A version for the visually impaired In 2011 the basic source for financing assets was equity, whose share in total assets increased from 73% to 79%. In 2011 the Company did not make use of borrowing. At the end of the year there were finance lease liabilities.
| Equity and liabilities (‘000 PLN) | |||
|---|---|---|---|
| 31.12.2010 | 31.12.2011 | ||
|
Equity |
14 456 477 | 23 135 511 | |
|
Share capital |
2 000 000 | 2 000 000 | |
|
Accumulated other comprehensive income |
211 159 | 535 673 | |
|
Retained earnings |
12 245 318 | 20 599 838 | |
|
Current and non-current liabilities |
5 372 819 | 6 117 678 | |
|
Trade and other payables |
1 742 188 | 1 839 115 | |
|
Borrowings and finance lease liabilities |
11 455 | 93 | |
|
Derivatives |
1 193 432 | 868 667 | |
|
Current corporate tax liability |
668 924 | 1 587 847 | |
|
Employee benefits liabilities |
1 221 287 | 1 323 826 | |
|
Provisions for other liabilities and charges |
535 533 | 498 130 | |
|
Total liabilities and provisions |
19 829 296 | 29 253 189 | |
There were significant changes in the following items of equity and liabilities:
- Equity – an increase by PLN 8 679 034 thousand, mainly due to an increase in retained earnings by PLN 8 354 520 thousand, due to the higher profit for the period (PLN 11 334 520 thousand in 2011; PLN 4 568 589 thousand in 2010), alongside a higher than in 2010 dividend payout (PLN 2 980 000 thousand in 2011, PLN 600 000 thousand in 2010).
- Current corporate tax liability – an increase by PLN 918 923 thousand due to the higher amount of taxable income. Both in 2010 as well as in 2011, the Company paid monthly instalments on income tax in advances.
- Derivatives – a decrease by PLN 324 765 thousand 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, silver and currency markets. In the case of the copper market there was a decrease in liabilities by PLN 632 571 thousand, while for the silver and currency markets there was an increase in liabilities respectively by PLN 34 015 thousand and PLN 273 791 thousand.
Contingent assets and liabilities
As at 31 December 2011, contingent assets of the Company amounted to PLN 373 223 thousand and related mainly to guarantees received (in the amount of PLN 167 018 thousand), 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 85 489 thousand). Other contingent assets primarily involve disputed State budget issues, promissory note receivables and implementation of projects and inventions.
Contingent liabilities at the end of 2011 amounted to PLN 141 430 thousand, including PLN 113 967 thousand due to implementation of projects and inventions.
