. . .

— CONSOLIDATED AND INDIVIDUAL ACCOUNTS

6

To constantly improve the quality of energy transmission, ensuring the stability of the energy market, contributing to educational and technological evolution while respecting the environment both in Portugal and around the world, is to provide continuity to sustainable and balanced growth.

6.1 ›

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 DECEMBER 206 AND 2015
(Amounts expressed in thousands of Euros – tEuros)

(Translation of consolidated statements of financial position originally issued in Portuguese - Note 37)

      31 DECEMBER
  NOTES '16 '15
ASSETS      
NON-CURRENT ASSETS      

  Property, plant and equipment

8

578

695

  Goodwill

9

3.397

3.774

  Intangible assets

8

3.825.712

3.869.085

  Investments in associates and joint ventures

10

14.657

14.588

  Available-for-sale financial assets

12 and 13

150.118

154.862

  Derivative financial instruments

12 and 16

 20.425

10.157

  Other financial assets

12

14

7

  Trade and other receivables

12 and 14

10.145

133.676

  Deferred tax assets

11

66.825

65.838

    4.087.871 4.252.682
CURRENT ASSETS      

  Inventories

15

1.028

2.985

  Trade and other receivables

12 and 14

448.826

263.766

  Current income tax recoverable

11 and 12

-

5.358

  Other financial assets

12

1.317

1.510

  Cash and cash equivalents 12 and 17

10.783

63.652

    461.954 337.271
TOTAL ASSETS 7 4.549.825 4.589.953
       
EQUITY      
SHAREHOLDERS’ EQUITY      

  Share capital

18

534.000

534.000

  Own shares

18

 (10.728)

(10.728)

  Reserves

19

319.204

325.619

  Retained earnings

 

216.527

196.253

  Other changes in equity

  30 30

  Net profit for the year

  100.183 116.115
TOTAL EQUITY   1.159.217 1.161.289
       
LIABILITIES      
NON-CURRENT LIABILITIES      
  Borrowings 12 and 20 2.298.543

1.891.245

  Liability for retirement benefits and others 21 125.673 129.217
  Derivative financial instruments 12 and 16 12.212 8.426
  Provisions 22 6.154

5.717

  Trade and other payables 23 318.126

332.232

  Deferred tax liabilities 11 73.027

88.249

    2.833.735 2.455.086
CURRENT LIABILITIES      
  Borrowings 12 and 20 216.594

650.755

  Provisions 23 801

1.171

  Trade and other payables 23 311.539

315.735

  Income tax payable 11 and 12 26.875 -
  Derivative financial instruments 12 and 16 1.063 5.918
    556.873 973.579
TOTAL LIABILITIES 7 3.390.608 3.428.664
TOTAL EQUITY AND LIABILITIES   4.549.825 4.589.953
CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE YEARS ENDED 31 DECEMBER 2016 AND 2015
(Amounts expressed in thousands of Euros – tEuros)

(Translation of consolidated statements of financial position originally issued in Portuguese - Note 37)

 

      YEAR ENDED
  NOTES 31.12.2016 31.12.2015
Sales 7 and 24 569 552
Services rendered 7 and 24 544.672 536.544
Revenue from construction of concession assets

7 and 25

171.247 240.002

Gains / (loses) from associates and joint ventures

10 1.314 768

Other operating income

26 21.649 41.279
OPERATING INCOME   739.452 819.144
Cost of goods sold - (450) (562)
Cost with construction of concession assets

25

(155.217) (222.602)
External supplies and services 27 (44.328) (42.636)
Personnel costs 28 (49.583) (51.673)
Depreciation and amortizations 8 (214.761) (209.303)
Provisions 22 (516) 302
Impairments - (258) (683)
Other expenses 29 (12.595) (11.893)
OPERATING COSTS   (477.708) (539.049)
OPERATING RESULTS   261.743 280.095

Financial costs

30 (91.182) (110.503)
Financial income 30 5.291 6.339

Investment income - dividends

13 5.550 5.592
FINANCIAL RESULTS   (80.341) (98.572)
PROFIT BEFORE INCOME TAX  

181.403

181.523

Income tax expense 11 (55.282) (39.963)
Energy sector extraordinary contribution (ESEC) 35 (25.938) (25.445)
NET PROFIT FOR THE YEAR  

100.183

116.115

ATTRIBUTABLE TO:      
Equity holders of the Company   100.183 116.115
Non-controlled interest    -
CONSOLIDATED PROFIT FOR THE YEAR   100.183 116.115
EARNINGS PER SHARE (EXPRESSED IN EURO PER SHARE) 31 0,19 0,22
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED 31 DECEMBER 2016 AND 2015
(Amounts expressed in thousands of Euros – tEuros)

(Translation of consolidated statements of financial position originally issued in Portuguese - Note 37)

      YEAR ENDED
  NOTES 31.12.2016 31.12.2015
CONSOLIDATED NET PROFIT FOR THE YEAR
  100.183 116.115
OTHER INCOME AND COST RECORDED IN EQUITY
     
ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS:
     

   Actuarial gains / (losses) - gross of tax

21 (1.405) (6.278)
    11 407 1.821
   Other changes in equity   - 30
ITEMS THAT ARE OR MAY NOT BE RECLASSIFIED TO PROFIT OR LOSS:
     
   Increase / (decrease) in hedging reserves - cash flow derivatives   (6.200) 13.302

   Tax effect on items recorded directly in equity

  1.302 (2.793)

  Gain/(loss) in fair value reserve - available-for-sale assets

  (4.912) 11.559

  Tax effect on fair value reserve

  (796) (1.266)
RECLASSIFICATION ADJUSTMENTS
     

   Gain / (loss) in fair value reserve - available-for-sale assets

13 - (20.083)

   Tax effect on fair value reserve

11 and 13 - 3.966
COMPREHENSIVE INCOME FOR THE YEAR
  88.579 116.372
ATTRIBUTABLE TO:      
  Equity holders of the company    88.579 116.372
  Non-controlled interest   - -
    88.579 116.372
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2016 AND 2015
(Amounts expressed in thousands of Euros – tEuros)

(Translation of consolidated statements of financial position originally issued in Portuguese - Note 37)

ATTRIBUTABLE TO SHAREHOLDERS
CHANGES IN THE YEAR NOTES SHARE CAPITAL OWN SHARES LEGAL RESERVE FAIR VALUE RESERVE (NOTE 13) HEADING RESERVE 
(NOTA 16)
OTHER RESERVES OTHER CHANGES  IN EQUITY RETAINED EARNINGS PROFIT FOR THE YEAR NON-CONTROLLING INTERESTS TOTAL
1 JANUARY 2015  

534.000

(10.728)

97.295

60.313

(19.468)

177.482

-

183.896

112.777

-

1.135.567

Net profit of the period and other comprehensive income

  - - -

(5.824)

10.509

- 30

(4.457)

116.115

-

116.372

Transfer to other reserves

  - - 5.313 - - - - 107.464 (122.777) - -

Distribution of dividends

32 - - - - - - - (90.650) - - 90.650
31 DECEMBER 2015  

534.000

(10.728)

102.608

54.489

(8.960)

177.482

30

196.253

116.115

-

1.161.288

1 JANUARY 2016  

534.000

(10.728)

102.608

54.489 (8.960) 177.482 30 196.253 116.115  - 1.161.288

Net profit of the period and other comprehensive income

  - - - (5.708) (4.898) - - (998) 100.183 - 88.579
Transfer to other reserves   - 4.192 - -

111.922

 (116.115)

Distribution of dividends

32 - - - - - - - (90.650) - - (90.650)
31 DECEMBER 2016  

534.000

(10.728)

106.800

48.781

(13.858)

177.482

30

216.527

100.183

-

1.159.217 

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE YEARS ENDED 31 DECEMBER 2016 AND 2015
(Amounts expressed in thousands of Euros – tEuros)

(Translation of consolidated statements of financial position originally issued in Portuguese - Note 37)

      YEAR ENDED
  NOTES 31.12.2016 31.12.2015
CASH FLOW FROM OPERATING ACTIVITIES:      
Cash receipts from customers  

1.872.348 a)

1.951.951 a)
Cash paid to suppliers   (1.388.869) a) (1.514.879) a)

Cash paid to employees

 

(64.113)

(62.508)

Income tax received/paid

 

(34.453)

(39.229)

Other receipts / (payments) relating to operating activities

 

(70.206)

(95.865)

NET CASH FLOWS FROM OPERATING ACTIVITIES (1)  

314.706

239.469

CASH FLOW FROM INVESTING ACTIVITIES:      

Receipts related to:

     

   Available-for-sale

13

 

128

 

63.278

 
   Property, plant and equipment   - -

   Other financial assets

12

 
-  

3

    Investment grants

   2.172

10.380

   Interests and other similar income    7

174

 
    Dividends

13

5.466

5.513

Payments related to:      
    Available-for-sale 13 (202)

(208)

    Property, plant and equipment  

(20)

(2)

    Intangible assets - Concession assets  

(153.900)

(225.414)

NET CASH FLOW USED IN INVESTING ACTIVITIES (2)  

(146.349)

(45.419)

CASH FLOW FROM FINANCING ACTIVITIES:      

Receipts related to:

     

    Borrowings

 

 

3.043.500
    Derivative financial instruments Interests and other similar income    -

15.007

       17.757 -

Payments related to:

     
    Borrowings    (5.570.474)

(3.110.844)

   Interests and other similar expense

 

(124.084)

(100.122)

   Dividends

 32

(90.650)

(90.650)
NET CASH FROM / (USED IN) FINANCING ACTIVITIES (3)
  (221.216)

(243.110)

Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)     (49.060)
Cash and cash equivalents at the beginning of the year 17

63.539

112.599

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 17 10.680 63.539
DETAIL OF CASH AND CASH EQUIVALENTS      
Cash 17  1 -

Bank overdrafts

17 (103) (113)

Bank deposits

17 10.782 63.652
    10.680 63.593