Cyfrowy Polsat S.A. Capital Group
Interim Consolidated Report
for the three month period ended March 31, 2024
Warsaw, May 22, 2024
Table of Contents
Interim condensed consolidated financial statements for the 3 months ended March 31, 2024
Interim condensed financial statements for the 3 months ended March 31, 2024
Report of the Management Board on the activities of Cyfrowy Polsat S.A. Capital Group for the three month period ended March 31, 2024
Cyfrowy Polsat S.A. Capital Group
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
Prepared in accordance
with International Accounting Standard 34 Interim Financial Reporting
Cyfrowy Polsat S.A. Capital Group | 2 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Table of contents
Approval of the Interim Condensed Consolidated Financial Statements | ||
Interim Consolidated Statement of Changes in Equity | 10 | |
Notes to the Interim Condensed Consolidated Financial Statements | 12 | |
General information | 12 | |
1. | The Parent Company | 12 |
2. | Composition of the Management Board of the Company | 12 |
3. | Composition of the Supervisory Board of the Company | 13 |
4. | Basis of preparation of the interim condensed consolidated financial statements | 13 |
5. | Group structure | 14 |
6. | Approval of the Interim Condensed Consolidated Financial Statements | 22 |
Explanatory notes | 23 | |
7. | Information on seasonality in the Group's operations | 23 |
8. | Revenue | 23 |
9. | Operating costs | 24 |
10. | Gain/(loss) on investment activities, net | 24 |
11. | Finance costs, net | 25 |
12. | Equity | 25 |
13. | Hedge valuation reserve | 27 |
14. | Loans and borrowings | 27 |
15. | Issued bonds | 27 |
Other notes | 28 | |
16. | Acquisition of subsidiaries | 28 |
17. | Operating segments | 33 |
18. | Transactions with related parties | 38 |
19. | Contingent liabilities | 40 |
20. | Risk and fair value | 41 |
21. | Important agreements and events | 45 |
22. | Events subsequent to the reporting date | 48 |
23. | Other disclosures | 48 |
24. | Judgments, financial estimates and assumptions | 49 |
Cyfrowy Polsat S.A. Capital Group | 3 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Approval of the Interim Condensed Consolidated Financial Statements
On 22 May 2024, the Management Board of Cyfrowy Polsat S.A. approved the interim condensed consolidated financial statements of Cyfrowy Polsat S.A. Capital Group prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as adopted by the European Union, which include:
Interim Consolidated Income Statement for the period | |
from 1 January 2024 to 31 March 2024 showing a net profit for the period of: | PLN 184.3 |
Interim Consolidated Statement of Comprehensive Income for the period
from 1 January 2024 to 31 March 2024 showing a total comprehensive income for the period of:
Interim Consolidated Balance Sheet as at
31 March 2024 showing total assets and total equity and liabilities of:
Interim Consolidated Cash Flow Statement for the period
from 1 January 2024 to 31 March 2024 showing a net decrease in cash and cash equivalents amounting to:
Interim Consolidated Statement of Changes in Equity for the period
from 1 January 2024 to 31 March 2024 showing an increase in equity of:
Notes to the Interim Condensed Consolidated Financial Statements
PLN 188.2
PLN 36,560.5
PLN 596.8
PLN 182.5
The interim condensed consolidated financial statements have been prepared in million of Polish zloty ('PLN') except where otherwise indicated.
Mirosław | Maciej | Jacek | Aneta | |||
Błaszczyk | Stec | Felczykowski | Jaskólska | |||
President of the | Vice-President of the | Member of the | Member of the | |||
Management Board | Management Board | Management Board | Management Board | |||
Agnieszka | Katarzyna | |||||
Odorowicz | Ostap-Tomann | |||||
Member of the | Member of the | |||||
Management Board | Management Board |
Warsaw, 22 May 2024
Cyfrowy Polsat S.A. Capital Group | 4 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Interim Consolidated Income Statement
for the 3 months ended | |||||
Note | 31 March 2024 | 31 March 2023 | |||
unaudited | unaudited | ||||
Continuing operations | |||||
Revenue | 8 | 3,405.0 | 3,199.3 | ||
Operating costs | 9 | (3,116.3) | (2,891.9) | ||
Gain on disposal of a subsidiary and an associate | 10.0 | - | |||
Other operating income/(cost), net | 154.0 | (8.7) | |||
Profit from operating activities | 452.7 | 298.7 | |||
Gain/(loss) on investment activities, net | 10 | 19.2 | 20.8 | ||
Finance costs, net | 11 | (201.3) | (255.7) | ||
Share of the profit/(loss) of associates accounted for | - | 20.3 | |||
using the equity method | |||||
Gross profit for the period | 270.6 | 84.1 | |||
Income tax | (86.3) | (13.1) | |||
Net profit for the period | 184.3 | 71.0 | |||
Net profit attributable to equity holders of the Parent | 180.1 | 64.5 | |||
Net profit/(loss) attributable to non-controlling interest | 4.2 | 6.5 | |||
Basic and diluted earnings per share (in PLN) | 0.33 | 0.13 | |||
Cyfrowy Polsat S.A. Capital Group | 5 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Interim Consolidated Statement of Comprehensive Income
for the 3 months ended | |||
Note | 31 March 2024 | 31 March 2023 | |
unaudited | unaudited | ||
Net profit for the period | 184.3 | 71.0 |
Items that may be reclassified subsequently to profit or loss:
Valuation of hedging instruments | 13 | 4.6 | (9.7) | |
Share of other comprehensive income of | (0.7) | (0.2) | ||
subsidiaries and associates | ||||
Other comprehensive income/(loss), net of tax | 3.9 | (9.9) | ||
Total comprehensive income for the period | 188.2 | 61.1 | ||
Total comprehensive income attributable to equity holders of the Parent
Total comprehensive income attributable to non- controlling interest
184.154.7
4.16.4
Cyfrowy Polsat S.A. Capital Group | 6 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Interim Consolidated Balance Sheet - Assets
Note | 31 March 2024 | 31 December | ||||
unaudited | 2023 | |||||
Property, plant and equipment | 6,571.9 | 6,494.3 | ||||
Goodwill | 16 | 10,975.4 | 10,980.2 | |||
Customer relationships | 191.1 | 300.2 | ||||
Brands | 1,959.7 | 1,979.7 | ||||
Other intangible assets | 4,807.1 | 4,835.8 | ||||
Right-of-use assets | 685.3 | 644.6 | ||||
Non-current programming assets | 285,9 | 304.8 | ||||
Investment property | 694.9 | 700.0 | ||||
Non-current deferred distribution fees | 74.5 | 85.0 | ||||
Non-current trade receivables | 925.7 | 968.1 | ||||
Non-current loans granted | 11.0 | 10.9 | ||||
Other non-current assets, includes: | 741.7 | 702.8 | ||||
shares in associates accounted for using the equity | 10.1 | 10.1 | ||||
method | ||||||
shares in third parties valued in fair value through | 652.9 | 615.9 | ||||
profit or loss | ||||||
derivative instruments | 22.2 | 35.2 | ||||
Deferred tax assets | 157.4 | 142.8 | ||||
Total non-current assets | 28,081.6 | 28,149.2 | ||||
Current programming assets | 674.5 | 678.2 | ||||
Contract assets | 340.8 | 349.0 | ||||
Inventories | 1,229.3 | 1,215.6 | ||||
Trade and other receivables | 2,914.1 | 2,947.1 | ||||
Current loans granted | 117.7 | 116.2 | ||||
Income tax receivable | 28.0 | 20.0 | ||||
Current deferred distribution fees | 241.0 | 227.4 | ||||
Other current assets, includes: | 207.0 | 139.7 | ||||
derivative instruments | 33.9 | 21.6 | ||||
Short-term deposits | 1.6 | - | ||||
Cash and cash equivalents | 2,694.9 | 3,306.0 | ||||
Restricted cash | 24.3 | 19.7 | ||||
Total current assets | 8,473.2 | 9,018.9 | ||||
Assets held for sale | 5.7 | 8.6 | ||||
cash and cash equivalents | - | 1.2 | ||||
Total assets | 36,560.5 | 37,176.7 | ||||
Cyfrowy Polsat S.A. Capital Group | 7 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Interim Consolidated Balance Sheet - Equity and Liabilities
Note | 31 March 2024 | 31 December | |||
unaudited | 2023 | ||||
Share capital | 12 | 25.6 | 25.6 | ||
Share premium | 12 | 7,174.0 | 7,174.0 | ||
Share of other comprehensive income of associates | (0.1) | - | |||
Other reserves | 12 | 2,755.7 | 2,752.8 | ||
Retained earnings | 8,514.2 | 8,334.1 | |||
Treasury shares | 12 | (2,854.7) | (2,854.7) | ||
Equity attributable to equity holders of the Parent | 15,614.7 | 15,431.8 | |||
Non-controlling interests | 873.0 | 873.4 | |||
Total equity | 16,487.7 | 16,305.2 | |||
Loans and borrowings | 14 | 9,429.7 | 9,534.3 | ||
Issued bonds | 15 | 3,581.6 | 3,955.4 | ||
Lease liabilities | 454.9 | 444.6 | |||
Deferred tax liabilities | 1,088.3 | 1,035.0 | |||
Other non-current liabilities and provisions, includes: | 341.4 | 385.6 | |||
derivative instruments | 12.1 | 24.0 | |||
Total non-current liabilities | 14,895.9 | 15,354.9 | |||
Loans and borrowings | 14 | 1,190.8 | 1,069.7 | ||
Issued bonds | 15 | 358.2 | 393.7 | ||
Lease liabilities | 184.4 | 166.2 | |||
Contract liabilities | 719.9 | 682.2 | |||
Trade and other payables, includes: | 2,703.7 | 3,172.6 | |||
derivative instruments | 13.3 | 20.2 | |||
Income tax liability | 19.9 | 31.4 | |||
Total current liabilities | 5,176.9 | 5,515.8 | |||
Liabilities held for sale | - | 0.8 | |||
Total liabilities | 20,072.8 | 20,871.5 | |||
Total equity and liabilities | 36,560.5 | 37,176.7 | |||
Cyfrowy Polsat S.A. Capital Group | 8 |
Interim Condensed Consolidated Financial Statements for the 3 months ended 31 March 2024
(all cash amounts presented in text are in million with currency specification, all amounts are in PLN million, except where otherwise stated)
Interim Consolidated Cash Flow Statement
for the 3 months ended | |||
Note | 31 March 2024 | 31 March 2023 | |
unaudited | unaudited | ||
Net profit | 184.3 | 71.0 | |
Adjustments for: | 616.2 | 284.7 | |
Depreciation, amortization, impairment and liquidation | 9 | 493.6 | 462.5 |
Payments for film licenses and sports rights | (206.7) | (187.2) | |
Amortization of film licenses and sports rights | 146.4 | 151.3 | |
Interest expense | 264.2 | 236.9 | |
Change in inventories | (4.2) | (109.8) | |
Change in receivables and other assets | (71.0) | 132.5 | |
Change in liabilities and provisions | 0.6 | (330.2) | |
Change in contract assets | 8.2 | (14.6) | |
Change in contract liabilities | 37.7 | 22.1 | |
Foreign exchange (gain)/losses, net | (20.5) | 0.1 | |
Income tax | 86.3 | 13.1 | |
Net additions of reception equipment | (45.8) | (24.8) | |
Share of the profit of associates accounted for using the | - | (20.3) | |
equity method | |||
Gain on disposal of a subsidiary and an associate | (10.0) | - | |
Premium for early redemption of bonds | 0.4 | 9.7 | |
Cumulative catch-up | (2.5) | (19.2) | |
Other adjustments | (60.5) | (37.4) | |
Cash from operating activities | 800.5 | 355.7 | |
Income tax paid | (67.8) | (80.5) | |
Interest received from operating activities | 30.5 | 24.4 | |
Net cash from operating activities | 763.2 | 299.6 | |
Acquisition of property, plant and equipment | (233.7) | (215.4) | |
Acquisition of intangible assets | (101.9) | (79.8) | |
Concessions payments | (271.9) | (852.2) | |
Acquisition of subsidiaries, net of cash acquired | (6.2) | (0.1) | |
Proceeds from disposal of a subsidiary and an associate | 12.0 | - | |
Proceeds from sale of property, plant and equipment | 6.5 | 6.4 | |
Loans granted | (0.5) | (144.0) | |
Repayment of loans granted | 0.5 | 60.5 | |
Dividends received from associate | - | 7.1 | |
Other inflows/(outflows) | (2.0) | 6.4 | |
Net cash used in investing activities | (597.2) | (1,211.1) | |
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Cyfrowy Polsat SA published this content on 22 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2024 15:36:12 UTC.