Polenergia S A : Standalone report 2022 RR

In case of divergence between the language versions, the Polish version shall prevail.

Polenergia S.A.

FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

FOR THE YEAR ENDED 31 DECEMBER 2022

INCLUDING THE REPORT OF THE INDEPENDENT AUDITOR ON THE AUDIT PERFORMED

Michał Michalski - President of the

Management BoardTomasz Kietliński - Vice President of the

Management Board

Iwona Sierżęga - Member of the

Management BoardAgnieszka Grzeszczak - Director

Accounting Department

Warsaw, 30 March 2023

Piotr Maciołek - Member of the

Management Board

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Polenergia S.A.

Financial statements for the year ended 31 December 2022

(PLN k)

CONTENTS

• 1. Balance sheet ................................................................................................................................. 4

• 2. Profit and loss account ................................................................................................................... 5

• 3. Statement of other comprehensive income .................................................................................... 5

• 4. Changes in equity statement .......................................................................................................... 6

• 5. Statement of cash flows .................................................................................................................. 8

• 6. General Information ........................................................................................................................ 9

• 7. Going concern assumption ........................................................................................................... 10

• 8. Identification of consolidated financial statements ....................................................................... 10

• 9. Company investments .................................................................................................................. 11

• 10. Accounting principles (policy) applied ....................................................................................... 12

• 11. Operating segments .................................................................................................................. 24

• 12. Earnings per share .................................................................................................................... 25

• 13. Distribution of profit .................................................................................................................... 25

• 14. Intangible Assets ....................................................................................................................... 26

• 15. Non-current fixed assets ............................................................................................................ 27

• 16. Right-of-use assets .................................................................................................................... 29

• 17. Long term financial assets ......................................................................................................... 29

• 18. Short term receivables ............................................................................................................... 31

• 19. Prepayments .............................................................................................................................. 32

• 20. Short term financial assets ........................................................................................................ 32

• 21. Cash and equivalent .................................................................................................................. 32

• 22. Share capital and capital reserves ............................................................................................ 33

• 23. Income tax ................................................................................................................................. 33

• 24. Short term liabilities ................................................................................................................... 35

• 25. Accruals ..................................................................................................................................... 36

• 26. Contingent liabilities ................................................................................................................... 36

• 27. Sales revenues .......................................................................................................................... 39

• 28. Cost according to type ............................................................................................................... 39

• 29. Other operating revenues .......................................................................................................... 40

• 30. Other operating expenses ......................................................................................................... 40

• 31. Financial income ........................................................................................................................ 40

• 32. Financial expenses .................................................................................................................... 41

• 33. Cash flows ................................................................................................................................. 41

• 35. Objectives and policies of financial risk management ............................................................... 42

• 36. Financial instruments ................................................................................................................. 44

• 37. Capital management ................................................................................................................. 46

Polenergia S.A.

Financial statements for the year ended 31 December 2022

(PLN k)

• 38. Information on significant transactions with associates ............................................................ 47

• 39. Employment ............................................................................................................................... 48

• 40. Information on the total amount of remuneration and awards (in cash or in kind) paid to the

members of the managing and supervising authorities of the Company .............................................. 49

41. Transactions with members of the Company's Management Board and Supervisory Board, their

spouses, siblings, ascendants, descendants, or other closely related persons .................................... 49

42. Information on remuneration of a certified auditor or entity authorized to audit the financial

statements ............................................................................................................................................. 50

43. Material events after the reporting date ..................................................................................... 50

Polenergia S.A.

Financial statements for the year ended 31 December 2022

(PLN k)

1.

Balance sheet

As at 31 December 2022
ASSETS
Note	31.12.2022	31.12.2021
I. Non-current assets	1 539 454	1 516 502
Tangible fixed assets	15	17 232	8 676
Intangible assets	14	249	124
Financial assets	17	1 521 973	1 504 264
Deferred income tax assets	23	-	3 438
II. Current assets	1 053 434	185 551
Trade receivables	18	33 477	23 955
Income tax receivable	18	-	4 051
Other short term receivables	18	981	285
Prepayments and accrued income	19	7 658	6 013
Short term financial assets	20	585 193	-
Cash and equivalent	21	426 125	151 247
Total assets	2 592 888	1 702 053
EQUITY AND LIABILITIES
Note	31.12.2022	31.12.2021
I. Shareholders' equity	2 535 852	1 414 866
Share capital	22	133 604	90 887
Share premium account	1 515 557	557 611
Reserve capital from option measurement	13 207	13 207
Other capital reserves	690 205	449 121
Capital from merger	89 782	89 782
Retained profit (loss)	(26 826)	(26 826)
Net profit /(loss)	120 323	241 084
II. Long term liabilities	16 174	6 290
Deferred income tax provision	23	3 870	-
Provisions	464	432
Lease liabilities	11 840	5 858
Bank loans and borrowings	24	-	249 687
Trade payables	24	2 223	2 031
Income tax payable	24	2 760	-
Lease liabilities	24	4 876	2 463
Other liabilities	24	13 209	12 856
Provisions	3 210	2 094
Accruals and deferred income	25	14 584	11 766
Total equity and liabilities	2 592 888	1 702 053
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III. Short term liabilities

40 862

280 897

Additional notes to these financial statements appended on pages9 through50 are an integral part hereofPolenergia S.A.

Financial statements for the year ended 31 December 2022

(PLN k)

2.

Profit and loss accountFor the year ended 31 December 2022

Profit before tax

130 364

281 699

Note
Revenues from contracts with clients	27	35 584	25 264
Sales revenues	35 584	25 264
Cost of goods sold	28	(25 861)	(18 488)
Gross sales profit	9 723	6 776
Other operating revenues	29	51	141
General overheads	28	(39 698)	(41 710)
Other operating expenses	30	(2 902)	(106)
Financial income	31	168 594	321 393
including dividend	82 087	82 851
Financial costs	32	(5 404)	(4 795)
Income tax	23	(10 041)	(40 615)

For 12 months ended 31.12.2022 31.12.2021

Net profit

120 323

241 084

3.

Statement of other comprehensive incomeFor the year ended 31 December 2022

For 12 months ended 31.12.2022 31.12.2021

Net profit for period	120 323	241 084
COMPREHENSIVE INCOME FOR PERIOD	120 323	241 084

Additional notes to these financial statements appended on pages9 through50 are an integral part hereof

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