Income statement
| (in millions of PLN) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenue | 11,676.1 | 11,962.9 | 12,444.0 | 12,915.3 | 13,626.3 |
| Retail revenue | 6,458.8 | 6,480.4 | 6,767.0 | 6,952.1 | 6,987.1 |
| Wholesale revenue | 3,350.2 | 3,526.7 | 3,678.8 | 3,531.7 | 3,379.9 |
| Sale of equipment | 1,585,0 | 1,596.7 | 1,450.3 | 1,805.1 | 1,921.7 |
| Energy revenue | - | - | - | - | 557.6 |
| Other revenue | 282.1 | 359.1 | 547.9 | 626.4 | 780.0 |
| Operating costs | (9,754.8) | (10,073.8) | (10,305.5) | (11,399.8) | (12,488.8) |
| Content costs | (1,658.5) | (1,638.4) | (1,826.9) | (2,063.9) | (2,126.1) |
| Distribution, marketing, customer relation management and retention costs |
(1,021.3) |
(963.2) |
(1,025.0) |
(1,035.0) |
(1,026.9) |
| Depreciation, amortization, impairment and liquidation | (2,229.7) | (2,305.7) | (1,903.2) | (1,829.0) | (1,900.4) |
| Technical costs and cost of settlements with telecommunication operators | (2,311.3) | (2,460.9) | (2,849.7) | (3,271.5) | (3,332.7) |
| Salaries and employee-related costs | (870.6) | (905.9) | (946.9) | (1,034.0) | (1,158.2) |
| Cost of equipment sold | (1,320.4) | (1,338.2) | (1,200.7) | (1,454.4) | (1,539.9) |
| Cost of energy sold |
- |
- |
- |
- |
(523.3) |
| Cost of debt collection services and bad debt allowance and receivables written off |
(98.9) |
(128.9) |
(95.4) |
(97.8) |
(121.0) |
| Other costs | (244.1) | (332.6) | (457.7) | (614.2) | (760.3) |
| Gain on disposal of a subsidiary and an associate |
3,680.6 | 153.2 | 219.7 | ||
| Other operating income/(cost), net | 45.7 | (2.9) | (22.7) | (26.5) | (45.6) |
| Profit from operating activities | 1,967.0 | 1,886.2 | 5,796.4 | 1,642.2 | 1,311.6 |
| Profit/loss on investment activities, net | (27.0) | (113.1) | (26.9) | 23.5 | 162.4 |
| Finance costs, net | (465.9) | (333.0) | (178.8) | (649.9) | (1,081.9) |
| Share of the profit of associates accounted for using the equity method | (6.5) | 2.0 | 75.4 | 94.5 | 29.7 |
| Gross profit for the period | 1,467.6 | 1,442.1 | 5,666.1 | 1,110.3 | 421.8 |
| Income tax | (353,0) | (295.9) | (1,251.6) | (209.2) | (110.2) |
| Net profit for the period | 1,114.6 | 1,146.2 | 4,414.5 | 901.1 | 311.6 |
| Net profit attributable to equity holders of the Parent |
1,100.6 |
1,141.6 |
4,408.8 |
900.0 |
278.5 |
| Net profit/(loss) attributable to non-controlling interest | 14.0 | 4.6 | 5.7 | 1.1 | 33.1 |
| Basic and diluted earnings per share (in PLN) | 1,.4 | 1.79 | 6.95 | 1,62 | 0.57 |
| EBITDA | 4,196.7 | 4,191.9 | 7,699.6 | 3,471.2 | 3,231.2 |
| EBITDA margin | 35.9% | 35.0% | 61.9% | 26.9% | 23.7% |
| EBITDA adjusted1) | - | 4,237.8 | 4,019.0 | 3,352.1 | 3,011.5 |
| EBITDA adjusted margin | - | 35.4% | 32.3% | 26.0% | 22.1% |
1) We define EBITDA as net profit/(loss), as determined in accordance with IFRS, before depreciation and amortization (other than for programming rights), impairment charges and reversals on property, plant and equipment and intangible assets, net value of disposed property, plant and equipment and intangible assets, revenue obtained from interest, finance costs, positive/(negative) exchange rate differences, income taxes and share of net results of joint ventures. The reconciling item between EBITDA and reported operating profit/ (loss) is depreciation and amortization expense and impairment charges and reversals on property, plant and equipment and intangible assets and net value of disposed property, plant and equipment and intangible assets.
Balance sheet
ASSETS
| (in millions of PLN) | 31 December 2019 | 31 December 2020 | 31 December 2021 | 31 December 2022 | 31 December 2023 |
|---|---|---|---|---|---|
| Reception equipment | 262.7 | 293.4 | 284.0 | 282.0 | 1) |
| Other property, plant and equipment | 4,976.9 | 5,391.0 | 3,326.9 | 3,600.9 | 6,494.3 |
| Goodwill | 11,336.4 | 11,808.4 | 10,802.0 | 10,818.1 | 10,980.2 |
| Customer relationships | 1,821.4 | 1,412.7 | 1,005.7 | 643.7 | 300.2 |
| Brands | 2,063.2 | 2,031.7 | 2,069.6 | 2,060.9 | 1,979.7 |
| Other intangible assets | 2,857.8 | 2,616.4 | 2,374.1 | 3,340.6 | 4,835.8 |
| Right-of-use assets | 1,420.3 | 1,519.4 | 696.5 | 527.0 | 644.6 |
| Non-current programming assets | 402.6 | 282.5 | 739.4 | 501.8 | 304.8 |
| Investment property | 29.4 | 50.0 | 28.4 | 647.0 | 700.0 |
| Non-current deferred distribution fees | 100.5 | 93.5 | 73.5 | 79.8 | 85.0 |
| Non-current trade receivables | 749.5 | 832.0 | 777.1 | 930.0 | 968.1 |
| Non-current loans granted | 57.1 | 325.6 | 10.9 | ||
| Other non-current assets | 1,337.2 | 1,283.6 | 1,845.2 | 1,918.0 | 702.8 |
| includes shares in associates accounted for using the equity method |
1,306.1 |
1,257.8 |
1,764.4 |
1,884.2 |
10.1 |
| includes shares in third parties valued in fair value through profit or loss |
1.6 |
615.9 |
|||
| includes derivative instruments assets | - | 0.4 | 23.0 | 17.4 | 35.2 |
| Deferred tax assets | 243.2 | 223.2 | 80.2 | 99.9 | 142.8 |
| Total non-current assets | 27,318.9 | 27,837.8 | 24,159.7 | 25,775.3 | 28,149.2 |
| Current programming assets | 535.2 | 413.2 | 630.6 | 699.2 | 678.2 |
| Contract assets | 628.1 | 537.7 | 418.0 | 362.9 | 349.0 |
| Inventories | 398.3 | 299.4 | 595.7 | 1,162.4 | 1,215.6 |
| Trade and other receivables | 2,335.9 | 2,390.4 | 2,435.0 | 2,751.3 | 2,947.1 |
| Current loans granted | 15.3 | 250.5 | 116.2 | ||
| Income tax receivable | 7.1 | 9.0 | 4.5 | 5.0 | 20.0 |
| Current deferred distribution fees | 222.1 | 222.4 | 226.8 | 217.3 | 227.4 |
| Other current assets | 72.3 | 39.3 | 107.1 | 137.2 | 139.7 |
| includes derivative instruments assets | 0,2 | 2,0 | 60.9 | 63.9 | 21.6 |
| Cash and cash equivalents | 1,130.6 | 1,355.4 | 3,632.4 | 808.5 | 3,306.0 |
| Restricted cash | 10.2 | 10.4 | 11.9 | 9.3 | 19.7 |
| Total current assets | 5,339.8 | 5,277.2 | 8,077.3 | 6,403.6 | 9,018.9 |
| Assets held for sale | 127.7 | 8.6 | |||
| includes cash and cash equivalents | - | - | - | - | 1.2 |
| TOTAL ASSETS | 32,658.7 | 33,115.0 | 32,237.0 | 32,306.6 | 37,176.7 |
1) As at December 31, 2023 the item "Reception equipment" is accounted for in the item "Other property, plant and equipment"
EQUITY AND LIABILITIES
| (in millions of PLN) | 31 December 2019 | 31 December 2020 | 31 December 2021 | 31 December 2022 | 31 December 2023 |
|---|---|---|---|---|---|
| Share capital | 25.6 | 25.6 | 25.6 | 25.6 | 25.6 |
| Share premium | 7,174.0 | 7,174.0 | 7,174.0 | 7,174.0 | 7,174.0 |
| Share of other comprehensive income of associates | - | 21.2 | 32.1 | 51.9 | - |
| Other reserves | 1.5 | 99.7 | 2,801.3 | 2,815.9 | 2,752.8 |
| Retained earnings | 6,610.2 | 7,112.3 | 7,823.6 | 8,057.6 | 8,334.1 |
| Treasury shares | (2,461.0) | (2,854.7) | (2,854.7) | ||
| Equity attributable to equity holders of the Parent | 13,811.3 | 14,432.8 | 15,395.6 | 15,270.3 | 15,431.8 |
| Non-controlling interests | 653.2 | (6.6) | (11.0) | 540.5 | 873.4 |
| Total equity | 14,464.5 | 14,426.2 | 15,384.6 | 15,810.8 | 16,305.2 |
| Loans and borrowings | 8,617.0 | 8,887.8 | 7,671.8 | 6,624.8 | 9,534.3 |
| Issued bonds | 969.2 | 1,959.2 | 1,942.1 | 1,900.4 | 3,955.4 |
| Lease liabilities | 1,023.8 | 1,140.5 | 497.5 | 345.6 | 444.6 |
| UMTS license liabilities | 236.9 | 136.7 | - | - | - |
| Deferred tax liabilities | 1,025.3 | 902.1 | 794.9 | 978.7 | 1,035.0 |
| Deferred income | - | - | - | - | - |
| Other non-current liabilities and provisions | 384.7 | 388.1 | 319.8 | 330.9 | 385.6 |
| includes derivative instruments liabilities | 3.2 | 16.8 | - | 4.3 | 24.0 |
| Total non-current liabilities | 12,256.9 | 13,414.4 | 11,226.1 | 10,180.4 | 15,354.9 |
| Loans and borrowings | 1,892.5 | 753.0 | 1,072.7 | 1,512.6 | 1,069.7 |
| Issued bonds | 34.8 | 38.7 | 66.4 | 176.0 | 393.7 |
| Lease liabilities | 413.5 | 432.5 | 201.1 | 178.6 | 166.2 |
| UMTS license liabilities | 116.9 | 126.7 | 139.9 |
- |
- |
| Contract liabilities | 713.1 | 675.6 | 650.8 | 606.8 | 682.2 |
| Trade and other payables | 2,420.8 | 2,155.3 | 2,531.2 | 3,767.1 | 3,172.6 |
| includes derivative instruments liabilities | 8.3 | 39.2 | - | 2.1 | 20.2 |
| Liabilities to shareholders of the Parent Company related to dividend for 2019 | - | 415.7 | - | - | - |
| Liabilities due to tender offer for shares in Netia S.A. | - | 548.0 | - | - | - |
| Income tax liability | 276.6 | 128.9 | 964.2 | 74.3 | 31.4 |
| Deposits for equipment | 1) | 1) | 1) | 1) | 1) |
| Deferred income | - | - | - | - | - |
| Total current liabilities | 5,868.2 | 5,274.4 | 5,626.3 | 6,315.4 | 5,515.8 |
| Liabilities held for sale | - | - | - | - | 0.8 |
| Total liabilities | 18,125.1 | 18,688.8 | 16,852.4 | 16,495.8 | 20,871.5 |
| EQUITY AND LIABILITIES | 32,589.6 | 33,115.0 | 32,237.0 | 32,306.6 | 37,176.7 |
1) Item "Deposits for equipment" accounted for in item "Trade and other payables".
Cash flow statement
| (in millions of PLN) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Net profit/(loss) | 1,114.6 | 1,146.2 | 4,414.5 | 901.1 | 311.6 |
| Adjustments for: | 2,663.3 | 2,651.7 | (724.8) | 2,072.4 | 2,316.6 |
| Depreciation, amortization, impairment and liquidation | 2,229.7 | 2,305.7 | 1,903.2 | 1,829.0 | 1,919.6 |
| Payments for film licenses and sports rights | (617.3) | (511.9) | (645.0) | (587.1) | (654.0) |
| Amortization of film licenses and sports rights | 543,6 | 519.6 | 558.8 | 668.6 | 660.5 |
| (Gain)/loss on the sale of property, plant and equipment and intangible assets | 1) | 1) | 1) | 1) | 1) |
| Cost of programming rights sold | 1) | 1) | 1) | 1) | 1) |
| Interest expense | 437.8 | 364.8 | 299.4 | 660.6 | 1,078.2 |
| Change in inventories | 89.1 | 13.2 | (295.4) | (82.5) | 150.1 |
| Change in receivables and other assets | (311.8) | 119.3 | (25.7) | (0.9) | (32.1) |
| Change in liabilities, provisions and deferred income | (25.7) | (401.3) | (55.0) | (218.6) | (268.5) |
| Change in contract assets | 9.7 | 101.0 | 119.7 | 55.1 | 13.9 |
| Change in contract liabilities | 7.9 | (37.5) | (30.6) | (48.1) | (38.0) |
| Change in internal production and advance payments | 1) | 1) | 1) | 1) | 1) |
| Valuation of hedging instruments | 1) | 1) | 1) | 1) | (28.8) |
| Share of the profit of a joint venture accounted for using the equity method | 1) | 1) | 1) | 1) | 1) |
| Share of the profit of associates accounted for using the equity method | 6.5 | (2.0) | (75.4) | (94.5) | (29.7) |
| Foreign exchange losses/(gains), net | (4.8) | 45.8 | (1.9) | 14.6 | (119.8) |
| Income tax | 353.0 | 295.9 | 1,251.6 | 209.2 | 110.2 |
| Net additions of reception equipment provided under operating lease | (122.8) | (147.1) | (110.0) | (113.1) | (145.8) |
| Gain on the sale of shares in a subsidiary and an associate | (3,680.6) | (153.2) | (219.7) | ||
| Premium for early redemption of bonds | - | - | - | - | 10.1 |
| Cumulative catch-up and early redemption costs | - | (44.8) | - | - | - |
| Cumulative catch-up | - | - | - | - | (20.8) |
| One-time loans repayment | - | - | - | - | 20.8 |
| (Profit)/net loss on derivatives | 2) | 2) | 2) | 2) | 6.7 |
| Other adjustments | 68.4 | 31.0 | 62.1 | (66.7) | (96.3) |
| Cash from/(used in) operating activities | 3,777.9 | 3,797.9 | 3,689.7 | 2,973.5 | 2,628.2 |
| Income tax paid | (328.5) | (552.9) | (463.0) | (1,278.4) | (342.1) |
| Interest received from operating activities | 24.0 | 6.7 | 7.6 | 66.6 | 106.3 |
| Net cash from/(used in) operating activities | 3,473.4 | 3,251.7 | 3,234.3 | 1,761.7 | 2,392.4 |
| Acquisition of property, plant and equipment | (852.6) | (1,006.4) | (924.1) | (776.9) | (1,289.4) |
| Acquisition of intangible assets | (379.0) | (211.5) | (234.7) | (337.5) | (312.5) |
| Acquisition of bonds | - | (8.3) | (27.8) | - | (20.0) |
| Concession payments | (122.4) | (126.8) | (159.4) | (514.0) | (1,345.9) |
| Acquisition of shares in associates | (1,232.5) | (11.4) | (500.0) | (4.9) | - |
| Acquisition of subsidiaries, net of cash acquired | (108.5) | (479.2) | (946.4) | (266.5) | (84.9) |
| Share capital increase | (16.3) | - | - | - | |
| Proceeds from sale of shares in a subsidary and an associate | 7,111.9 | 757.4 | 913.8 | ||
| Proceeds from sale of property, plant and equipment | 6.8 | 8.4 | 5.7 | 78.2 | 26.2 |
| Investment funds inflows/(outflows) | 0.7 | - | - | - | - |
| Repayment of loans granted | 0.7 | - | 1.0 | 272.5 | 133.0 |
| Granted loans | (21.4) | (13.0) | (64.9) | (686.9) | (343.4) |
| Other investing activities - derivatives | 3) | 3) | 3) | 3) | 3) |
| Dividends received | - | 57.2 | 59.2 | 64.0 | 73.8 |
| Bonds redemption with interest | 8.7 | 1.4 | 8.6 | - | 22.0 |
| Other inflows/(outflows) | 0.7 | 3.3 | (1.2) | 11.8 | 11.6 |
| Net cash from/(used in) investing activities | (2,715.1) | (1,786.3) | 4,327.9 | (1,876.6) | (2,215.7) |
| Loans and borrowings inflows | 2,010.0 | 35.0 | 1,665.0 | 141.2 | 3,885.1 |
| Repayment of loans and borrowings | (1,742.5) | (857.9) | (2,682.8) | (1,045.1) | (2,327.0) |
| Bonds (redemption)/issue | - | 1,000.0 | - | - | 2,145.3 |
| Payment of interest on loans, borrowings, bonds and commissions2) | (465.4) | (315.3) | (213.3) | (616.9) | (1,203.3) |
| Payment of interest on lease liabilities | (47.6) | (46.0) | (32.4) | (20.2) | (27.4) |
| Dividends paid | (594.8) | (232.5) | (1,186.2) | (660.8) | - |
| Early redemption fee | - | - | - | - | - |
| Hedging instrument effect | - | - | (37.4) | 109.4 | 60.8 |
| Payment of lease liabilities | (343.7) | (399.2) | (335.4) | (196.4) | (195.5) |
| Other inflows/(outflows) | (0.7) | (40.1) | (1.5) |
(23.0) | (1.8) |
| Own shares buy-back | (2,464.0) | (393.9) | - | ||
| Net cash from/ (used in) financing activities | (1,184.7) | (856.0) | (5,282.9) | (2,705.7) | 2,336.2 |
| Net increase/(decrease) in cash and cash equivalents | (426.4) | 609.4 | 2,279.3 | (2,820.6) | 2,512.9 |
| Cash and cash equivalents at the beginning of the period | 1,178.7 | 753.1 | 1,365.8 | 3,644.3 | 817.8 |
| Effect of exchange rate fluctuations on cash and cash equivalents | 0.8 | 3.3 | (0.8) | (5.9) | (3.8) |
| Transfer to assets held for sale | - | - | - | - | (1.2) |
| Cash and cash equivalents at the end of the period | 753.1 | 1,365.8 | 3,644.3 | 817.8 | 3.325,7 |
1) Item included in "Other adjustments".
2) Includes impact of hedging instruments, premiums paid for early bonds’ repayment and amount paid for costs related to the new financing.
3) Item included in item "Other inflows/(outflows)".
Financial ratios
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| EBITDA margin1) | 36.8% | 34.6% | 35.9% | 35.0% | 61.9% | 26.9% |
| Net profit margin2) | 9.6% | 7.6% | 9.5% | 9.6% | 35.5% | 7.0% |
| Return on assets (ROA)3) | 3.4% | 2.7% | 3.4% | 3.5% | 13.7% | 2.8% |
| Return on equity (ROE)4) | 8.5% | 6.2% | 8.3% | 8.6% | 40.2% | 6.0% |
| Current ratio5) | 1.0 | 1.1 | 0.8 | 1.0 | 1.4 | 1.0 |
| Debt ratio6) | 56.3% | 54.3% | 55.6% | 56.4% | 52.3% | 51.1% |
1) EBITDA/sales revenue
2) net profit/sales revenue
3) net profit/total assets
4) net profit/(equity-net profit)
5) current assets/current liabilities
6) total liabilities/total assets
Last updated 08/29/2024
