to non controlling interest	6.5	459				459
Earnings per share (in PLN):
Basic	6.6	3.47	(0.88)	(0.11)	(0.35)	2.13
Diluted	6.6	3.47	(0.88)	(0.11)	(0.35)	2.13

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME OF THE CIECH GROUP	12 months ended Note 31.12.2018 previously published	provision for tax liabilities	provision for late payment interest	write-off of deferred income tax assets	12 months ended 31.12.2018 after adjustment
Net profit/(loss) on continuing operations	183,491	(46,537)	(6,114)	(18,337)	112,503
Net profit / (loss) for the year	183,491	(46,537)	(6,114)	(18,337)	112,503
TOTAL COMPREHENSIVE INCOME	184,355	(46,537)	(6,114)	(18,337)	113,367
Comprehensive income including attributable to:	184,355	(46,537)	(6,114)	(18,337)	113,367
Shareholders of the parent company	183,761	(46,537)	(6,114)	(18,337)	112,773
Non-controlling interest	594	-	-	-	594

Similarly to the changes presented above, the following elements and the explanatory notes to the Consolidated financial statements of the CIECH Group for 2018 have been corrected:

• CIECH Group - Selected financial data (page 2),
• Consolidated statement of cash flows of the CIECH Group,
• Statement of changes in consolidated equity of the CIECH Group,
• note 1.5.2 - IFRS 15 "Revenue from contracts with customers",
• note 2 – Segment reporting,
• note 3.5 - Financial income and expenses,
• note 4.1 - Main components of tax expense,
• note 4.2 - Effective tax rate,
• note 4.3 - Deferred income tax,
• note 6.6 - Earnings per share,
• note 7.7 - Other provisions,
• note 8.1 - Financial instruments,
• note 9.1 - Notes to the consolidated statement of cash flows,
• note 9.2 - Information on changes in contingent assets and liabilities and other issues (information on audits of tax settlements).

Furthermore, note 1.2.3 Note of the correction of the previously published consolidated statement for the year ending on 31 December 2018, was introduced to the Consolidated financial statements of the CIECH Group for 2018, containing a detailed description of the reasons for the adjustment, as well as the presentation of changes in the statements.

At the same time, the following notes have been updated, as at the date of publication of this current report:

• note 1.5 Changes in the accounting policies and the scope of disclosures,
• note 6.3 Dividends paid or declared,
• note 9.2 - Information on changes in contingent assets and liabilities and other issues (information on audits of tax settlements),
• note 9.6 Events after the balance sheet date,

Following changes in the Consolidated financial statements of the CIECH Group for 2018, Management Board Report on activities of the CIECH Group and CIECH S.A. in 2018 was also revised in the following parts:

• Letter from the President of the Management Board of CIECH S.A. (page 2),
• Infographics CIECH Group in 2018, (page 5). Additionally the typing error in the infographics on page 5 was corrected (the EBITDA (A) soda segment was PLN 573 million, it should be PLN 537 million).
• added Information about the correction of the previously published Management Board Report on activities of the CIECH Group in 2018 (page 8),
• point 3.4 Risks to operations,
• point 4.2 Review of key economic and financial figures concerning the CIECH Group,
• point 4.2.1 Statement of profit or loss of the CIECH Group, including:
  • Table 8 Consolidated statement of profit or loss,
  • Section Financing activities and net profit/loss,
  • Table 9 Consolidated EBITDA of the CIECH Group
• point 4.2.3 Asset position of the CIECH Group, including:
  • Table 15 Basic consolidated balance sheet data,
  • Section Assets,
  • Section Liabilities,
• point 4.2.4 Cash position of the CIECH Group, including:
  • Table 17 Ability to generate cash flows of the CIECH Group,
• point 4.2.5 Selected financial ratios and working capital of the CIECH Group, including:
  • Section -Liquidity of the CIECH Group,
  • Table 18 Liquidity ratios of the CIECH Group,
  • Section Working capital of the CIECH Group,
  • Table 19 Working capital of the CIECH Group,
  • Table 20 The CIECH Group's profitability ratios,
  • Section Indebtedness,
  • Table 21 The CIECH Group's debt ratios,
• point 4.2.6 Group's performance in the 4th quarter of 2018, including:
  • Table 22 CIECH Group's performance in the 4th quarter of 2018,
• item 6.2.1 CIECH on the Warsaw Stock Exchange, including:
  • Table 42 Data concerning shares od CIECH S.A. at the WSE,
• point 6.2.3 Investor relations, including:
  • Section Dividend update of the description as at the date of publication of this current report.

Additionally, in the Consolidated financial statements of the CIECH Group for 2018 and the Management Board Report on activities of the CIECH Group and CIECH S.A. in 2018, minor editorial changes have been introduced that do not affect the content of the above-mentioned reports.