R-2015
1
Apator SA
Reporting currency
Annual financial statement
Name of entity
R-2015
Annual separate financial statement
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
Page 1 in
financial
R-2015
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Annual separate financial statement
1. General information 1.1. Information on the entity APATOR Joint Stock Company with the headquarters in Toruń (ul.Gdańska 4a lok C4) was established by the employees of former state owned company under the name of Zakłady Aparatury Elektrycznej Apator in th Toruń. The entity was registered at District Court in Toruń at V Economic Division on 14 January 1993 th under registration number RHB 1364. On 24 October 2001 the entity was entered into Register of Entrepreneurs at District Court in Toruń, VII Economic Division of National Register Court under number of 0000056456. The entity runs business in the territory of Poland based on regulations of the Polish Commercial Companies Code.
1.2. Business activity of the entity In accordance with the Statutes the main activity of the entity is manufacturing and service of electrical distribution and control equipment and sales of metering equipment and systems. Shares of APATOR S.A. are quoted on primary market – „electrical machines” sector pursuant to classification of Warsaw Stock Exchange in Warsaw.
1.3. The makeup of the Management Board and the Supervisory Board The Management Board Andrzej Szostak – President of Management Board st Tomasz Habryka – Member of Management Board (till 31 March 2015) rd Jerzy Kuś – Member of Management Board (till 23 June 2015) Piotr Nowak – Member of Management Board nd Piotr Dobrowolski –Member of Management Board (since 22 February 2016) The Supervisory Board Janusz Niedźwiecki – Chairman of Supervisory Board Mariusz Lewicki – Deputy Chairman of Supervisory Board Janusz Marzygliński – Member of Management Board Danuta Guzowska – Member of Management Board nd Krzysztof Kwiatkowski – Member of Management Board (till 22 June 2015) Marcin Murawski – Member of Management Board rd Kazimierz Piotrowski – Member of management Board (since 23 June 2015)
Name of entity
Apator SA
Page 2 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
3
Annual separate financial statement
2. Information on the basis on preparation of separate financial statement, reporting currency and rounding applied 2.1. The basis for preparation of separate financial statement st
The separate annual financial statement of Apator SA presented for the day and period ending on 31 December 2014 has been prepared in accordance with International Accounting Standards, International Financial reporting Standards and related interpretations to them announced as the regulations of European Commission.
The separate annual financial statement of Apator SA covers the year 2014 and it contains comparative data for 2013.
2.2. Principles of International Financial Reporting Standards applied st
st
During preparation of separate financial statement for the period since 1 January 2015 till 31 December 2015 similar accounting principles (policy) and methods of calculation were applied as in the recent separate st financial statement for the year ended on 31 December 2014. STANDARDS AND INTERPRETATIONS AWAITING THE APPROVAL BY EUROPEAN UNION The following new standards and amendments to standards and interpretations have been awaiting the st approval of European Union and they are not biding yet for the annual periods ending on 31 December 2015 and they have not been applied in the separate financial statement: -
st
IFRS 9 Financial instruments (2014) – for the periods commencing on 1 January 2018 st
-
-
IFRS 14 „Regulatory Deferral Accounts” – for the periods commencing on 1 January 2016; st IFRS 15 Revenues from contracts with customers – for the period commencing on 1 January 2018 Sales or transfer of assets between investor and associated entity or joint venture (amendments to IFRS 10 consolidated financial statements and amendments to IAS 28 Investments in associated entities for st the period commencing on 1 January 2016, Investment entities: Application of exemption from consolidation (Amendments to IFRS 10 Consolidated financial statements, IFRS 12 Disclosure of interests in other entities and IAS 28 Investments in st associates and joint ventures) –for the periods commencing on 1 January 2016 st IFRS16 Leasing – for the periods commencing on 1 January 2017 st IAS 7 Statement of cash flow – for the periods commencing on 1 January 2017 st IAS 12 Income tax – for the periods commencing on 1 January 2017;
STANDARDS AND INTERPRETATIONS DID NOT APPLY IN THIS FINANCIAL STATEMENT The following new standards, amendments to standards and interpretations approved by European Union st are not binding for annual periods ending on 31 December 2015 and they have not been applied in separate financial statement: Amendment to IAS 19 Employee benefits – named the programmes for defined benefits: contribution of st employees – for the periods commencing on 1 February 2015; Name of entity
Apator SA
Page 3 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
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Annual separate financial statement
-
Amendments to International Financial Reporting Standards 2010-2012 – have application for annual st periods commencing on 1 February 2015; Recognition the acquisition of shares in joint arrangements (Amendments to IFRS 11 Joint st arrangements) for the periods commencing on 1 January 2016; Explanations concerning acceptable methods of redemption and depreciation (Amendments to IAS 16 st tangible fixed assets and IAS 38 Intangibles) – for the periods commencing on 1 January 2016; Amendments to International Financial Reporting Standards 2012-2014 – have application for annual st periods commencing on 1 January 2016; Initiative concerning the disclosures (Amendments to IAS 1 Presentation of financial statements) – for st the periods commencing on 1 January 2016; Equity method in separate financial statement (Amendment to IAS 27 Separate financial statements) – st for the periods commencing on 1 January 2016;
The above amendments will not have significant influence on financial statements of the Company.
2.3. Reporting currency and the rounding applied Polish zloty is the reporting currency in hereby separate financial statement and all amounts are quoted in thousand Polish zloty (if not stated otherwise). Functional currency of this separate financial statement is also Polish zloty.
2.4. Duration of the activity of the entity Duration of the activity of Apator S.A. is indefinite. Separate financial statement has been prepared assuming that the economy activity will be continued in foreseen future that is in the period not shorter than 12 months since the end of reporting period.
2.5. Approval of financial statement This separate financial statement was approved and signed by the Management Board of the Company on nd 22 April 2016.
Name of entity
Apator SA
Page 4 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
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Annual separate financial statement
3. Separate financial statement of Apator S.A. 3.1. Separate financial statement of financial position
DAY DESCRIPTION
NOTE 31.12.2015
Fixed assets
31.12.2014
339 873
334 887
Intangibles
7.2
8 526
6 438
Property, plant and equipment
7.3
74 847
72 419
Investment properties
7.4
1 215
1 236
Other long-term financial assets
7.5
233 733
235 272
233 731
235 272
2
-
3 000
-
3 000
-
18 552
19 522
70 550
60 913
- in related entities - in other entities Long-term borrowings granted
7.8
- to related entities Deferred tax assets
7.16
Current assets Inventories
7.6
30 455
20 883
Trade receivables
7.7
30 797
32 504
1 105
3 147
29 692
29 357
- from related entities - from other entities Receivables due to other taxes (excluding income tax) and other similar charges
7.7
794
783
Other short-term receivables
7.7
48
190
-
4
48
186
322
267
322
267
5 115
2 005
5 115
2 005
- from related entities - from other entities Other short-term financial assets
7.5
- in other entities Short-term borrowings granted
7.8
- to related entities Cash and cash equivalents
7.9
2 409
3 716
Short term prepayments
7.10
610
565
410 423
395 800
TOTAL ASSETS
Name of entity
Apator SA
Page 5 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
6
Annual separate financial statement
DAY DESCRIPTION
NOTE 31.12.2015
Equity
31.12.2014
266 960
235 662
Share capital
7.11
3 311
3 311
Other capitals
7.12
216 301
193 789
Capital from revaluation of the plan for defined benefits
(678)
(391)
Capital from evaluation of hedging transactions
(393)
(113)
Undistributed financial result
48 419
39 066
- result of current period
58 351
48 998
- result of current year write offs
(9 932)
(9 932)
143 463
160 138
50 090
72 228
43 412
65 912
43 412
65 912
995
1 178
995
1 178
5 683
5 138
93 373
87 910
61 777
61 990
61 777
61 990
13 332
15 140
445
1 804
12 887
13 336
Liabilities Long-term liabilities and provisions Long-term loans and borrowings
7.13
- from other entities Long-term liabilities
7.15
- towards other entities Long-term liabilities due to employee benefits
7.14
Short-term liabilities and provisions Short term loans and borrowings
7.13
- from other entities Trade receivables
7.15
- towards related entities - towards other entities Liabilities due to income tax of legal entities
7.15
361
504
Liabilities due to other taxes (excluding income tax) and other charges
7.15
3 491
3 252
Other short-term liabilities
7.15
10 718
3 629
-
80
10 718
3 549
- towards related entities -towards other entities Short –term liabilities due to employee benefits
7.14
2 506
2 442
Other short-term provisions
7.14
1 188
953
410 423
395 800
TOTAL LIABILITIES
Name of entity
Apator SA
Page 6 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
7
Annual separate financial statement
3.2. Separate financial statement of profit and loss account and other comprehensive income Period DESCRIPTION
NOTE
Sales revenues
7.1
01.01.2015
01.01.2014
31.12.2015
31.12.2014
195 978
186 205
189 221
175 436
22 765
31 470
166 456
143 966
6 757
10 769
804
1 476
5 953
9 293
(144 586)
(134 445)
(138 821)
(124 687)
(14 680)
(19 924)
(124 141)
(104 763)
(5 765)
(9 758)
(712)
(1 382)
(5 053)
(8 376)
51 392
51 760
Selling costs
(10 292)
(10 274)
Overheads
(27 716)
(25 187)
13 384
16 299
(1 524)
(937)
308
434
(1 832)
(1 371)
11 860
15 362
48 316
35 965
Revenues
52 996
40 662
Costs
(4 680)
(4 697)
60 176
51 327
Sales revenues of products and services - to related entities -to other entities Sales revenues of goods and materials - to related entities - to other entities Cost of goods sold Cost of products and services sold - to related entities - to other entities Cost of goods and materials sold - to related entities - to other entities Gross profit from sales
Profit from sales Other net operating costs, including:
7.18
Revenues Costs Profit from operating activity Net financial revenues, including:
7.19
Profit before tax Current income tax
7.16
(721)
(540)
Deferred income tax
7.16
(1 104)
(1 789)
58 351
48 998
Net profit
Name of entity
Apator SA
Page 7 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
8
Annual separate financial statement Period
DESCRIPTION
NOTE
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Other comprehensive income Other net comprehensive income
(567)
(683)
(280)
(462)
(287)
(221)
57 784
48 315
Items that can be reclassified to financial result in the future: Result on hedging account with tax effect Items that will not be reclassified to financial result in the future: Actuarial profits and losses with tax effect Comprehensive income in total
Period DESCRIPTION
NOTE
Profit from operating activity Amortization and depreciation EBITDA
01.01.2015
01.01.2014
31.12.2015
31.12.2014
11 860
15 362
11 376
9 528
23 236
24 890
The above pieces of information are not required by IFRS (this is not a standard measure that exists in IFRS and therefore it cannot be comparable to similar measures reported by other entities.)
Name of entity
Apator SA
Page 8 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
9
Annual separate financial statement
3.3. Separate financial statement of changes in equity
Primary capital
Other capitals
Capital from revaluation of the programme for defined benefits
DESCRIPTION
Balance sheet as at 01.01.2014
Capital from valuation of hedging transactions
Undistributed financial result
TOTAL EQUITY
3 311
162 305
(170)
349
41 417
207 212
-
-
-
-
48 998
48 998
-
31 484
-
-
(31 484)
-
-
-
-
(462)
-
(462)
Losses due to revaluation of evaluation
-
-
(221)
-
-
(221)
Comprehensive income recognized in the period since 01.01.2014 till 31.12.2014
-
31 484
(221)
(462)
17 514
48 315
Dividends
-
-
-
-
(19 865)
(19 865)
Settlement of interim dividend from previous year
-
-
-
-
9 932
9 932
Interim dividends paid
-
-
-
-
(9 932)
(9 932)
-
-
-
-
(19 865)
(19 865)
3 311
193 789
(391)
(113)
39 066
235 662
Changes in equity in the period since 01.01.2014 till 31.12.2014 Comprehensive revenues Net profit in the period 01.01.2014 till 31.12.2014 Distribution of the supplementary capital
result
since to
Other comprehensive income Items that can be classified to financial result in the future Result on hedging account with tax effect Items that will not be reclassified to financial result in the future
Transactions with shareholders recognized directly in equity
Total transactions with shareholders in the period since 01.01.2014 till 31.12.2014 Balance sheet as at 31.12.2014
Name of entity
Apator SA
Page 9 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
10
Annual separate financial statement Primary capital
Other capitals
Capital from revaluation of the programme for defined benefits
DESCRIPTION
Balance sheet as at 01.01.2015
Capital from valuation of hedging transactions
Undistributed financial result
TOTAL EQUITY
3 311
193 789
(391)
(113)
39 066
235 662
Net profit in the period since 1.01.2015 till 31.12.2015
-
-
-
-
58 351
58 351
Distribution of the supplementary capital
-
22 512
-
-
(22 512)
-
-
-
-
(280)
-
(280)
-
-
(287)
-
-
(287)
-
22 512
(287)
(280)
35 839
57 784
Dividends
-
-
-
-
(26 486)
(26 486)
Settlement of interim dividend from previous year
-
-
-
-
9 932
9 932
Interim dividends paid
-
-
-
-
(9 932)
(9 932)
-
-
-
-
(26 486)
(26 486)
3 311
216 301
(678)
(393)
48 419
266 960
Changes in equity in the period since 01.01.2015 till 31.12.2015 Comprehensive income
result
to
Other comprehensive income Items that can be reclassified to financial result in the future Result on hedging account with tax effect Items that will not be reclassified to financial result in the future Losses due to revaluation of evaluation Comprehensive income recognized in the period since 01.01.2015 till 31.12.2015 Transactions with shareholders recognized directly in equity
Total transactions with shareholders in the period since 01.01.2015 till 31.12.2015 Balance sheet as at 31.12.2015
Name of entity
Apator SA
Page 10 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
11
Annual separate financial statement
3.4. Separate financial statement of cash flow
Period DESCRIPTION
NOTE
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Cash flow from operating activity Profit before tax Adjustments:
60 176
51 327
(37 428)
(26 467)
Amortization of intangibles
7.2
1 750
1 093
Depreciation of property, plant and equipment
7.3
9 626
8 435
(94)
(53)
Loss on sales of property, plant and equipment and intangibles Profit on sales of financial assets available for sale
7.19
(53)
(99)
(Profits) losses due to evaluation of investment property at fair value
7.18
20
84
(55)
367
Cost of interest
2 770
3 412
Revenues due to interest
(102)
(20)
(Profits) losses due to change in fair value of derivatives
Revenues due to dividends
7.19
(51 959)
(39 951)
Other adjustments
7.20
669
265
22 748
24 860
(9 572)
(1 425)
Cash from operating activity before changes in working capital were considered in working capital Change in inventories Change in receivables
7.20
1 833
(3 518)
Change in liabilities
7.20
2 381
1 559
Change in provisions
7.20
489
665
(45)
66
17 834
22 207
(864)
1 104
16 970
23 311
(3 754)
(3 072)
(7 514)
(9 189)
Inflows from sales of property, plant and equipment
110
109
Inflows for sales of financial assets available for sale
1 593
2 997
-
(116 568)
(8 100)
(2 000)
2 000
88
92
15
51 959
39 951
(472)
(283)
Change in accruals and prepayments Cash generated by operating activity Income tax paid Net cash from operating activity Cash flow from investing activity Outflows for acquisition of intangibles Outflows for acquisition of property, plant and equipment
7.20
Investments in subsidiaries
7.20
Borrowings granted Repayments received due borrowings granted Interest received Dividends received
7.19
Other expenses Name of entity
7.20 Apator SA
Page 11 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
12
Annual separate financial statement Period
DESCRIPTION
NOTE
Net cash from investing activity
01.01.2015
01.01.2014
31.12.2015
31.12.2014
35 914
(87 952)
-
112 233
(22 708)
(20 000)
(2 741)
(3 383)
(26 472)
(19 849)
(1 085)
(949)
(1 185)
(1 049)
(54 191)
67 003
(1 307)
2 362
Cash and cash equivalents at the beginning of the period
3 716
1 354
Cash and cash equivalents at the end of the period
2 409
3 716
Cash flow from financing activity Inflows due to loans and borrowings taken Repayment of loans and borrowings Interest paid Dividends paid Repayment of liabilities due to financial lease Other expenses
7.20
Net cash from financing activity Increase (decrease) of net cash and cash equivalents
Name of entity
Apator SA
Page 12 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
13
Annual separate financial statement
4. Accounting principles applied 4.1. Basis for preparation (general principles) Separate financial statement has been prepared pursuant to the concept of historical cost, except for measurement of some fixed assets (investment properties) and financial instruments (derivatives) that are measured at fair value. The most significant accounting principles adopted by the entity have been presented in points from 4.2.1 to 4.2.16. Principles and policy of accounting presented below were adapted to all the periods presented in financial statement by the Company. There were also no presenting changes in 2015.
4.2. Detail principles for measurement of assets and liabilities 4.2.1. Intangibles Research and development Outflows incurred at the stage of research with the intention to obtain new knowledge in science or engineering are recognized as profit or loss of current period in the moment when they are incurred. Expenditure incurred for development that effects have been applied to prepare or make of new or improved in high degree product are subject to activation in case when making of a new product (or process) is possible from technical point of view and economically justified and the Company has technical, financial and other means necessary to complete the development. Costs that are subject to activation include: cost of materials, remuneration of employees being directly involved in development, recognized part of costs indirectly related to creation of the component of intangibles and activated costs of internal financing. Other costs of development are recognized as a profit or loss of current period at the moment when they are incurred. The cost of development is recognized as intangibles based on their price of acquisition reduced by cumulative write downs and write off due to value impairment. Other intangibles Other intangibles acquired by the Group of defined period of economic usefulness are indicated based on their purchase price reduced by amortization write off and value impairment write down. Expenditure incurred later Later outflows spent on elements of intangibles are subject to activation only when they increase the future economic benefits related to that element. Other expenditure including expenditure created on our own for; trademarks and brand are recognized as the profit or loss of current period at the moment they were incurred. Amortization Name of entity
Apator SA
Page 13 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
14
Annual separate financial statement
Amortization write off is made in relation to purchase price of the element of assets or its equivalent value reduced by its residual value. The cost of amortization is recognized as the profit or cost of current period with application of line method in relation to estimate by the Group the period of usefulness of the element of intangibles other than goodwill of the company since the moment of its usability to use that possibly reflects the best the method of performance of the future economic benefits related to the usage of the element of assets. The Group assumes the periods of usage for particular categories of intangibles as below:
Patents and licenses Research and development
from 2 to 5 years from 3 to 5 years
4.2.2. Tangible fixed assets Property, plant and equipment are tangible assets being in possession of the entity in order to make use them in manufacturing, provision of goods or rendering of services or to give them to the third persons for renting or for administration purposes which is expected to be used for more than 12 months. They are measured pursuant to the purchase price, or cost of manufacturing reduced by depreciation write offs or redemption write off or write offs due to permanent decrease of the value. According to the approach based on elements, the entity accepts different depreciation rates for significant elements of tangible fixed asset. Tangible fixed assets in the entity cover tangibles with predicted period of their economic usage longer than one year. The commencement of the depreciation is after a month of usage. During the establishment of annual depreciation rates the economic period of the usage of tangible fixed asset is taken into consideration. In case of establishment of annual depreciation rates, economical period of use of fixed asset is taken into account. The correctness of periods and depreciation rates used by the entity are periodically verified by managers of manufacturing departments. For depreciation purposes of tangible fixed assets, line method of depreciation has been adopted. The period of use for particular fixed assets is as follows:
Buildings and constructions Machines and equipment Transport means Other tangible fixed assets
from 10 to 70 year from 2 to 25 years from 4 to 10 years from 3 to 10 years
If during preparation of financial statement some circumstances occurred indicating that reporting value of tangibles may not be recovered then the review of tangibles is carried out in respect of possible decrease of value. If there are some circumstances indicating that it could be the decrease of value and the reporting value exceeds estimated value to be recovered then the value of tangibles or the centres earning the cash the tangibles belong are reduced to the level of the value to be recovered. The value being recovered corresponds to the higher one from two values: fair value reduced by cost of sales or useful value costs. In order to establish useful value, estimated cash flow is discounted to current value using gross discount rate reflecting current market prices of the value of the money in the period and risks related to the element of assets. In case of element of assets that does not generate cash inflows significantly in independent manner the value recovered is established for the centre earning cash where this element belongs to.
Name of entity
Apator SA
Page 14 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
15
Annual separate financial statement
Profits or losses resulted from sales/liquidation or discontinuation of use of tangible fixed assets are defined as the difference between revenues from sales and net value of these tangible fixed assets and they are recognized in the result of the period when the sales occurred. Tangible fixed assets under construction regard assets as the construction or assembly in progress and they are indicated at the purchase price or the costs of manufacturing. Tangible fixed assets under construction are not subject to depreciation until the construction is completed and they are handed over for use. The Company has in its possession tangibles being used in social activity where it is their disposer. The tangibles together with the right to perpetual usufruct of the land on the day of transmission to IFRS were measured at fair value by the expert for property. Due to lack of property sales plans and the fact of reimbursement of the costs of keeping that property based on Company’s Social Benefits Fund and pursuant to the agreement with the Trade Unions the Company presents these assets in financial statement. The Company controls these assets Profits or losses resulted from sales/liquidation or discontinuation of use of tangible fixed assets are defined as the difference between revenues from sales and net value of these tangible fixed assets and they are recognized in the result of the period when the sales occurred. Tangible fixed assets under construction regard assets as the construction or assembly in progress and they are indicated at the purchase price or the costs of manufacturing. Tangible fixed assets under construction are not subject to depreciation until the construction is completed and they are handed over for use. The Company has in its possession tangibles being used in social activity where it is their disposer.The tangibles together with the right to perpetual usufruct of the land on the day of transmission to IFRS were measured at fair value by the expert for property. Due to lack of property sales plans and the fact of reimbursement of the costs of keeping that property based on Company’s Social Benefits Fund and pursuant to the agreement with the Trade Unions the Company presents these assets in financial statement. The Company controls these assets.
4.2.3. Investments in subsidiaries and jointly controlled entities The Company has the shares in domestic and foreign enterprises. The shares are treated as long-term investments. The shares in subsidiaries are measured at the purchase price reduced by write downs due to impairment. The joint controlled entity is the joint venture that is joint agreement where the parties have control over the venture (partners of joint venture) have the right to net assets resulting of the agreement. The agreement governs joint control over joint venture. The requirement makes a single partner unable to make control independently over venture. It is assumed that the partner makes joint control when strategic financial decisions and operations require unanimous consent of the parties making joint control. The Company settles the shares in joint venture by equity method under which investment is initially recognized pursuant to purchase price and then after the day of acquisition its value is adjusted suitably by the change of share of investor in net assets of the entity where the investment was performed. The profit or loss of investor covers its share in profit or loss of the entity where the investment was performed and other comprehensive income of investor includes its share in other comprehensive income of entity where the investment was performed.
Name of entity
Apator SA
Page 15 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
16
Annual separate financial statement
4.2.4. Leasing Financial leasing agreements are ones where basically all the risk is transferred to the Company and potential benefits resulting of being the owner as the lessee. All other kinds of leasing are treated as operating leasing. The assets being in use based on financial leasing agreements are treated equally with the assets of the Company and they are measured when leasing agreement comes into life according to lower one from two presented values: fair value the element of property being the subject of leasing or the current value of minimum leasing fees. Leasing payments are divided into interest part and capital part in such a manner that interest rate from the outstanding liability was constant value. Leasing fees for operating leasing are recognized in the result of the period by line method for the duration of leasing agreement.
4.2.5. Investment properties Investment properties are considered the properties treated as the revenue from renting and/or they are kept due to expected increase of their values. Investment properties are measured on the fair value at balance day. Profits and losses resulting from the change in fair value of investment properties are recognized in the result in the period they occurred.
4.2.6. Inventories Materials and goods are valuated according to the price of acquisition (purchase price increased by transport costs, cross-border payments, customs duties, handling costs). Materials and goods are valuated according to weighted average. Products are measured on current basis of the cost of manufacturing but inventory of products and goods is valuated as manufacturing costs not higher than their net sale prices, possible to obtain if the sale takes place on reporting day. Manufacturing cost includes the summary of direct costs (materials, salaries) and justified part of indirect costs concerning manufacturing of the product covering indirect costs of manufacturing and part of fixed direct costs corresponding to the level of these costs when there is a normal use of manufacturing capacity. Inventories are verified at the end of each reporting period. Inventories unnecessary from economic point of view are 100% write down. Moreover, for realignment purpose of the value of inventories the analysis of the age structure is carried out where deciding factor is the date of income and outcome of the warehouse.
4.2.7. Cost of external financing The Company activates the costs of external financing (interest and other costs incurred by the Company due to activation of financing) that can be subject directly to the purchase or construction of tangible elements of property. The principles of activation are not adapted to investment properties and inventories manufactured in repeatable manner with short manufacturing cycle. The scope of granting of special means by the Company in order to finance the element of assets to be obtained, the amount of external financing in the period that is allowed to be activated is the difference between real costs of external financing in the period and the revenues of entities due to temporary Name of entity
Apator SA
Page 16 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
17
Annual separate financial statement
investment of the means granted. If the company grants the financial means and then it uses them aimed at to get the element of assets therefore the expenditures born in the period, the capitalization rate is adopted (weighted average of external financing costs that includes all the loans and borrowings remaining to be settled in the period).
4.2.8. Government subsidies Subsidies from the government and non-cash subsidies indicated in fair value are taken only when there is sufficient certainty that the Company will meet the conditions concerning the subsidy and the subsidy will be really granted. In case when subsidy regards the given cost item then it is recognized as the decrease of the costs that the subsidy has to offset it. But in case when subsidy regards the element of assets at that time its fair value decreases the value of the element.
4.2.9. Financial instruments As financial instrument the Company qualifies each contract that has the influence at the same time on the occurrence of the element of financial assets at one of the parties and financial liability or capital instrument at the other party provided that the contract concluded between two or more parties will bring clear business effects. The Company classifies financial instruments based on the following division: Elements of financial assets or financial liabilities are valuated according to fair value through the financial result – assets and liabilities acquired or recognized mainly in order to sell or repurchase in the near future or they are the part of portfolio of definite financial instruments that are managed in total and for which current and actual pattern of generating of short-term profits is confirmed, the Company includes derivatives to them that provide hedging of exchange rate risk; Investments kept until the due date - financial assets not being the derivatives with agreed or possible to definite payments and fixed due date with respect to them the Company has firm intention and it is able to keep in possession until the due date; Loans and receivables – financial assets not being the derivatives with agreed or possible to definite the payments which are not on active market Financial assets available for sale – financial assets not being the derivatives that have been indicated as available for sale or not being (a) loans and receivables, (b) investments kept up to the due date, neither (c) financial assets measured in fair value through financial result. Other financial liabilities
Inclusion and exclusion of the element of financial assets and financial liability The element of financial assets or financial liability is presented in the statement of financial position when the Company becomes the party of the contract of the instrument. The element of financial assets is excluded from the statement of financial position in case when the rights to economic benefits and risk resulting from the contract have been performed, expired or the Company waived the rights. Name of entity
Apator SA
Page 17 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
18
Annual separate financial statement
The Company excludes financial liability from the statement of financial position when the liability expired that means the liability specified in the contract is fulfilled, redeemed or expired.
Measurement of financial instruments at the date of their arise At the date of acquisition of asset and financial liabilities the Company are measured in fair value by the Company that is mostly in fair value of payment made in case of the element of assets or amount received in case of liability. The Company includes the transaction costs in the initial value of the measurement of all assets and financial liabilities except for the category of assets and liabilities valuated in fair value through financial result. Measurement of financial instruments at the reporting date The Company evaluates: according to amortized cost, with consideration of effective interest rate: investments kept till their due date, loans and receivables and other financial liabilities. The measurement can be in value requiring the payment if the effects of the discount are not significant, according to fair value: financial assets and financial liabilities of categories measured in fair value recognized in financial result and category of financial assets available for sale. If it is not possible to fix the fair value (such situation can occur in case of non-quoted capital instruments), such elements are measured according to the cost (price of acquisition). The effects of measurement of financial assets available for sale according to the fair value are recognized in equity. The effects of measurement of financial assets and liabilities qualified to other categories are recognized in the financial result. Trade liabilities Trade liabilities are measured in accounting books pursuant to amortized and depreciated costs taking into account proper doubtful receivable write downs. Value of liabilities is subject to updating, taking into account the probability of their payment by the write down to operating costs. The receivables and bad claims that are receivables proved by the decision of enforcement proceedings body are not treated as assets. The receivables write down is made when it there is the risk of irrevocability. There are overdue receivables over 180 days when new dates of payments have not been established. The receivables required over 180 days are adjusted by cumulative amount of difference discounted between initial value and its value on due date, calculated by interest effective rate. Bank loans Banks loans are initially recognized at fair value increased by costs of transactions that can be directly assigned. After initial recognition the liabilities are measured at amortized cost by use of interest effective rate method. Trade and other liabilities After initial recognition all the liabilities except liabilities measured at fair value are measured by adjusted purchase price using the interest effective rate. Hedge accounting Name of entity
Apator SA
Page 18 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
19
Annual separate financial statement
Hedging of cash flows The Company uses the derivatives such as fx forward contracts in order to hedge the risk of the exchange rate difference. In order to hedge against the increase of interest rates (WIBOR 6M that is the base for interest payments relating to investment loan taken), the Company makes use of IRS type hedging transaction (Interest Rate Swap). IRS transaction enables to manage interest rate risk, allowing among other things to change interest rate of the loan from variable interest rate to fixed one, creating the possibility to hedge against the increase of the cost of the loan. The details concerning IRS transaction concluded have been presented in Note 7.24. In the connection with the fact that the future expected payments due to sale or purchase are not recognized in the financial statement of the Company, whereas the hedging instruments fx forward without the hedge accounting are measured at fair value recognized in the result, the potential accounting mismatching occurred. In order to eliminate the possible accounting mismatching, the Company introduced the hedge st accounting from 1 July 2011. If the derivative is designated as the hedge for the variability of cash flows referred to the specified risk related to the recognized element of assets, the recognized liability or highly probable planned transaction which might affect the profit or loss of the current period, the part of profits or losses related to this hedge, which is an effective hedge, is recognized in other comprehensive income and it is presented as the separate item due to hedge in equity. Profits or losses previously recognized in equity are forwarded to the profit or loss of the current period in the same period and the same item, where the hedged cash flows are recognized in financial result. The ineffective part of the fair value change of the derivative is recognized immediately as the profit or loss of the current period. If the hedging instrument discontinues meeting the hedge accounting criteria then it expires, is sold, released, executed or it will change its designation, the Company will discontinue applying the hedge accounting principles. The accumulated profits or losses previously recognized in other comprehensive income and presented in the equity are remained in the equity till the planned transaction is executed and recognized as the profit or loss of the current period. If the item is hedged by the non-financial asset, profits or losses previously recognized in other comprehensive income correct the carrying amount of these assets as at the recognition. If the planned transaction is not accepted to be executed, the profits or losses recognized in the statement of financial position are recognized promptly as the profit or loss of the current period. In other cases the amounts previously recognized in other comprehensive income are recognized as the profit or loss of the current period in the same period or periods, when the hedged planned transaction affects the profit or loss of the current period. When the hedging is established, the Company formally establishes documents the hedge relationship as well as the purpose of risk management and the strategy of establishing the hedge. The documentation contains identification of hedging instrument, hedged item or transaction, the nature of hedged risk as well as the manner how the entity will assess the effectiveness of hedging instrument in compensation of the threat of changes in the fair value of hedged item or cash flows related to the hedged risk. It is expected that the hedge will be highly effective in compensation of changes of the fair value or cash flows resulting from the hedged risk. The efficiency of the hedging is assessed on a current basis in order to check if it is highly effective in all reporting period, for which it was established.
Name of entity
Apator SA
Page 19 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
20
Annual separate financial statement
4.2.10. Provisions The provisions are established when the Company bears the obligation (legal or custom) resulting from the past events and when it is likely that the fulfilment of this obligation will cause the necessity of outflow of assets when the reliable estimation of the liability's amount is possible to be made. The costs related to the relevant provisions are presented in the profit and loss account after all returns are reduced. In case when the proceed of the money in time is significant the amount of provision is established by discounting the anticipated further cash-flows to the current value using the gross discount rate reflecting the current market assessment of the money in time or the possible risk related to this liability. If the method basing on discounting is applied, the increase of the provision related to the lapse of time is recognized as the financial costs. The provisions are also established for the future liabilities caused by restructuring, if basing on the separate regulations the Company is obliged to carry out or to enter into the binding agreements and the restructuring plans allow estimating the value of future liabilities in a reliable manner. The Company establishes the provision for warranty repairs. For calculation of the provision, the cost of warranty repairs to the total sales ratio in this period is applied. The provision for warranty repairs is being established to other operating activity.
4.2.11. Employee benefits Pursuant to the pay-roll systems the employees are entitled to jubilee awards and retirement severance pays. The jubilee awards are paid to employees after working out the specified number of years. The retirement severance pays are paid once at the moment of going into retirement. The amount of the severance pays and jubilee awards depend on the time of employment and the fixed base specified in the corporate collective labour agreement of APATOR S.A. The Company establishes the provision for the future liabilities due to the retirement severance pays and jubilee awards in order to classify the costs to the periods to which they are related to. According to IAS 19 the jubilee awards are other long-term employee benefits and the retirement severance pays are the programs of post-employment employee benefits. The provisions established for jubilee awards and retirement severance pays are determined basing on the projected unit credit method and actuarial techniques. The base for reliable estimation of the provisions is as follows: Criteria for acquiring rights to defined benefits, Actuarial assumptions. Pursuant to IAS 19 the cost of the programme for defined benefits (provision for retirement services) covers the following elements: Cost of employee benefits – recognized in the result (other operating costs) Net interest on liabilities due to defined benefits – recognized in the result (other operating costs) Re-measurement of liabilities due to defined net employee benefits – profit/ actuarial losses recognized in other comprehensive income (capital from re-measurement of the programme for defined benefits)
The cost of other long-term employee benefits (jubilee awards) is recognized in other operating costs. The Company establishes the provision for the costs of compensated absences which will have to be incurred as a result unused benefit by the employees and which arisen at the reporting date. Provision for Name of entity
Apator SA
Page 20 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
21
Annual separate financial statement
cost of accumulated compensated absences is recognized as the liability after amounts paid are deducted. Provision for costs of accumulated compensated absences is the short-term provision and is not subject of discount and is charged against the basic activity.
4.2.12. Revenues Revenues from sales The revenues from sale are recognized at fair value of received or payable payments and they represent the receivables for products, goods and services provided under the usual business activity less the rebates, tax on goods and services and other taxes related to the sale. The revenues are recognized in such amount which possibly will correspond to the Company’s economic benefits related to the transaction to be achieved and when the amounts of revenues may be reliable measured. Sales of goods and products The sale of goods and products is recognized when the goods and products are delivered and the risk and benefits resulting from the ownership right are transferred and when the amount of revenues may be measured in a reliable manner. Rendering of services The revenues due to rendering of services are recognized under the progress of performance, if the result of related transaction may be measured in a reliable manner. The percentage progress of service performance is determined as the ratio of costs incurred as at the relevant date to the total estimated costs of transactions. If the result of the service related transaction cannot be estimated in a reliable manner then the revenues due to this agreement is recognized only to the amount of incurred costs which Company expects to recover. Other revenues Interest Revenues due to interest are recognized consecutively when they increase, with reference to the net reporting value of the relevant asset in compliance with the effective interest rate method. Dividends Dividends are recognized when the rights of shareholders to receive them are established. Revenues due to rent The revenues due to rent of investment real properties are recognized applying the straight line method for the period of renting to the concluded agreements.
4.2.13. Transactions in foreign currencies In the financial statement of APATOR S.A. the transactions in foreign currencies are translated pursuant to the exchange rate applicable as at the transaction date. As at the reporting day the monetary assets and liabilities are translated pursuant to the exchange rate of the leasing bank applicable at the end of the reporting period.Profits and losses resulting from translation of the currencies that charges directly the financial result.
Name of entity
Apator SA
Page 21 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
22
Annual separate financial statement
4.2.14. Taxes Income tax includes the current and deferred part. The current and deferred income tax is recognized as the profit or loss of the current period, except for the situation when it refers to merger of entities and the items recognized directly in the equity or as the other comprehensive income. The current tax is expected amount of liabilities or receivables due to the income tax to be taxable in the relevant year, established by the application of the income tax legally or actually applicable at the end of the period and the adjustments of the income tax from previous years. The deferred tax is recognized because of the temporary differences between the carrying amount of the assets and liabilities and their value established for the tax purposes. The deferred income tax is not recognized for the following temporary differences: initial recognition of assets or liabilities from the transaction, which is not a merger of entities and does not affect neither the profit and loss of the current period or the taxable income, the differences related to the investments in subsidiaries and under the joint control to the extent, to which it is not probable that they will be disposed in the foreseeable future. Moreover, the deferred tax from the temporary differences arisen as a result of the initial recognition of the goodwill is not recognized. The deferred tax is measured at the applicable tax rate, which will be applicable, when the differences will reverse as expected, whereas the legally or actually binding tax regulations to the end of the period are considered as the basis. The deferred tax assets and deferred tax provisions are offset if the Company has an enforceable legal title to offset the current tax assets and liabilities and provided that the deferred tax provisions refer to the income tax imposed by the same tax authority on the same taxpayer or on different taxpayers, who intend to offset the income tax liabilities and receivables at net amount or simultaneously to receive receivables and settle the liability. The deferred tax assets related to the unsettled tax loss, unused tax relief and negative temporary differences are recognized to the amount, to which it is probable, that the taxable income is achieved to allow for their write-off. Deferred tax assets are subject to re-measurement at the each end of the period and they are reduced to the extent, to which it is not probable that the related benefits in the income tax will be performed.
4.2.15. Tax relief resulting from activity in Pomeranian Special Economic Zone The Company makes use of income tax shelter due to the costs incurred in new investment under th permission granted on 28 December 2010 for business activity in the area of Pomeranian Special Economic Zone. Tax shelter is related to zone income which is obtained from business activity carried out in the area of Pomeranian Special Economic Zone under permission obtained. The Company recognizes tax shelter resulting from business activity carried out in Special Economic Zone (income tax relief of legal entities) according to IAS 12 and finds it as assets due to deferred income tax to the value of possible public assistance to be obtained. Maximum value of possible assistance to be obtained is calculated as the product of intensity of the assistance obligatory for the province and value of expenditures born for the investment recognized as qualified expenses. The assets due to deferred income tax related to unused tax relief are recognized to the value it is probably that income tax will be achieved that allows for their usage. These assets are subject to re-measurement at reporting every day and they are reduced in such range that it is not probably to perform associated to them benefits in income tax.
Name of entity
Apator SA
Page 22 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
23
Annual separate financial statement rd
On 23 June 2014 the Company obtained the next permission to run its business in the territory of Pomeranian Special Economic Zone. Pursuant to the permission obtained the Company is obligated to charge the investment expenditure exceeding the amount of PLN 20.000 000 to employ at least new st employees before 31 December 2018. The investment related to the permission has not been commenced yet.
4.2.16. Equities The equity includes: primary capital, other capitals, reserve capitals, capital from re-measurement of the programme for defined benefits, capital from measurement of hedge transactions, undistributed financial result from previous years, and financial result of current period. The items decreasing the amount of the equity are financial result write-offs of the current year.
Name of entity
Apator SA
Page 23 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
24
Annual separate financial statement
5. Basic accounting uncertainty
judgements
and
the
basis
for
estimation
The preparation of the financial statement pursuant to IFRS requires from the Executive Board to make the professional judgements and assumptions which affect the accepted principles and presented values of assets, liabilities, revenues and costs. The estimations and related assumptions are based on the historical experience and many other factors, which are deemed as being reasonable in these circumstances. The results of these estimations are the basis for the professional judgment regarding the book value of assets and liabilities. In the material issues the Executive Board making the estimation bases on the opinions of independent experts. The actual value may vary from the estimated value. Estimations and related assumptions are subject to current verification. The change of the accounting estimations is recognized in the period when it was made. The estimations and assumptions affecting significantly the amounts disclosed in the financial statement of APATOR S.A. were recognized in the following notes: •
Inventory impairment (Note 7.6), trade and other receivables (Note 7.7) and other financial assets (Note 7.5)
•
Provisions for liabilities (Note 7.14);
•
Deferred income tax (Note 7.16).
6. Information on seasonal sales Further to the manufacturing of investment goods by Apator SA, seasonal sales occur in particular quarters. The demand for the products of APATOR SA is at the highest level in third and fourth quarters every year.
Name of entity
Apator SA
Page 24 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
25
Annual separate financial statement
7. Explanatory notes to separate financial statement 7.1. Operating segments The activity of Apator SA focuses on two key segments of electrical machine sector:
Metering Automation of power
The activity carried out beyond defined segments in Strategy of Apator Group for 2014 – 2019 is represented as other activity („non-core”). The analysis of segments was made in consolidated financial statement of Apator Group for 2015.
7.2. Intangibles Data concerning the intangibles were shown in the table below. PATENTS AND COST OF LICENSES, SOFTWARE DEVELOPMENTS
DESCRIPTION
Net value as at 01.01.2014
OTHER INTANGIBLES
ADVANCE PAYMENT FOR INTANGIBLES
TOTAL
2 496
1 788
6
-
4 290
1 407
-
-
-
1 407
Increase due to own manufacturing
-
1 693
-
-
1 693
Increase due to advance payment for intangibles
-
-
-
141
141
Decrease due to liquidation
(268)
-
-
-
(268)
Amortization
(685)
(405)
(3)
-
(1 093)
268
-
-
-
268
Net value as at 31.12.2014
3 218
3 076
3
141
6 438
Net value as at 01.01.2015
3 218
3 076
3
141
6 438
Increase due to acquisition
1 791
2 188
-
-
3 979
Decrease due to liquidation
(19)
-
(9)
-
(28)
-
-
-
(141)
(141)
(1 050)
(698)
(2)
-
(1 750)
19
-
9
-
28
3 959
4 566
1
-
8 526
Increase due to acquisition
Decrease of present redemption due to liquidation
Settlement intangibles
of
advance
payment
for
Amortization Decrease of present redemption due to liquidation Net value as at 31.12.2015
DESCRIPTION
Name of entity
PATENTS AND COST OF LICENSES, SOFTWARE DEVELOPMENTS
OTHER INTANGIBLES
ADVANCE PAYMENTS FOR INTANGIBLES
Apator SA
TOTAL
Page 25 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
26
Annual separate financial statement
Status as at 31.12.2014 Gross value Present redemption and write downs in total
6 434
5 434
457
141
12 466
(3 216)
(2 358)
(454)
-
(6 028)
3 218
3 076
3
141
6 438
8 206
7 622
448
-
16 276
(4 247)
(3 056)
(447)
-
(7 750)
3 959
4 566
1
-
8 526
Net value Status as at 31.12.2015 Gross value Redemption and write downs in total Net value
Additional information was presented in the table below. DAY DESCRIPTION 31.12.2015
31.12.2014
Gross value of all completely depreciated intangibles still being in use
4 738
3 958
Value of expenditures for research and developments recognized as cost in the period
5 265
5 595
67
16
The amount of external financing costs activated in the period
7.3. Tangible fixed assets The most significant expenditure for property, plant and equipment in 2015 was the investment in machines and equipment and other tangible fixed assets. Data concerning tangible fixed assets are presented in the tables below. DAY DESCRIPTION
31.12.2015
31.12.2014
Lands, buildings and constructions
37 278
38 032
Machines and equipment
15 221
15 774
1 994
1 963
14 539
15 669
4 851
82
964
899
74 847
72 419
Transport means Other tangible fixed assets Other tangible fixed assets under construction Advance payments for tangible fixed assets Total
DESCRIPTION
Name of entity
LANDS, MACHINES BUILDINGS AND AND EQUIPMENT CONSTRUC
TRANSPORT MEANS
OTHER TANGIBLE ASSETS
TANGIBLE ASSETS UNDER CONSTRUCTI
ADVANCE PAYMENTS FOR TANGIBLE
Apator SA
TOTAL
Page 26 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
27
Annual separate financial statement TIONS
Net value as at 01.01.2014
ON
FIXED ASSETS
38 867
17 123
1 567
12 213
1 370
802
71 942
-
1 462
172
6 464
-
-
8 098
242
285
-
427
-
-
954
Increase due to own manufacturing
-
161
-
140
-
-
301
Increase due to take-over from financial lease
-
-
835
-
-
-
835
Increase due to advance payment for tangible fixed assets and tangible fixed assets under construction
X
X
X
X
8 901
1 533
10 434
Decrease due to disposal
-
(10)
(162)
(59)
-
-
(231)
Decrease due to liquidation
-
(292)
(64)
(467)
-
-
(823)
Settlement of advance payment for tangible fixed assets and tangible fixed assets under construction
X
X
X
X
(10 189)
(1 436)
(11 625)
(1 077)
(3 256)
(572)
(3 530)
-
-
(8 435)
Decrease of present redemption due to disposal
-
9
162
14
-
-
185
Decrease of present redemption due to liquidation
-
292
25
467
-
-
784
Net value as at 31.12.2014
38 032
15 774
1 963
15 669
82
899
72 419
Net value as at 01.01.2015
38 032
15 774
1 963
15 669
82
899
72 419
-
2 541
-
2 692
-
-
5 233
329
369
-
285
-
-
983
Increase due to own manufacturing
-
45
-
114
-
-
159
Increase due to take-over from financial lease
-
-
863
-
-
-
863
Increase due to advance payment for tangible fixed assets and tangible fixed assets under construction
-
-
-
-
12 007
3 516
15 523
Decrease due to disposal
-
(24)
(460)
(470)
-
-
(954)
Decrease due to liquidation
-
(217)
-
(159)
-
-
(376)
Settlement of advance payment for tangible fixed assets and tangible fixed assets under construction
-
-
-
-
(7 238)
(3 451)
(10 689)
(1 083)
(3 506)
(832)
(4 205)
-
-
(9 626)
Decrease of present redemption due to disposal
-
22
460
462
-
-
944
Decrease of present redemption due to liquidation
-
217
-
151
-
-
368
37 278
15 221
1 994
14 539
4 851
964
74 847
Increase due to acquisition Increase due to modernization
Amortization
Increase due to acquisition Increase due to modernization
Amortization
Net value as at 31.12.2015
Name of entity
Apator SA
Page 27 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
28
Annual separate financial statement
DESCRIPTION
LANDS, MACHINES TRANSPORT BUILDINGS AND AND MEANS CONSTRUCTION EQUIPMENT S
OTHER TANGIBLE FIXED ASSETS
TANGIBLE ADVANCE FIXED ASSETS PAYMENTS UNDER FOR CONSTRUCTIO TANGIBLE N FIXED ASSETS
TOTAL
Status as at 31.12.2014 Gross value
41 211
35 404
3 544
41 593
82
899
122 733
Present redemption and write downs in total
(3 179)
(19 630)
(1 581)
(25 924)
-
-
(50 314)
38 032
15 774
1 963
15 669
82
899
72 419
Gross value
41 540
38 118
3 947
44 055
4 851
964
133 475
Present redemption and write downs in total
(4 262)
(22 897)
(1 953)
(29 516)
-
-
(58 628)
37 278
15 221
1 994
14 539
4 851
964
74 847
Net value Status as at 31.12.2015
Net value
There were no premises proofing the impairment of tangible fixed assets in reporting period. The mortgage for the amount up to PLN 40.000 000 as hedging of the bank loan taken in Bank Handlowy w Warszawie S.A. was established on the property located in Pomeranian Special Economic Zone in Ostaszewo, Apator S.A. The pledge to maximum amount of PLN 15.639 .000 for hedging of the loan taken for the purchase of shares of Apator Elkomtech S.A. in Bank Handlowy w Warszawie S.A. has been established on registered tangible assets of Apator SA.
Name of entity
Apator SA
Page 28 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
29
Annual separate financial statement
Apator S.A. has tangible fixed assets being used for social activity. The assets are used in recreation center in Rowy.
DESCRIPTION
Net value as at 01.01.2014
LANDS, MACHINES BUILDINGS AND AND CONSTRUCTIONS EQUIPMENT
TRANSPORT MEANS
OTHER TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS UNDER CONSTRUCTION
TOTAL
1 804
1
-
214
-
2 019
-
20
-
6
-
26
166
-
-
-
-
166
Increase due to re-classification - other
-
4
47
-
-
51
Increase due to advance payment for tangible fixed assets and tangible fixed assets under construction
-
-
-
-
198
198
Settlement of advance payment for tangible fixed assets and tangible fixed assets under construction
X
X
X
X
(192)
(192)
(70)
(2)
-
(53)
-
(125)
-
(4)
(47)
-
-
(51)
90
-
-
-
-
90
Net value as at 31.12.2014
1 990
19
-
167
6
2 182
Net value as at 01.01.2015
1 990
19
-
167
6
2 182
123
-
-
3
-
126
Increase due to advance payment for tangible fixed assets and tangible fixed assets under construction
-
-
-
-
120
120
Settlement of tangible fixed assets and tangible fixed assets under construction
-
-
-
-
(126)
(126)
(73)
(3)
-
(51)
-
(127)
2 040
16
-
119
-
2 175
Increase due to acquisition Increase due to modernization
Depreciation Decrease of present redemption due to reclassification - other Other amendments
Increase due to modernization
Depreciation Net value as at 31.12.2015
Name of entity
Apator SA
Page 29 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
30
Annual separate financial statement
7.4. Investment properties The land and buildings purchased, had been qualified as investment property of APATOR S.A. that were rented for not related entity.
Period DESCRIPTION
Value at the beginning of the period
01.01.2015
01.01.2014
31.12.2015
31.12.2014
1 236
1 320
8
-
(29)
(84)
1 215
1 236
Increase of fair value Decrease of fair value Value at the end of the period
Income and costs due to investment property are shown in table below. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Income from renting recognized in current result Direct operating costs concerning investment property that brought income from renting
21
36
10
10
7.5. Other financial assets Data concerning other financial assets are presented in the table below. DAY DESCRIPTION
31.12.2015
Other long-term financial assets Other shares (not being in public trading)
233 733
235 272
233 731
235 272
2
-
322
267
322
267
234 055
235 539
233 731
235 272
324
267
Derivatives Other short-term financial assets Derivatives Other financial assets in total, including: - in related entities
31.12.2014
- in other entities
The shares of the following entities were included in long-term financial assets of APATOR SA:
Name of entity
Apator SA
Page 30 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
31
Annual separate financial statement
DAY
DESCRIPTION
31.12.2015
Shares in subsidiaries and jointly controlled entities
31.12.2014
233 731
235 272
Shares of Apator Control Sp. z o.o. (Toruń)
1 125
1 125
Shares of Apator Metrix S.A. (Tczew)
8 935
8 935
Shares of Apator Mining Sp. z o.o. (Katowice)
4 747
4 747
Shares of Apator Powogaz S.A. (Poznań)
68 648
68 648
Shares of Apator Rector Sp. z o.o. (Zielona Góra)
44 287
44 287
7 493
9 033
84
84
98 412
98 412
-
1
Shares of FAP Pafal S.A. (Świdnica) Shares of Apator GmbH (Berlin) Shares of Apator Elkomtech S.A. (Łódź) Shares in OOO Apator- Electro (Moscow) th
On 12 March 2015 Apator S.A. sold FAP Pafal S.A. 59 000 its shares for their redemption for the amount of PLN 1.593 000 (PLN 27, 00 per share). The cost of purchase of these shares was PLN 1.539 000 PLN (PLN 26, 10 per share). Share capital has been reduced to the amount of PLN 1.007 000 (resolution of th Extraordinary General Shareholders Meeting dated 26 June 2015), and appropriate amendments were th registered in National Court Register on 10 December 2015. The pledge register for 14.005 shares of Apator Elkomtech S.A. was established to the maximum amount of PLN 98,4 m due to hedging of repayment of the long-term loan taken for the purchase for the purchase of Apator Elkomtech S.A. Data concerning subsidiaries and jointly controlled entities were shown in the table below. % share
DESCRIPTION
Book value
Equity
% share * equity
Difference
Shares of Apator Control Sp. z o.o. (Toruń)
100,00%
1 125
5 806
5 806
4 681
Shares of Apator Metrix S.A. (Tczew)
100,00%
8 935
41 626
41 626
32 691
Shares of Apator Mining Sp. z o.o. (Katowice)
100,00%
4 747
120 469
120 469
115 722
Shares of Apator Powogaz S.A. (Poznań)
100,00%
68 648
133 364
133 364
64 716
Shares of Apator Rector (Zielona Góra)
100,00%
44 287
(922)
(922)
(45 209)
Shares of Apator Elkomtech (Łódź)
100,00%
98 412
54 599
54 599
(43 813)
Shares of FAP Pafal S.A. (Świdnica)
100,00%
7 493
14 920
14 920
7 427
Shares of Apator GmbH (Berlin)
100,00%
84
931
931
847
50,00%
-
40
20
20
x
233 731
370 833
370 813
137 082
Shares of Apator Elektro (Moscow) Total
Apator S.A. has carried out the test for the impairment of shares in subsidiaries. The test did not reveal the impairment of shares in these subsidiaries. The test for impairment was carried out based on assuming the weighted average cost of capital at the level of 7, 9% and the five year forecast based on estimation of current value of total future free cash flows taking into account tax, change in balance status of current assets and departure for property, plant and equipment and intangibles. The transfers were estimated based Name of entity
Apator SA
Page 31 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
32
Annual separate financial statement
on current business plans for 2016-2020. In order to define residual value conservative, zero growth rate was used for the period after 2020... Data concerning jointly controlled entity is shown in table below. DESCRIPTION
OOO Apator- Electro
Value as at 31.12.2015 Fixed assets
4
Current assets
2 098
Long-term liabilities
(317)
Short-term liabilities
(1 745)
Net assets
40
Total income
5 470
Net profit
10
Value as at 31.12.2014 Fixed assets
14
Current assets
4 094
Long-term liabilities
(1 023)
Short-term liabilities
(3 051)
Net assets
34
Total income
8 700
Net profit
5
7.6. Inventories Information on reporting of inventories is shown in the table below. Day
DESCRIPTION 31.12.2015 Materials
31.12.2014
15 787
10 777
Manufacturing in progress
9 230
5 884
Finished products
3 772
2 521
Goods
977
656
Advance payments for deliveries
689
1 045
30 455
20 883
142 780
132 009
Value of inventories in total Value of inventories recognized as the cost in the period
Inventory write downs are shown below. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Value of write offs at the beginning of the period Name of entity
500 Apator SA
468 Page 32
Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
33
Annual separate financial statement Increase – establishing write offs in charged against current result
322
96
Decrease – write off to income of unused amounts
(80)
(64)
742
500
Value of write offs at the end of the period
7.7. Trade and other receivables Information on trade and other receivables is shown in the table. Day
DESCRIPTION 31.12.2015
31.12.2014
Short-term receivables, including:
31 639
33 477
Trade receivables
30 797
32 504
26 970
28 676
3 324
3 474
Overdue receivables from 1 month to 3 months
224
325
Overdue receivables from 3 months to 6 months
15
122
Overdue receivables from 6 months to 1 year
239
320
Overdue receivables over 1 year
506
42
(481)
(455)
794
783
794
783
Receivables due to other public law settlements
-
1 623
Tax receivables write downs
-
(1 623)
48
190
-
5
23
58
-
5
476
482
25
119
(476)
(479)
31 639
33 477
1 105
3 151
30 534
30 326
Current receivables Overdue receivables up to 1 month
Trade receivables write down Receivables due to other taxes and charges Receivables due to other taxes and charges
Other short-term receivables Receivables due to tangible fixed assets sold and intangibles Deposits, securities, bails Dispute claims Prepayments- advance payments for the purchase of services Other receivables Other short-term receivables write down Total receivables, including: - from related entities - from other entities
The data concerning receivables write downs are presented below. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Value of write downs at the beginning of the period Increase- establishment of write down in charged against current result Name of entity
2 557
2 176
71
525
Apator SA
Page 33 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
34
Annual separate financial statement Decrease- unused amounts write down to revenues Use of allowance - write down
(42)
(144)
(1 629)
-
957
2 557
Value of write downs at the end of the period
Additional information concerning receivables is presented in the table Day
DESCRIPTION 31.12.2015 Value of receivables being the hedging of liabilities
31.12.2014
6 000
6 058
Moreover, there is also the silent assignment of receivables in Apator S.A. (as hedging of loans) in amount of minimum 30% all trade turnovers.
7.8. Borrowings granted Information on borrowings granted was shown in the table. Day DESCRIPTION 31.12.2015 Long-term borrowings granted Gross value Short-term borrowings granted Gross value Borrowings granted in total, including: - to related entities
31.12.2014 3 000
-
3 000
-
5 115
2 005
5 115
2 005
8 115
2 005
8 115
2 005
th
On 28 July 2014 the contract of borrowing to be granted by Apator S.A. subsidiary - Apator Rector Sp. z o.o. was concluded for the amount not exceeding of PLN 2.000 000. The amount was increased by annex th dated 12 January 2015 up to the amount of PLN 3.000 000. Initially the borrowing was granted for the st st period since 1 August 2014 till 31 July 2015 and based on the annex signed on 31.07.2015 the due time of repayment was prolonged, (the date of repayment of the borrowing was changed due to the agreement made with Bank Millenium S.A. on other liabilities to be subordinated to liabilities towards the the bank). th
On 12 November 2015 the following contract of borrowing to be granted Apator Rector Sp. z o.o. was th concluded for the amount not exceeding the value of PLN 6.000 000 and to be repaid in due time before 15 November 2016. st
On 1 July 2015 the contract was concluded with Apator Metrix S.A. of borrowings to be granted in th maximum amount of PLN 2.000 000 and to be repaid in due time before 30 June 2016. st
On 31 December 2015 the balance sheet of borrowings included main amounts in value of PLN 8.100.000 and 15 000 interest calculated (the interest of borrowings has been established at the level of WIBOR 1M + margin in value 0,9 p.p.). Name of entity
Apator SA
Page 34 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
35
Annual separate financial statement
7.9. Cash and cash equivalents Cash in a bank is interest rate cash according to variable rate of interest. Short-term deposits are placed for different periods from one day to three months depending on current need for cash of the entity and it is interest rate cash pursuant to defined rate of interest for it. Specification for cash and cash equivalents is presented in the table below. Day
DESCRIPTION 31.12.2015 Cash in hand Cash on bank accounts Cash and cash equivalents in total Cash being the hedging of liabilities
31.12.2014 22
89
2 387
3 627
2 409
3 716
1 208
999
7.10. Accruals and prepayments Information on accruals and prepayments is shown in the table. Day DESCRIPTION 31.12.2015 Short-term accruals and prepayments
31.12.2014 610
565
Insurance
134
146
IT services
219
202
Marketing services
196
142
Trainings
12
10
Other accruals and prepayments
49
65
7.11. Primary capital Information on primary capital is shown in the table. Day DESCRIPTION 31.12.2015 Number of shares Nominal value of shares Primary capital
31.12.2014
33 107 028
33 107 028
0,10
0,10
3 311
3 311
th
On 20 January 2015, 163.519 registered shares with preferred voting rights in relation 1:4 were converted to ordinary bearer shares (not preferred). In result of the conversion the general number of votes has been th reduced from 56.279.418 to 55.788.861. The above shares were assimilated and introduced to trading on 6 February 2015. After conversion of shares was made, the share capital of Apator SA was PLN Name of entity
Apator SA
Page 35 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
36
Annual separate financial statement
3.310.702,80 and it consisted of 33.107.028 at nominal value of PLN 0,10 each, including 7.560.611 registered shares (with preferred voting rights in relation 1:4) and 25.546.417 ordinary bearer shares. st
The shareholding as at 31 December 2015 is presented in the table. Name and Surname
Registered shares
Apator Mining sp. z o. o.
Bearer shares
Total shares
Number of votes
Share in capital
Share in voting
-
3 600 000
3 600 000
3 600 000
10,87%
6,45%
1 164 669
889 331
2 054 000
5 548 007
6,20%
9,94%
Tadeusz Sosgórnik
993 102
907 401
1 900 503
4 879 809
5,74%
8,75%
Danuta Guzowska
954 214
566 065
1 520 279
4 382 921
4,59%
7,86%
Zbigniew Jaworski
760 848
585 537
1 346 385
3 628 929
4,07%
6,50%
Janusz Marzygliński
818 092
216 612
1 034 704
3 488 980
3,13%
6,25%
Other
2 869 686
18 781 471
21 651 157
30 260 215
65,40%
54,25%
TOTAL
7 560 611
25 546 417
33 107 028
55 788 861
100,00%
100,00%
Mariusz Lewicki
7.12. Other capitals Information on other capitals is shown in the table. Day DESCRIPTION 31.12.2015 Supplementary capital from sales of own shares above their nominal value Other supplementary capital Reserve capitals (payment of dividend) Other capitals in total
31.12.2014 15 142
15 142
197 159
174 647
4 000
4 000
216 301
193 789
Pursuant to the resolution No. 17/VI/2015 of Ordinary General Shareholders Meeting of Apator S.A. dated nd 22 June 2015, the net profit in financial year 2014 in amount of PLN 48.997.762, 78 was distributed as follows:
Dividend PLN 26.485.622,40 Supplementary capital PLN 22.512.140,38
In lieu of expected dividend from the profit in financial year 2014 the interim dividend was paid in total amount of PLN 9.932.108,40 that is PLN 0,30 per share. The payment of interim dividend towards th expected dividend from the profit in financial year 2014 was made on 12 December 2014. For the payment of other part of dividend were entitled 33.107.028 registered shares of A series and bearer shares of A, B and C series. The right for payment other part of dividend in total amount of PLN 16.553.514,00 obtained th shareholders who were holding the shares of Apator S.A. on 30 June 2015. The payment of outstanding th part of dividend in amount of PLN 0,50 per share was made on 14 July 2015. On 18th November 2015, the Management of Apator S.A. made the decision to make payment of interim payment towards expected dividend from the profit in 2015 in total gross amount of PLN 9.932.108,40 that is Name of entity
Apator SA
Page 36 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
37
Annual separate financial statement
PLN 0,30 per share. For expected dividend from the profit in 2015 were entitled 3.107.028 registered shares of A series and bearer shares of A, B and C series. The right for payment obtained shareholders holding the th th shares of Apator S.A. on 11 December 2015, but the payment was made on 18 December 2015.
7.13. Loans and borrowings Information on loans and borrowings are presented below. Day
DESCRIPTION
31.12.2015
31.12.2014
Long-term loans and borrowings
43 412
65 912
Short-term loans and borrowings
61 777
61 990
105 189
127 902
105 189
127 902
Total loans and borrowings, including; - from other entities st
On 31 December 2015 Apator S.A. had the debt due to loans taken in total amount of PLN 105.189 000. The conditions of the loan contracts are presented below. Loan (1) Name of the bank
Bank Handlowy w Warszawie SA
Date of the contract and possible annexes to the contract concluded
27th May 2004 , recent annex to the contract dated 5 September 2014
Loan amount granted
Up to PLN 30.000 000 – overdraft
Date of loan repayment
10th August 2016
Type of collateral
Assignment of receivables in amount of PLN 6.000 000
th
Mortgage to the amount of PLN 40 m for the property of Apator SA. located in Ostaszewo, and assignment of rights under insurance contract Interest rate
WIBOR 1M + margin annually
Loan (2) Name of the bank
Raiffeisen Bank Polska SA
Date of the contract and possible annexes to the contract concluded
16th June 2005 , recent annex to the contract dated 7th April 2014
Loan amount granted
PLN 17.500 000 of the limit for overdraft and guaranties
Date of loan repayment
8 April 2016
Name of entity
th
Apator SA
Page 37 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
38
Annual separate financial statement
Type of collateral
Power of attorney for overdraft Silent assignment for receivables in amount of minimum 30% of all trade turnovers
Interest rate
WIBOR 1M + margin annually
Loan (3) Name of the bank
Bank Handlowy w Warszawie SA
Date of the contract and possible annexes to the contract concluded
19th March 2014, recent annex to the contract dated 9th December 2015
Loan amount granted
PLN 98.412 000
Date of loan repayment
I instalment for the amount of PLN 10.000 000 – 31st December 2014 II – VIII instalment for the amount of PLN 11.250 000 – suitable at the end of June and December each year (until 2018) IX instalment for the amount of PLN 9.662 000 – 31st December 2018
Type of collateral
Registered pledge to the highest insurance amount of PLN 60 m established for 1,8 m own shares of Apator S.A. being in possession of the subsidiary - Apator Mining Sp. z o.o.; Registered pledge for 100% shares of Apator Elkomtech S.A.; Registered pledge of fixed assets of Apator S.A. to the amount of PLN 15,6 m and the assignment of rights under insurance contract; Mortgage to the amount of PLN 40 m for the property of Apator S.A. located in Ostaszewo and the assignment of rights under insurance contract; Assignment of receivables for the amount of PLN 6.000.000
Interest rate
WIBOR 6M + margin annually
In reporting period Apator S.A. fulfilled its obligations resulting out of the loan contracts concluded. All the loans have been granted in Polish zloty, liabilities due to loans are presented below:
DESCRIPTION
Loans Name of entity
LIABILITY
COSTS
LIABILITY
COSTS
Day
01.01.2015
Day
01.01.2014
31.12.2015
31.12.2015
31.12.2014
31.12.2014
105 189
3 888
127 902
Apator SA
4 338
Page 38 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
39
Annual separate financial statement Loan 1
22 365
558
29 555
598
Loan 2
16 913
277
9 935
460
Loan 3
65 911
3 053
88 412
3 280
Name of entity
Apator SA
Page 39 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
40
Annual separate financial statement
7.14. Provisions for liabilities Information on provisions is presented in the table. PROVISIONS FOR LIABILITIES
EMPLOYEE BENEFITS RETIREMENT BENEFITS, JUBILEE AWARDS
DESCRIPTION
Value of provisions as at 01.01.2014 (+) Increase – establishment of provision in charged against current result (+) Usage of provision-settlement of costs (-) Revaluation provisions recognized in other comprehensive income Value of provisions as at 31.12.2014, including: - long-term provisions - short-term provisions Value of provisions as at 01.01.2015 Increase- establishment of provision in charged against current result (+) Usage of provision-settlement of costs Revaluation provisions recognized in other comprehensive income Value of provisions as at 31.12.2015, including: - long-term provisions - short-term provisions
BONUSES
OTHER PROVISIONS LEAVES
GUARANTEES
OTHER
TOTAL
5 421
645
906
623
-
7 595
742
770
288
853
100
2 753
(820)
(645)
-
(623)
-
(2 088)
273
-
-
-
-
273
5 616
770
1 194
853
100
8 533
5 138
-
-
-
-
5 138
478
770
1 194
853
100
3 395
5 616
770
1 194
853
100
8 533
971
1 304
217
624
282
3 398
(667)
(1 571)
-
(571)
(100)
(2 909)
355
-
-
-
-
355
6 275
503
1 411
906
282
9 377
5 683
-
-
-
-
5 683
592
503
1 411
906
282
3 694
Employee benefits – actuarial assumptions Main actuarial assumptions taken on the reporting day (quoted in average weighted values):
Discount rate as at 31st December 2015
3,4%
Increase of remuneration in the future
1,7%
Number of employees
545
Assumptions concerning future mortality and disability are based on statistical data published and tables regarding mortality. Mobility parameters have been also used:
Name of entity
Apator SA
Page 40 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
41
Annual separate financial statement
Persons to 40 years old
5%
Persons from 41 to 45 years old
4%
Persons from 46 to 50 years old
3%
Persons over 50 years old
1%
7.15. Liabilities Information on liabilities is presented in the table below. Day
DESCRIPTION
31.12.2015
31.12.2014
Long-term liabilities
995
1 178
Investment liabilities
539
663
Liabilities due to financial lease contracts
298
450
Liabilities due to derivatives
158
65
Short-term liabilities, including:
27 902
22 525
Trade liabilities
13 332
15 140
Current liabilities
10 588
14 364
Overdue liabilities
2 744
776
361
504
3 491
3 252
10 718
3 629
629
1 492
43
30
Liabilities due to derivatives
333
77
Liabilities due to financial lease contracts
587
656
Investment liabilities
4 060
444
Prepayments –advance payments received for deliveries
4 373
150
693
780
28 897
23 703
445
1 884
28 452
21 819
Liabilities due to income tax of legal entities Liabilities due to other taxes and charges Other short-term liabilities Liabilities due to remuneration Liabilities due to dividend
Other liabilities Total liabilities, including: - towards related entities - towards other entities
7.16. Income tax Specification of income tax for reporting period is presented in the table. Period DESCRIPTION
Name of entity
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Apator SA
Page 41 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
42
Annual separate financial statement Period
DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Current income tax
721
540
721
540
1 104
1 789
Related to establishment and reversal of temporary differences
84
(280)
Tax relief due to activity in Pomeranian Special Economic Zone
1 020
2 069
Tax benefit recognized in profit or loss statement and other comprehensive income
1 825
2 329
Deferred income tax recognized in equity
(134)
(160)
Deferred income tax on hedging of cash flow settled during financial year
(66)
(108)
Deferred income tax on revaluated actuarial provision
(68)
(52)
(134)
(160)
Current charging due to income tax Deferred income tax
Tax benefit recognized in equity
Deferred income tax is presented in the table below. Assets
DESCRIPTION
Provisions
31.12.2015
31.12.2014
Tangible fixed assets
-
-
1 475
1 287
(1 475)
(1 287)
Investment properties
-
-
20
24
(20)
(24)
268
268
-
-
268
268
Derivatives
96
28
63
50
33
(22)
Inventories
141
95
-
-
141
95
1 505
1 475
-
-
1 505
1 475
Provisions
250
210
-
-
250
210
Receivables write downs
166
162
-
-
166
162
17 614
18 634
-
-
17 614
18 634
90
34
20
23
70
11
20 130
20 906
1 578
1 384
18 552
19 522
(1 578)
(1 384)
-
-
-
-
18 552
19 522
-
-
18 552
19 522
Financial assets
Liabilities due to employee benefits
Tax relief to be settled in future periods Other Total Netting – assets and provisions Assets / provisions due to deferred income tax recognized in the statement of financial situation
31.12.2015
Net value
31.12.2014
31.12.2015
31.12.2014
th
On 28 December 2010 the Company received the Permission No. 69/PSSE to run business in the area of the Pomeranian Special Economic Zone. On the day of commencement of the activity in Pomeranian Special Economic Zone the deferred tax assets were recognized in amount of PLN 20.357 000 due to possible make use of tax relief (value of asset is PLN st 17 614 000 as at 31 December 2015). rd
On 23 June 2014 the Company received the next permission (No. 136/PSSE) to run business in the area of the Pomeranian Special Economic Zone Name of entity
Apator SA
Page 42 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
43
Annual separate financial statement
The investment has not been commenced yet and therefore the assets related to the permission were not defined. Presentation of the effective tax rate: Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Tax basis
60 176
51 327
Tax rate
19,00%
19,00%
Income tax calculated pursuant to binding tax rate
11 433
9 752
(10 060)
(8 171)
(9 872)
(7 591)
-
(395)
481
446
Asset for tax due to the activity in Pomeranian Special Economic Zone
-
329
Tax on items not included in financial result of the period
-
6
(30)
(33)
1 825
2 329
3,03%
4,54%
Possible tax from revenues with tax relief (permanent differences) - tax on dividend of related entities included - income tax covering the permission for activity in zone included Tax on non-deductible expenses ( permanent differences)
Other tax deductions Income tax Effective tax rate
7.17. Costs by nature Period DESCRIPTION
Amortization and depreciation
01.01.2015
01.01.2014
31.12.2015
31.12.2014
(11 376)
(9 528)
(103 699)
(80 066)
Outsourcing
(26 958)
(29 487)
Employee benefits
(37 906)
(37 661)
(6 750)
(6 714)
Manufacturing costs of products for own needs of the entity
5 124
2 015
Change in status of finished products and manufacturing in progress
4 736
1 293
(5 765)
(9 758)
(182 594)
(169 906)
Materials and energy consumption
Other costs
Cost of goods and materials sold Total costs
Name of entity
Apator SA
Page 43 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
44
Annual separate financial statement
7.18. Other revenues and operating costs Other revenues and operating costs are presented in the table. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Operating revenues
308
434
95
53
-
78
Compensations received resulting of tangible fixed assets pursuant to IAS 16
58
60
Compensations and liquidated damages received
27
8
Donations received
20
9
-
1
108
225
(1 832)
(1 371)
(9)
4
-
(22)
(20)
(84)
(242)
(31)
(29)
(380)
Result on sales of tangible fixed assets Use or release of provisions for employee benefits
Reimbursement of court proceeding and legal representation costs Other revenues Operating costs Cost of tangible fixed assets liquidated Costs related to liquidation of fixed assets and intangibles Revaluation of investment property Establishment of provisions for stock write downs Establishment of receivables write downs Establishment of provisions for employee benefits
(304)
-
(54)
(229)
Establishment of provisions for liabilities
(182)
(100)
Scrapping of stocks
(229)
(219)
Stocktaking shortages
(29)
(4)
Losses suffered due to misfortune and other damages of elements in property
(31)
(67)
Donations granted
(159)
(179)
Penalties, fines and compensations paid
(526)
(58)
(7)
(2)
(11)
-
(1 524)
(937)
Establishment of provisions for warranty repairs
Court, legal representation and costs of bailiff Other costs Net operating costs
Name of entity
Apator SA
Page 44 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
45
Annual separate financial statement
7.19. Financial revenues and costs Financial revenues and costs are presented in the table. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Financial revenues
52 996
40 662
51 959
39 951
102
20
1
19
Interest on receivables
12
38
Revenues on sales of shares
53
99
630
450
-
1
239
84
(4 680)
(4 697)
(2 643)
(3 293)
Interest paid to the budget
(1)
-
Interest on liabilities
(1)
-
(42)
(62)
Dividends and shares in profits Interest on borrowings Interest on cash on bank accounts
Revenues on currency transactions (derivatives included) Decrease of receivables discount Other revenues Financial costs Interest on loans and borrowings
Other interest Establishment of shares write downs Negative currency differences Establishment of receivables write downs Commissions for loans and borrowings Decrease the discount of liabilities Bank guarantees and commissions (commissions on loans excluded) Other costs Net financial revenues
Name of entity
(1)
-
(642)
(172)
-
(1)
(1 152)
(987)
(16)
(39)
(182)
(131)
-
(12)
48 316
35 965
Apator SA
Page 45 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
46
Annual separate financial statement
Revenues and costs concerning currency transactions of derivatives are presented in the table. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Revenues
602
601
Performance of transaction of immediate exchange of currencies
117
65
Performance of forwards
549
766
Evaluation at the end of the period
342
406
(406)
(636)
28
(151)
Performance of transaction of immediate exchange of currencies
(34)
(5)
Performance of forwards and swaps
(57)
(9)
Evaluation at the end of the period
(24)
(143)
Evaluation at the beginning of the period
143
6
630
450
Evaluation at the beginning of the period Costs
Result on derivatives
7.20. Explanations to cash flow statement APATOR S.A. prepares the cash-flow statement using the indirect method in the part referring to the operating activity, adjusting the profit with the effects of non-cash transactions, amendment to inventories, amendment to receivables and liabilities and other items, in which the cash effects is the cash flow from financial or investment activity. The table below presents the explanations to inconsistency between the amendments to the statement of financial position and amendments to these items presented in cash flow statement.
Name of entity
Apator SA
Page 46 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
47
Annual separate financial statement Period
DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Change in receivables Change in long-term receivables
-
41
1 707
(4 205)
-
1 141
Change in receivables due to other taxes and charges
(11)
(86)
Change in other receivables
142
742
-
(1 141)
(5)
(10)
1 833
(3 518)
(183)
(245)
(1 808)
790
(143)
504
239
747
7 089
(1 586)
Adjustment to liabilities due to dividend
(14)
(15)
Adjustment to liabilities due to financial lease
222
114
Adjustment to liabilities due to derivatives
(349)
(143)
Adjustment to liabilities due to income tax
143
(504)
(2 815)
1 897
2 381
1 559
545
532
64
76
235
330
(355)
(273)
489
665
Change in trade receivables Change in receivables due to income tax of legal entities
Adjustment to receivables due to income tax Adjustment to investment receivables Change in cash flow account Change in liabilities Change in long-term liabilities Change in trade liabilities Change in liabilities due to income tax of legal entities Change in liabilities due to other taxes and charges Change in other liabilities
Adjustment to investment liabilities Change in cash flow account Change in provisions Change in long-term provisions for employee benefits Change in short-term provisions due to employee benefits Change in other short-term provisions Other changes Change in cash flow account
Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Expenses on purchase of tangible fixed assets Purchase of tangible fixed assets
(11 801)
(9 037)
(206)
136
Advance payments for tangible fixed assets settled in opening balance
899
802
Purchase from lease
863
835
2 731
(1 925)
Change in stock of internal projects
Change in investment liabilities Name of entity
Apator SA
Page 47 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
48
Annual separate financial statement
Total
(7 514)
(9 189) Period
DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Expenses on purchase on intangibles Purchase of intangibles
(4 126)
(1 530)
Change in developments in progress
147
(1 570)
Advance payments for intangibles settled in opening balance
141
-
84
28
(3 754)
(3 072)
Change in net investment liabilities Total
Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Other adjustments (1) to cash flow from operating activity Other adjustments (1) to cash flow from operating activity
8
39
Other adjustments (1) to cash flow from operating activity
(492)
(757)
Other adjustments (1) to cash flow from operating activity
1
-
Other adjustments (1) to cash flow from operating activity
1 152
987
Other adjustments (1) to cash flow from operating activity
-
(4)
669
265
Total
Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Other inflows (outflows) from investing activity Advance payments for tangible fixed assets under construction Advance payments for intangibles Inflows related to forwards and swaps and options Total
(964)
(899)
-
(141)
492
757
(472)
(283)
(33)
(62)
(1 152)
(987)
(1 185)
(1 049)
Other expenses of financing activity Interest on lease Commissions and fees on loans and borrowings Total
Name of entity
Apator SA
Page 48 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
49
Annual separate financial statement
Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Investments in subsidiaries Apator Elkomtech S.A.
-
(98 412)
Apator Rector Sp. z o.o.
-
(18 072)
Apator GmbH
-
(84)
-
(116 568)
Total
Name of entity
Apator SA
Page 49 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
50
Annual separate financial statement
7.21. Financial lease st
As at 31 December 2015 Apator S.A. had contracts concluded of renting of telephone exchange and personal vehicles qualified as financial lease for reporting purposes. Book value of assets included in financial lease is presented in the table below. Day
DESCRIPTION
31.12.2015
31.12.2014
Machines and equipment Transport means Value at the end of the period
26
77
1 764
1 747
1 790
1 824
Total liabilities due to financial lease are presented in the table. As at 31.12.2015 DESCRIPTION
Fees
As at 31.12.2014
Current value of fees
Fees
Current value of fees
Payable in the period up to 1 year
610
587
696
656
Payable in the period from 1 year up to 5 years
304
298
460
450
914
885
1 156
1 106
(29)
X
(50)
X
885
885
1 106
1 106
Future minimum fees due to financial lease contracts in total Future financial charges (-) Current value of minimum lease fees
7.22. Future payments due to operating lease not included in the statement of financial position. st
As at 31 December 2015 APATOR S.A. had future payments due to contracts concluded of renting of IT equipment and vehicles. Furthermore, the Company included right to perpetual usufruct of land that had been granted free based on administrative decision. Data concerning future minimal values of lease fee are presented in the table. Below 1 year
DESCRIPTION
From 1 year up to 5 years
Over 5 years TOTAL
Status as at 31.12.2015
628
1 119
14 649
16 396
Status as at 31.12.2014
627
1 336
14 861
16 824
Data concerning lease fees recognized in financial result are presented in the table Period DESCRIPTION
Name of entity
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Apator SA
Page 50 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
51
Annual separate financial statement
Fees recognized in financial result
776
789
7.23. Financial instruments Categories and classes of financial instruments in reporting value are presented below. Borrowings and receivables
Financial liabilities recognized pursuant to amortized cost
Status as at 31.12.2015
41 321
(124 048)
(167)
(82 894)
Derivatives (assets)
-
-
324
324
Borrowings granted
8 115
-
-
8 115
30 797
-
-
30 797
2 409
-
-
2 409
Trade liabilities
-
(13 332)
-
(13 332)
Investment liabilities
-
(4 599)
-
(4 599)
Loans and borrowings taken
-
(105 189)
-
(105 189)
Derivatives (liabilities)
-
-
(491)
(491)
Liabilities due to lease contracts
-
(885)
-
(885)
Liabilities due to dividend
-
(43)
-
(43)
Status as at 31.12.2014
38 230
(145 285)
125
(106 930)
Derivatives (assets)
-
-
267
267
Borrowings granted
2 005
-
-
2 005
32 504
-
-
32 504
5
-
-
5
3 716
-
-
3 716
Trade liabilities
-
(15 140)
-
(15 140)
Investment liabilities
-
(1 107)
-
(1 107)
Loans and borrowings taken
-
(127 902)
-
(127 902)
Derivatives (liabilities)
-
-
(142)
(142)
Liabilities due to lease contracts
-
(1 106)
-
(1 106)
Liabilities due to dividend
-
(30)
-
(30)
DESCRIPTION
Trade receivables Cash and and bank deposits
Trade receivables Investment receivables Cash and deposits
Hedging instruments
TOTAL
Financial assets and liabilities held for trading where the Company included the derivatives are measured at fair value. Fair value of borrowings, receivables and liabilities measured in amortized cost are recognized as book value due to short time of their performance. Book value of these assets is close to fair value. Name of entity
Apator SA
Page 51 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
52
Annual separate financial statement
Revenues, costs, profits and losses recognized in financial result divided into categories of financial instruments are presented below. Financial assets available for sale
DESCRIPTION
Status as at 31.12.2015
Borrowings Financial liabilities Hedging and evaluated pursuant to instruments receivables amortized cost
TOTAL
(1)
50
(3 209)
547
(2 613)
Revenues (costs) due to interest
-
114
(2 685)
-
(2 571)
Losses due to currency exchange differences
-
(118)
(524)
-
(642)
Revenues due to performance of derivatives
-
-
-
549
549
Costs due to performance of derivatives
-
-
-
(57)
(57)
Revenues due to evaluation of derivatives
-
-
-
(64)
(64)
Costs due to evaluation of derivatives
-
-
-
119
119
(1)
(29)
-
-
(30)
-
83
-
-
83
-
(1 805)
(1 965)
390
(3 380)
Revenues (costs) due to interest
-
77
(3 354)
-
(3 277)
Profits (losses) due to exchange rate differences
-
(1 561)
1 389
-
(172)
Revenues due to performance of derivatives
-
-
-
766
766
Costs due to performance of derivatives
-
-
-
(9)
(9)
Revenues due to evaluation of derivatives
-
-
-
(230)
(230)
Costs due to evaluation of derivatives
-
-
-
(137)
(137)
Establishment of write downs
-
(381)
-
-
(381)
Profits due to performance of transaction of immediate exchange of currency
-
60
-
-
60
Establishment of write downs Profits due to performance of transaction of immediate exchange of currency Status as at 31.12.2014
The table below shows the analysis of derivatives at fair value and grouped pursuant to three levelled structure, where:
Level 1 – fair value based on stock exchange prices (not adjusted); Level 2 – fair value established based on values noticeable on the market however not being indirect market value; Level 3 – fair value is being established based on different techniques of measurement not based on any noticeable market data. As at 31.12.2015
DESCRIPTION Level 1
Level 2
As at 31.12.2014 Level 3
Level 1
Level 2
Level 3
Derivatives (assets)
-
324
-
-
267
-
Derivatives (liabilities)
-
(491)
-
-
(142)
-
-
(167)
-
-
125
-
Total
Transfers between levels did not occur. Name of entity
Apator SA
Page 52 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
53
Annual separate financial statement
The fair value of IRS instrument is the difference between the forecast of discounted cash flows of interest pursuant to fixed interest rate and variable interest rate based on WIBOR 6M. The Company measures fx forward type derivatives using the models of measurement of financial instruments making use of generally available exchange rates and changeability curve for currencies. The fair value of IRS instrument is the difference between the forecast of discounted cash flows of interest pursuant to fixed interest rate and variable interest rate based on WIBOR 6M. The Company measures FX forward type derivatives using the models of measurement of financial instruments making use of generally available exchange rates and changeability curve for currencies. Fair value of the instruments is established based on future cash flows due to transactions calculated based on difference between forward price and transaction one. Forward exchange rates are not modelled as a separate risk factor but the spot is taken from the exchange rate for the foreign currency in relation to PLN.
7.24. Derivative financial instruments, hedging accounting The agreements on currency derivatives of APATOR S.A. are concluded under the exchange rate risk hedging policy. The Company hedges the export proceeds exceeding the import expenses (Eur) and the import expenses exceeding the export proceeds (USD). At 31st December 2015 the Company applies the hedge accounting for the cash flow. Since 1st July 2011 the Company designated the derivatives fx forward hedging to hedge accounting against the threat of variability of cash flow due to the future planned cash flow from the sale denominated in foreign currency. The hedging of foreign currency expenses is established for the period covering the following another next 24 months (on the turn of the year, the period of hedging may concern three calendar years ) and the sum of hedging for 24 hours is not allowed to exceed the plan of export for current year. The hedging of foreign currency expenses are established for the period covering 12 months being moved and the level of hedging in the period is not allowed to exceed 50% of annual foreign currency exposure. The table below presents the detail information concerning the hedging connection in the hedge accounting of cash flow. Type of hedging
The hedging of the variability of the cash flow due to the future cash flow in EUR and USD.
Hedged item
The hedged item is a part of highly probable cash flows due to the sale denominated in EUR.
Hedge instruments
The hedge instruments are FX forward transactions, where the Company undertakes to sell EUR for PLN.
Hedged risk
The Company hedges the variability of cash flow due to the foreign currency risk.
Recognition in the financial statement
Part of the change of measurement at the fair value of hedge instruments, corresponding to the effective hedge is recognized in capital from revaluation of hedging transactions (statement of changes in equity). The non-effective part of the change of the measurement at the fair value of hedge instruments is recognized in the revenues or financial costs (Note 19- point 7.19).
Period, when the cash flow is expected
It is expected that the hedged item will generate the cash flow until 31st December 2017
Nominal value
4.840. 000 Eur and 5.960. 000 USD
Name of entity
Apator SA
Page 53 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
54
Annual separate financial statement
The table below presents the fair value of derivatives on the reporting day.
Day DESCRIPTION 31.12.2015 Long-term assets
31.12.2014 2
-
2
-
322
267
322
267
Total assets
324
267
Long-term liabilities
158
65
158
65
333
77
333
77
491
142
Hedging instruments Short-term assets Hedging instruments
Hedging instruments Short-term liabilities Hedging instruments Total liabilities
The table below presents the amounts due to hedge accounting of the cash flow that the Company recognized in the result and capital in 2015: Day DESCRIPTION 31.12.2015 Evaluation of instruments, including:
31.12.2014
(167)
125
Capital from evaluation of hedging transactions (amendment to evaluation at fair value of hedging derivatives due to the risk being hedged as effective hedging)
(485)
(138)
Financial result for the period (amendment to evaluation of hedging derivatives due to risk being hedged as effective hedging)
318
263
The table below shows changes in capital from revaluation of hedging transactions due to hedging accounting of the cash flow in 2015: Period DESCRIPTION
Status at the beginning of the period
01.01.2015
01.01.2014
31.12.2015
31.12.2014
138
432
Reversal of evaluation from the previous period
(138)
(432)
Evaluation at the end of the period
(485)
(138)
(485)
(138)
Status at the end of the period
th
Further to loan long-term contract concluded (contract with Bank Handlowy S.A. dated 19 March 2014 ), in order to hedge against the increase of WIBOR 6M rate, except transaction concluded in 2014, the Company Name of entity
Apator SA
Page 54 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
55
Annual separate financial statement
and BNP Paribas Bank Polska S.A. concluded hedging transaction against the IRS (interest Rate Swap) on th 13 January 2015. Transactions are targeted to hedge partly the interest payment. The fair value of IRS instrument is the difference between interest discounted cash flow forecast according to fixed interest rate and variable interest rate based on WIBOR 6M. Hedging transaction
Hedged item
IRS Long-term loan
Nominal value on the day of hedging the establishment
PLN 71. 309.000
Nominal value on reporting day
PLN 52.246.000
The period when the cash flow is expected
29.10.2014 – 31.12.2018
Recognition in the financial statement
Pursuant to IAS 39, if the hedging of the cash flow is effective then the effective part of the measurement of hedging instruments concerning currency revaluation is presented in equity. The other part of measurement related to hedging instrument is recognized in comprehensive income financial statement.
7.25. Purposes and principles of financial risk management Except for the derivatives, the main instruments used by the Company include the bank loans and overdrafts. The Company has also the financial assets such as trade receivables and cash and other receivables and also borrowings granted. The Company concludes the derivative transactions which include first of all the forward contracts. The purpose of these transactions is to manage the foreign currency risk arisen during business activity. The forward contracts are concluded based on the forecasts of currency exchange rates, pursuant to the corporate guideline and the Resolution of the Management Board. The risk, to which APATOR S.A. is exposed, includes the market risk (first of all currency risk and lesser interest rate risk) as well as loan risk and liquidity risk. Currency risk The Company is exposed to currency risk due to trade transactions being concluded. Such risk arises as a result of any selling or buying in the other currency than its functional currency (PLN). The level of exposure of APATOR SA to currency risk is presented in the table below. As at 31.12.2015 DESCRIPTION
In foreign currency
Items in Eur (EUR) Trade receivables Advance payments transmitted for purchase of materials and services Cash Trade liabilities Name of entity
As at 31.12.2014
In PLN
In foreign currency
In PLN
1 525
6 171
2 493
10 263
1 387
5 733
1 999
8 312
(1)
(3)
5
22
569
2 330
771
3 177
(430)
(1 888)
(276)
(1 222)
Apator SA
Page 55 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
56
Annual separate financial statement As at 31.12.2015
DESCRIPTION
In foreign currency
Advance payments received for deliveries Items in American dollars (USD) Trade receivables Advance payments transmitted for purchase of materials and services Cash Trade liabilities Advance payments received for deliveries Items in Romanian leu (RON) Trade liabilities Items in Hungarian forint (HUF) Trade receivables
As at 31.12.2014
In PLN
In foreign currency
In PLN
-
(1)
(6)
(26)
(572)
(2 332)
(207)
(826)
1
4
1
5
146
566
240
818
13
49
146
499
(730)
(2 945)
(580)
(2 104)
(2)
(6)
(14)
(44)
(1)
(1)
-
-
(1)
(1)
-
-
36 526
478
-
-
36 526
478
-
-
As at the reporting day cash assets and liabilities were converted pursuant to the exchange rate of leading bank binding at the end of the reporting period. (assets pursuant to exchange rate of purchase, liabilities – exchange rate of selling). As at 31.12.2015 DESCRIPTION
Purchase rate
As at 31.12.2014 Selling rate
Selling rate Purchase rate
EUR
4,1340
4,3898
4,1579
4,4151
USD
3,7976
4,0324
3,4222
3,6338
At as 31st December 2015 Apator S.A. had currency contracts of forward type. Przepływy As at 31.12.2015
As at 31.12.2014
In foreign In PLN on the day of In foreign In PLN on the day of currency conclusion of the currency conclusion of the contract contract
DESCRIPTION
Hedging instruments for the cash flow in EUR
(4 840)
(20 328)
(4 300)
(18 129)
Hedging instruments for the cash flow in USD
5 960
23 278
-
-
Pursuant to the guideline “Regulations in the field of forwards agreements" adopted by Apator SA to hedge the export proceeds exceeding the import expenses the forward contracts and ordinary cost options are applied. In order to conclude the forward contracts it is required the consent of the Management Board in a form of the resolution, where the maximum nominal of hedges is specified, defined based on the foreign trade balance plan and level of current hedges. The conclusion of comprehensive hedging structure is made upon the positive opinion of the Supervisory Board, which makes the decision after the Management Board presented the intent to use of such hedge and its potential influence on financial results. Name of entity
Apator SA
Page 56 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
57
Annual separate financial statement
The table below presents the sensitivity of gross financial result and equity on the reasonable possible fluctuations of currencies exchange rates. The Company expects that all currencies may fluctuate by 10% (at no variability of other parameters)
In the period since 01.01.2015 til 31.12.2015
DESCRIPTION
Impact on gross financial result
In the period since 01.01.2014 till 31.12.2014
Direct impact on equity
Impact on gross financial result
Direct impact on equity
EUR / PLN +10%
617
(2 033)
1 026
(1 813)
- 10%
(617)
2 033
(1 026)
1 813
+10%
(233)
(2 328)
(83)
-
- 10%
233
2 328
83
-
+10%
48
-
-
-
- 10%
(48)
-
-
-
USD / PLN
HUF / PLN
Interest rate risk APATOR S.A. is exposed to the risk of interest rate, because it has liabilities in a form of loans bearing interest pursuant to the variable interest rate. The table below presents the financial instruments due to the interest rate. The hedging of 50% of investment loan by IRS transaction has been taken into account. APATOR S.A. is exposed to the risk of interest rate, because it has liabilities in a form of loans bearing interest pursuant to the variable interest rate. The table below presents the financial instruments due to the interest rate. The hedging of 50% of investment loan by IRS transaction has been taken into account. Day
DESCRIPTION 31.12.2015 Financial instruments with fixed interest rate Financial assets Financial liabilities Financial instruments with variable interest rate Financial assets Financial liabilities Total
31.12.2014
(36 610)
(27 973)
30 797
32 509
(67 407)
(60 482)
(46 138)
(79 170)
10 502
5 632
(56 640)
(84 802)
(82 748)
(107 143)
The table below presents the sensitivity of gross financial result and equity on the reasonable possible fluctuations of WIBOR rates. For the purposes of analysis it is assumed that all amount of unpaid liabilities at the end of reporting period remained unpaid for all year. Name of entity
Apator SA
Page 57 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
58
Annual separate financial statement
In the period since 01.01.2015 till 31.12.2015 DESCRIPTION
Impact on gross financial result
In the period since 01.01.2014 till 31.12.2014
Impact on equity*
Impact on gross financial result
Impact on equity*
WIBOR + 100 base points
(461)
-
(792)
-
- 100 base points
461
-
792
-
* - The value of measurement of IRS instrument recognized in equity was considered as irrelevant therefore the analysis of sensibility has not been carried out.
Loan risk The loan risk means that the contractor will not fulfil its liabilities following the financial instrument or agreement that will cause that the other party will suffer the financial loss. APATOR S.A. is exposed to the loan risk resulting from operating activity, mainly from trade receivables. In order to reduce the risk, the Company concludes the transactions only with reputable companies with good credit capacity. All customers, who want to make use of the postponed terms of payments, are subject to initial verification. The financial inspection of sale orders operates in the company. The Company strives to cooperate with all clients is based on the trade agreements. Moreover, owing to current monitoring of receivables, the exposure of the Company to the risk of uncollectible receivables is small. The trade receivables include the due amounts from huge number of customers, distributed between various sectors and geographical areas. At the end of 2015, only one customer (S&T Services Polska Sp. zo.o.) presented the receivables balance over 10% of the total balance of trade receivables (10,5% - PLN 3.222. 000) The loan risk related to cash and derivatives is limited because the contractors of Apator SA are the banks with high rating awarded by international rating agencies. Liquidity risk APATOR S.A. has been monitoring the liquidity risk, establishing the monthly expenditures plans and it carries out the analyses of the financial conditions on a current basis. In order to finance the current business activity Apator SA, it uses mainly the overdraft.
The table below presents information on liabilities of maturity dates. Liquidity risk APATOR S.A. has been monitoring the liquidity risk, establishing the monthly expenditures plans and it carries out the analyses of the financial conditions on a current basis. In order to finance the current business activity Apator SA, it uses mainly the overdraft.
The table below presents information on liabilities of maturity dates. Cash flow resu;lting out of the contract DESCRIPTION
Value on reporting day
Status as at 31.12.2015
Name of entity
124 539
Below 6 months 46 333
From 6 to From 1 year From 2 to 12 months to 2 years 5 years 33 851
23 079
Over 5 years
21 333
Apator SA
TOTAL -
124 596
Page 58 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
59
Annual separate financial statement Loans and borrowings
105 189
28 202
33 575
22 500
20 912
-
105 189
Lease liabilities
885
384
226
283
21
-
914
Payments due to derivatives
491
283
50
158
-
-
491
13 332
13 332
-
-
-
-
13 332
4 599
4 089
-
138
400
-
4 627
43
43
-
-
-
-
43
145 427
28 388
52 195
24 774
45 250
141
150 748
127 902
12 419
51 777
24 107
44 825
-
133 128
1 106
355
341
460
-
-
1 156
142
-
77
65
-
-
142
15 140
15 140
-
-
-
-
15 140
1 107
445
-
142
425
141
1 153
30
29
-
-
-
-
29
Trade liabilities Investment liabilities Other financial liabilities Status as at 31.12.2014 Loans and borrowings Lease liabilities Payments due to derivatives Trade liabilities Investment liabilities Other financial liabilities
Tax risk Regulations regarding the tax on goods and services, income tax of legal entities, natural persons or insurance premiums are subject to change, resulting of it many times there is lack of the references to permanent regulations or legal precedence. Regulations in force also include some ambiguity that causes different opinions concerning legal interpretations of tax regulations both between national institutions and between national institutions and enterprises. The tax settlement and other settlements (custom and currency for example) can be subject to control of controlling bodies that are entitled to punish by material penalties and additional amounts of liabilities established during the control have to be paid and interest for late payment. It causes that tax risk in Poland is higher than ones usually being in force in the countries with more developed tax system. Provision of technologically advanced products for the most requiring customers in Poland and abroad is currently significant factor for business development in the Company, providing steady profits, however due to the level and the rate of development achieved and also the fact concerning complexity of the subject of contracts of delivery of goods requires in many cases the participation in international consortia, automatically increases financial risk related to international activity. One of the element of risk are tax risks related to the flow of goods between cooperating companies coming from different countries and in the performance of contracts and associated tax interpretations of transactions. Tax settlements can be subject to control during the period of five years. In fact, the amounts indicated in financial statement can be changed later after their final values are established by tax offices.The management of the Company states that appropriate provisions were established aiming at probable and possible to quantifications of liabilities risk. Capital management The main target of the capital management of APATOR S.A. is to keep the good credit rating and secure capital ratios which would support the operating activity of the Company and would increase the goodwill for its shareholders. APATOR S.A. manages the capital structure and as a result of changes in economic conditions enters the changes to this structure. In order to adjust the capital structure, the Company may pay dividend for shareholders, return the capital to shareholders or issue new shares. Name of entity
Apator SA
Page 59 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
60
Annual separate financial statement
APATOR S.A. has been monitoring the capitals using leverage ratio which is calculated as net debts to sum of capitals increased by net debts. The net debts include the loan and borrowings bearing interests, trade liabilities and other liabilities excluding the derivatives reduced by cash and cash equivalents. Equity includes the equity presented in the statement of financial position. Leverage ratios for 2014 and 2015 are shown in the table below.
Name of entity
Apator SA
Page 60 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
61
Annual separate financial statement Day
DESCRIPTION
31.12.2015
31.12.2014
Net debt
131 186
147 747
Debt
133 595
151 463
(2 409)
(3 716)
Equity
266 960
235 662
Capital and net debt
398 146
383 409
Leverage ratio
32,95%
38,54%
Cash and cash equivalents
7.26. Information on related entities Information on management benefits is presented in the table. Period DESCRIPTION
Short-term employee benefits
01.01.2015
01.01.2014
31.12.2015
31.12.2014
4 136
4 409
-
75
113
170
4 249
4 654
Employee benefits after the period of employment Other long-term benefits Total
The Company has identified related entities. The following companies have been identified as related entities.
Apator Control Sp. z o.o. (Toruń) Apator Mining Sp. z o.o. (Katowice) FAP Pafal S.A. (Świdnica) Apator Metrix S.A. (Tczew) Apator GmbH (Berlin, Germany) Apator Rector Sp. z o.o. (Zielona Góra) Apator Powogaz S.A. (Poznań) Apator Elkomtech S.A. (Łódź) Apator Telemetria Sp. z o.o. (Słupsk) – subsidiary of Apator Powogaz S.A. Apator Metroteks TOV (Kiev, Ukraine) – subsidiary of Apator Powogaz S.A. Apator Metra s.r.o. (Supmerk, Czech Republic) – subsidiary of Apator Powogaz S.A. st Apator Miitors ApS. (Horsens, Denmark) – subsidiary of Apator Powogaz S.A. since 1 April 2015 th iMeters Sp. z o.o. – subsidiary of Apator Powogaz S.A. since 11 December 2015 George Wilson Industries Ltd. (Coventry, the United Kingdom) – subsidiary of Apator Metrix S.A. th since 26 February 2015
a. Jointly controlled entities th
OOO Apator- Electro (Moscow, Russia) - on 24 December 2015 proposal of liquidation submitted Teplovodomer (Mytishi, Russia) – jointly controlled entity by Apator Powogaz S.A. Inda d.o.o. (Slovenia) – jointly controlled entity by George Wilson Industries Ltd. Name of entity
Apator SA
Page 61 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
62
Annual separate financial statement
b. Members of Supervisory Board c. Members of Key Management Staff d. Close relatives of families of members of supervisory board and key management staff management being in common household
e. Entities controlled by persons specified in points c and d The Management Board of APATOR S.A. confirmed that the make-up of the highest management of APATOR S.A. includes the following persons:
Andrzej Szostak – Chief Executive Officer st Tomasz Habryka – Member of Management Board (till 31 March 2015) rd Jerzy Kuś – Member of Management Board (till 23 June 2015) Piotr Nowak – Member of Management Board
Other Members of Management: Krzysztof Malec – Proxy, Production Director Mirosław Klepacki – Proxy, Switchgear Director In 2015 there were no transactions except the payment of remuneration due to the fulfilment of the functions and benefits due to work with other related entities specified in points c – f, . Transactions with related entities were based on market conditions. Data concerning transactions carried out with related entities and information on unsettled balances are presented in the table.
Name of entity
Apator SA
Page 62 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
63
Annual separate financial statement
George Wilson Industries Ltd.
Inda d.o.o.
1 812
29
-
22 765
37
327
-
-
804
-
-
4
-
-
21
1 593
-
-
-
-
-
1 593
113
1 698
66
4 047
1 538
22
-
15 392
-
-
1 540
-
-
-
-
-
1 540
472
23
18
-
5
278
-
28
-
1 105
-
-
6 111
-
-
-
-
-
-
-
8 115
4 000
-
-
4 100
-
-
-
-
-
-
-
8 100
-
2 000
-
-
-
-
-
-
-
-
-
-
2 000
-
15
-
-
77
-
-
-
-
-
-
-
92
800
2 999
4 208
22 000
-
20 000
1 952
-
-
-
-
-
51 959
Other financial revenues
-
182
-
-
57
-
-
-
-
-
-
-
239
Other financial costs
-
-
-
752
-
-
-
-
-
-
-
-
752
Dividends paid
-
-
2 880
-
-
-
-
-
-
-
-
-
2 880
Purchase of products, services ,goods and materials
8
572
97
105
-
1
7 494
33
809
-
-
-
9 119
Purchase of fixed assets and intangibles
-
50
-
36
-
-
136
-
-
-
-
-
222
Trade liabilities
-
59
8
20
-
-
326
-
31
-
-
1
445
Apator Control Sp.z o.o.
Apator Metrix S.A.
Apator Elkomtech S.A.
FAP Pafal S.A.
Apator Telemetria Sp.z o.o.
596
3 107
238
9 999
312
312
1 835
84
4 441
Sales of goods and materials
5
1
5
2
-
-
427
-
Sales of fixed assets and intangibles
-
-
Sales of shares
-
-
-
-
17
-
-
-
-
-
-
257
2 101
49
5 417
84
-
-
-
-
65
213
3
Receivables due to borrowings granted
-
2 004
Borrowings granted in the period
-
Repayments received due to borrowings granted Interest received on borrowings granted
DESCRIPTION
Apator Apator Apator Mining Sp.z Rector Sp.z Powogaz S.A. o.o. o.o.
Apator Electro Sp.z o.o.
Apator GmbH
TOTAL
Transactions in the period since 01.01.2015 till 31.12.2015 Sales of products and services
Cost of selling transactions Cost of sales transactions of shares Trade receivables
Financial revenues due to dividends
Name of entity
Apator SA
Page 63 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
64
Annual separate financial statement
Apator Control Sp. z o.o.
DESCRIPTION
Apator Mining Sp. z o.o.
Apator Metrix S.A.
Apator Powogaz S.A.
Apator Rector Sp. z o.o.
Apator Elkomtech S.A.
Apator Telemetria Sp. z o.o.
FAP Pafal S.A.
Apator Electro Sp. z o.o.
Apator GmbH
RAZEM
Transactions in the period since 01.01.2014 till 31.12.2014 Sales of products and services
550
2 902
210
11 298
203
51
8 382
67
538
7 269
31 470
Sales of goods and materials
5
15
45
-
-
-
421
2
4
984
1 476
Sales of fixed assets and intangibles
-
-
-
-
-
-
49
-
-
-
49
Sales of shares
-
-
-
-
-
-
2 997
-
-
-
2 997
242
2 065
79
6 853
30
51
5 823
61
466
5 636
21 306
-
-
-
-
-
-
2 897
-
-
-
2 897
Trade receivables
39
150
1
946
-
-
216
3
176
1 616
3 147
Other receivables
-
-
-
5
-
-
-
-
-
-
5
Receivables due to borrowings granted
-
-
-
-
2 005
-
-
-
-
-
2 005
Borrowings granted in the period
-
-
-
-
2 000
-
-
-
-
-
2 000
Repayments received due to borrowings granted
-
-
-
-
-
-
-
-
88
-
88
Interest received on borrowings granted
-
-
-
-
14
-
-
-
1
-
15
3 000
4 015
7 837
22 000
1 400
-
1 699
-
-
-
39 951
71
-
-
-
19
-
-
-
1
-
91
Other financial costs
-
-
78
655
-
-
-
-
-
-
733
Dividends paid
-
-
2 160
-
-
-
-
-
-
-
2 160
Purchase of products, services, goods and materials
-
450
-
154
-
1
19 234
17
1 372
40
21 268
Purchase of fixed assets and intangibles
-
-
-
22
-
-
263
4
-
-
289
Trade liabilities
-
23
-
69
-
-
1 712
-
-
-
1 804
Advance payments received for deliveries
-
28
-
45
-
-
7
-
-
-
80
Cost of selling transactions Cost of sales transactions of shares
Financial revenues due to dividends Other financial revenues
Name of entity
Apator SA
Page 64 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
65
Annual separate financial statement
7.27. Contingent items and other ones not recognized in the statement of financial position. Guarantees st
As at 31 December 2015 Apator S.A. had valid guarantees issued by TU Hermes SA: th
due to satisfactory performance in amount of PLN 5 135 000 till 30 January 2018 ; th due to surety and quality guarantee in amount of PLN 1 288 000 maximum till 30 June 2017; st due to security in amount of PLN 1.450 000 maximum till 31 January 2016
st
As at 31 December 2015 Apator S.A. was the party of the guarantee where beneficiaries were Apator Rector Sp. z o.o. and Apator Metrix SA where in case of Apator Rector Sp. z o.o. the guarantee was for the th amount of PLN 900 000 (till 30 October 2017) and in case of Apator Metrix SA the guarantee was for the th amount of PLN 26.890.000 (till 29 February 2020). Moreover, in 2015 Apator S.A. granted Apator Rector Sp. z o.o. surety for the repayment of bank loans for th the total amount of PLN 23.000 000, where 6.000 000 is obligatory till 30 November 2016, but PLN th 17.000000 till 27 June 2017. st
In addition as at 31 December 2015 Apator S.A. was the beneficiary of guarantee for the amount of nd PLN 400.000, issued by Exatel S.A., with due date 22 April 2016.
7.28. Structure of employment The employment in Apator S.A. is shown in the table. Period DESCRIPTION
01.01.2015
01.01.2014
31.12.2015
31.12.2014
Average employment in persons in the period
558
532
Blue collar workers
333
332
White collar workers
225
200
546
544
Blue-collar workers
319
342
White-collar workers
227
202
Status of employment in persons at the end of the period
Name of entity
Apator SA
Page 65 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
66
Annual separate financial statement
7.29. Remuneration of the entity entitled to audit financial statement th
On 7 January 2014, KPMG Audyt Spółka z o.o. sp. k. and Apator S.A. concluded the contract of auditing covering the audit of interim and annual separate financial statement of APATOR S.A. and the review of interim and audit of the annual consolidated financial statement of APATOR SA for 2014-2016. The auditing that concerns 2011-2013 was carried out also by KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp. k. The remuneration for the statutory auditor is presented in the table below. Value DESCRIPTION 2015 rok
2014 rok
Research/ review of interim financial statements
46
46
Research/ review of annual financial statements
83
83
129
129
Total
Except for the remuneration above, APATOR S.A. covers also the documented costs of staying of auditing team outside of its headquarters (travel, accommodation) and costs of courier shipments.
7.30. Subsidies APATOR S.A. participates in “Research of data transmission effectiveness in PLC technology in low and nd medium voltage networks” project as co-contractor based on the contract concluded on 2 August 2012 between National Centre for the Research and Development and Wrocław University of Technology. Based th on the contract concluded, APATOR SA as co-contractor received on 19 December 2012 the amount of PLN 100 000 as subsidy to make prototypes of communication equipment in PLC technologies. The period of performance of the project is 36 months.
7.31. Amendments to accounting principles There were no amendments to separate financial statement being the consequence of the amendments to accounting standards in 2015.
7.32. Events that occurred after the end of reporting period On 18th February 2016 the Supervisory Board nominated Piotr Dobrowolski the Member of Management Board with effect of 22nd February 2016 who is responsible for the management of power industry in Apator Group. On 25th February 2016 Andrzej Szostak – Chief Executive Officer of Apator SA – submitted his declaration in writing to resign his candidacy for the Member of Management Board of Apator SA for the following tenure. Moreover, the management Board of Apator S.A. declared to pay the dividend from the profit of financial year 2015 in gross amount of PLN 1,00 per share. Towards dividend from the profit in 2015 the interim dividend was paid in December 2015 in gross amount of PLN 0,30 per share. The outstanding declared dividend gross amount of PLN 0,70 per share will be paid after it is approved by General Shareholders meeting of Apator S.A., that is to be held on th 13 June 2016. Name of entity
Apator SA
Page 66 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
R-2015
67
Annual separate financial statement
8. Signatures Signatures of Members of Management Board 2016-04-22
Andrzej Szostak Chief Executive Officer, Managing Director
2016-04-22
Piotr Nowak Member of Management Board, Chief Financial Officer
2016-04-22
Piotr Dobrowolski Member of Management Board, Automation Grid Director
Name of entity
Apator SA
Page 67 Reporting currency
Period included statement:
Period included in financial statement:
01.01.2015 – 31.12.2015
Rounding
All amounts are quoted in thousands Polish zloty (if not stated otherwise)
in
financial
