Financial statements
My report
- Add to my report
- View my report
Management Board Report on the activity of the JSW S.A. Capital Group for 2012
1. Key information about the capital group
1.1. Organization of the Capital Group
As at 31 December 2012, the Jastrzębska Spółka Węglowa S.A. Capital Group (“Group”, “Capital Group”) was composed of the parent company, Jastrzębska Spółka Węglowa S.A. (“Parent Company”, “JSW S.A.”) and its subsidiaries located in Poland. The companies comprising the Group are classified into the distinct operating segments.
The Parent Company was incorporated on 1 April 1993. On 17 December 2001 JSW S.A. was registered under number KRS 0000072093 in the National Court Register kept by the District Court in Gliwice, 10th Business Division of the National Court Register. The JSW S.A. was assigned the following REGON statistical number: 271747631. The Parent Company has its registered office in Jastrzębie-Zdrój, Aleja Jana Pawła II 4. The duration of JSW S.A. is unlimited. JSW S.A.’s shares are publicly traded.
The Group’s core business includes black coal mining, production and processing of coke and generation, transmission and distribution of electricity.
The Group has prepared consolidated financial statements for the financial year ended 31 December 2012.
Entities held by the Parent Company
JSW S.A. is a multi-operation enterprise, operating in 2012 and as at the date of this report in the Republic of Poland. In 2012, the Parent Company’s enterprise comprised:
- 5 black coal mines, i.e. Borynia-Zofiówka, Budryk, Jas-Mos, Krupiński, Pniówek,
- Material Logistics Center,
- Management Board Office.
With effect from 1 January 2013, as part of the implementation of the Mine Development Strategy in JSW S.A. for 2010-2030, JSW S.A. merged the Borynia-Zofiówka mine with the Jas-Mos mine into the three-section Borynia-Zofiówka-Jastrzębie mine.
Accordingly, as at the date of this report, the Parent Company’s enterprise comprised:
- 4 black coal mines, i.e. Borynia-Zofiówka-Jastrzębie, Budryk, Krupiński, Pniówek,
- Material Logistics Center,
- Management Board Office.
JSW S.A.’s mines conductoperations pursuant to pertinent licenses granted to JSW S.A.
The internal organization of JSW S.A.’s Entities is defined in separate Organizational Bylaws and Organizational Charts adopted by the JSW S.A. Management Board.
JSW S.A.’s organizational structure as at 31 December 2012 is presented in the following chart:
1.1.1. Structure of the Capital Group
The chart below presents the structure of the Capital Group as at the date of the Management Board Report on the activity of the JSW S.A. Capital Group for 2012.
1.1.2. Information about the Capital Group entities subject to consolidation
In the Capital Group, the reports of the following subsidiaries were subject to consolidation as at 31 December 2012 with the Parent Company’s financial statements:
Core business | ||
---|---|---|
1. | Jastrzębska Spółka Węglowa S.A. | Black coal mining, sale of coke and coal derivatives. |
2. | Koksownia Przyjaźń Sp. z o.o. (“Koksownia Przyjaźń”) |
Production and sale of coke and coal derivatives. |
3. | BTS Sp. z o.o. | Provision of transportation and general construction services. |
4. | ZRM Sp. z o.o. | Overhauls of machinery, equipment and mechanical tools, electric equipment and control and measurement devices. |
5. | ZPiS Spedkoks Sp. z o.o. | Comprehensive operation of the Koksownia Przyjaźń railway siding and ensuring flow of goods between the siding and railway station. |
6. | Kombinat Koksochemiczny Zabrze S.A. (“KK Zabrze”) |
Production and sale of coke and coal derivatives. |
7. | REM-BUD Sp. z o.o. | Construction and renovation services. |
8. | CARBOTRANS Sp. z o.o. | Cargo transport by road. |
9. | Wałbrzyskie Zakłady Koksownicze Victoria S.A. (“WZK Victoria”) |
Production and sale of coke and coal derivatives. |
10. | Zakład Usług Energetycznych epeKoks Sp. z o.o. | Power sector, electricity and control and measurement automatics services, design services for industrial and public utility facilities. |
11. | Spółka Energetyczna Jastrzębie S.A. (“SEJ”) | Generation of electricity, heat and compressed air, and related distribution, trade and services. |
12. | SEJ Serwis Sp. z o.o. | Laundry and bath operation, cleaning, maintenance, heavy hardware operation services, and operation and maintenance of electric power equipment and power installations. |
13. | Przedsiębiorstwo Energetyki Cieplnej S.A. (“PEC”) | Generation, transmission and distribution of heat and trading in heat. |
14. | Polski Koks S.A. | Sale of coal and coke on the local and foreign markets, primarily the Group’s products. |
15. | Przedsiębiorstwo Gospodarki Wodnej i Rekultywacji S.A. (“PGWiR”) | Provision of water and sewerage services for mines through treatment and discharge of salt waters, supply of industrial water for the coal and power sector plants, reclamation activity. |
16. | Jastrzębskie Zakłady Remontowe Sp. z o.o. (“JZR”) | Mining work and service activity pertaining to overhaul, maintenance and service of machinery and equipment. |
17. | JZR Dźwigi Sp. z o.o. | Services related to production, upgrades, renovation, maintenance, inspection and repairs of internal transportation equipment. |
18. | Centralne Laboratorium Pomiarowo - Badawcze Sp. z o.o. (“CLPB”) | Technical research services, chemical and physiochemical analyses of minerals, and solid, liquid and gaseous materials and products. |
19. | Jastrzębska Spółka Kolejowa Sp. z o.o. (“JSK”) | Provision of railway lines, maintenance of railway infrastructure structures and equipment, construction and repair of railway tracks and facilities, provision of shipment services, road transport. |
20. | Advicom Sp. z o.o. | Computer hardware consulting, programming and data processing services. |
21. | Jastrzębska Spółka Ubezpieczeniowa Sp. z o.o. (“JSU”) |
Insurance intermediation together with insurance administration pertaining to insurance claims handling, financial, economic and legal consulting, tourist and hotel activity. |
1.1.3. Changes in the structure of the Capital Group
In 2012 the following changes took place in the Capital Group’s structure:
- The Group continued the process of incorporation of companies through JSU taking over Jastrzębska Agencja Turystyczna Sp. z o.o. As a result of the merger of the companies, the share capital of Jastrzębska Spółka Ubezpieczeniowa Sp. z o.o. was increased by PLN 537,500.00 through the issue of 1,075 shares with a par value of PLN 500.00 each, which was registered on 1 March 2012.
- Increase in the share capital of JZR by PLN 378,500.00, i.e. by 757 new shares with a par value of PLN 500.00 each, which were subscribed for by JSW S.A. The shares were covered with an in-kind contribution in the form of JSW S.A.’s assets of the market value of PLN 378,191.00 and a cash contribution in the amount of PLN 309.00. The above changes in the company’s capital were registered on 13 April 2012.
- Increase in the share capital of SEJ by PLN 3,421,600.00, i.e. by 34,216 new shares with a par value of PLN 100.00 each, which were subscribed for by JSW S.A. The shares were covered with an in-kind contribution in the form of JSW S.A.’s assets of the market value of PLN 3,421,510.00 and an additional cash contribution in the amount of PLN 90.00. The above changes in the company’s capital were registered on 13 April 2012.
- Acquisition of 10 shares in Koksownia Przyjaźń by JSW S.A. for PLN 10,321.80 on 26 April 2012. After the transaction the Parent Company holds 1,626,417 shares with 97.78% votes at the Shareholder Meeting of Koksownia Przyjaźń.
Following the transformation of Koksownia Przyjaźń into a joint stock company, which occurred pursuant to the decision of the District Court in Katowice, 8th Corporate Commercial Division of the National Court Register, on 2 January 2013, JSW S.A. holds 81,320,850 shares in Koksownia Przyjaźń representing a 97.78% stake in the company’s share capital. - Increase of the share capital of Advicom Sp. z o.o. by PLN 10,012,500.00, i.e. by 20,025 new shares with a par value of PLN 500.00 each. The new shares will be allotted to the shareholders in proportion to the stakes currently held. JSW S.A. is entitled to 15,031 new shares worth PLN 7,515,500.00. The stake expressed as a percentage has not changed. This change in the capital of the above company was funded with the reserve capital and was registered on 18 June 2012.
- On 28 November 2012, PEC acquired 90 shares in SEJ Serwis Sp. z o.o. representing 45% of the company’s share capital.