1
Font size: A A A PDF version Print report
Homepage / Results and forecast / Review of financial position / Equity and liabilities

Review of financial position

In 2012, the main source of financing assets was equity, the share of which in total assets amounted to 78%.

 

There were significant changes in the following items of equity and liabilities:

  • Equity – a decrease by PLN 1 212 million, due to the following:
  • Profit for 2012 +PLN 4 868 million;
  • Dividend from profit for 2011 -PLN 5 668 million;
  • Other comprehensive income -PLN 412 million (mainly due to the measurement of hedging instruments)
  • Loans, borrowings and finance lease payments - in the second half of the year the Company used bank loan financing As at 31 December 2012, bank loan liabilities amounted to PLN 1 013 m (at the end of 2011, bank loan liabilities did not occur).
  • Current corporate tax liability – a decrease by PLN 1 198 million, due to settlement of CIT paid for 2011, which in 2011 was paid in the form of fixed monthly prepayments on income tax based on the tax result for 2009. The amount of these prepayments was lower than the actual filed CIT 8 liability for 2011 by PLN 1 588 million, as the tax paid in the form of prepayments for 2012 was lower than the actual amount of taxation for 2012 by PLN 390 million.
  • Derivatives – a decrease by PLN 615 million due to a change in forward metals prices, the forward USD/PLN exchange rate, the settlement of instruments during the year and the opening of new transactions on the copper and currency markets. In the case of the currency market there was a decrease in liabilities by PLN 361 million, while for the copper and silver markets there was a decrease in liabilities respectively of PLN 220 million and PLN 34 million.

 

The acquisition of Quadra FNX Mining Ltd. had the largest impact on the assets financing ratios.

 

Assets financing ratios

 

 

Ratios calculated based on end-of-year balances.

 

Contingent assets and liabilities


At 31 December 2012, contingent assets of the Company amounted to PLN 414 million and related mainly to guarantees received (in the amount of PLN 182 million), mainly related to securities to cover potential claims by the Company due to the non-execution or improper execution of agreements by contractors and to overpayment of the tax on underground mines (PLN 87 million). Other contingent assets primarily involve promissory note receivables, implementation of projects and inventions and disputed state budget issues.

 

Contingent liabilities at the end of 2012 amounted to PLN 178 million, including PLN 126 million due to implementation of projects and inventions.

 

In addition, liabilities towards local government units due to development of the Mining Waste Treatment Facility in the statement of financial position amounted to PLN 193 million.

Report on shortcuts