ANNUAL REPORT revision no 1 27.05.13

Transkrypt

THE ANNUAL REPORT
OF THE ISSUER FOR 2012
The Capital City of Warsaw
The Mayor of the Capital City of Warsaw
/-/
Hanna Gronkiewicz - Waltz
Revised on the 27 May 2013
0
Contents
I.
INTRODUCTION ___________________________________________________________________ 3
I.1.
II.
Statements of the Mayor of Capital City of Warsaw _________________________________ 3
THE MOST IMPORTANT ACHIEVEMENTS/FAILURES OF THE ISSUER IN 2012 AND
DEVELOPMENT PERSPECTIVES_________________________________________________________ 4
III.
THE FINANCIAL CONDITION OF THE ISSUER ________________________________________ 8
III.1.
Selected financial data ___________________________________________________________ 8
III.1.1.
General data (PLN/EUR million) _________________________________________________ 8
III.1.2.
Current revenue (PLN/EUR million ) _____________________________________________ 8
III.1.3.
Current expenditures by type (PLN/EUR million ) ________________________________ 9
III.1.4.
Capital revenue (PLN/EUR million ) _____________________________________________ 9
III.2.
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1
1
Debt ____________________________________________________________________________ 9
1
III.2.1.
Synthetic table (PLN/EUR million ) _____________________________________________ 10
III.2.2.
Debt ratios (%) _______________________________________________________________ 10
III.2.3.
Debt forecasts for 2013-2016 (PLN million) _____________________________________ 10
III.3.
International rating _____________________________________________________________ 11
III.4.
Domestic rating ________________________________________________________________ 11
IV.
THE ANNUAL FINANCIAL STATEMENT __________________________________________ 12
IV.1.
The balance of the realisation of the City budget (PLN million) _____________________ 12
IV.2.
The total balance of budgetary units and local-government budgetary establishments
(PLN million) __________________________________________________________________________ 13
IV.3.
The total profit and loss account of budgetary units and local-government budgetary
establishments (PLN million) ___________________________________________________________ 14
IV.4.
The total changes in the fund of budgetary units and local government budgetary
establishments (PLN million) ___________________________________________________________ 16
IV.5.
V.
V.1.
Consolidated balance sheet of the Capital City of Warsaw _________________________ 16
REPORT ON ACTIVITIES OF THE ISSUER___________________________________________ 17
The basic economic and financial figures presented in the annual the financial
statement, including factors and events with a significant impact on the budget result in 201217
V.2.
Important risk factors and threats________________________________________________ 19
V.3.
Contracts important for the activity of the issuer, including contracts concluded
between shareholders (partners), and insurance, cooperation or collaboration agreements _ 20
V.4.
The assessment of management of financial assets and the identification of potential
threats, and activities that the issuer has taken or is willing to take in order to avoid these
threats 20
V.5.
The assessment of options for realising investment objectives, including capital
investments compared to the volume of assets owned, including possible changes in the
structure of financing of this activity ____________________________________________________ 21
V.6.
An assessment of factors and unusual events which had an impact on the result of the
budget in 2012, and a specification of the degree of impact of these factors or unusual events
on the result achieved _________________________________________________________________ 21
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V.7.
Information on the date when the issuer concluded with the entity authorised to audit
financial statements an agreement on the examination or the review of financial statements
and consolidated financial statements and period for which this agreement was concluded _ 21
V.8.
Information on remuneration to the entity authorised to examine financial statements,
paid or due in the financial year_________________________________________________________ 22
V.9.
Amendments to the rules and the scope of management in the issuer’s entity_______ 22
V.10.
Important changes to the area or membership in administrative structures and in basic
demographic data _____________________________________________________________________ 24
V.10.1.
General information __________________________________________________________ 24
V.10.2.
Demographic data____________________________________________________________ 24
V.11.
Important changes to the organisational relations of the entity with other parties ____ 24
V.12.
Important changes to the property owned ________________________________________ 26
V.13.
Tasks realised by the issuer _____________________________________________________ 27
V.14.
Changes to the organisation of providing municipal services ______________________ 27
V.15.
Expenditures on the realisation of individual tasks ________________________________ 27
V.16.
General revenue in the issuer’s budget ___________________________________________ 28
V.17.
The efficiency of revenue acquisition ____________________________________________ 29
V.18.
A description of the course and efficiency of budget planning and the realisation of the
entity’s budget ________________________________________________________________________ 30
V.19.
The forecast concerning the repayment of liabilities of the issuer __________________ 31
V.20.
The efficiency of municipal services and plans for their development _______________ 31
V.20.1.
Local public transport and urban transport services ____________________________ 31
V.20.2.
Public roads _________________________________________________________________ 32
V.20.3.
The technical infrastructure ___________________________________________________ 32
V.20.4.
The housing economy ________________________________________________________ 34
VI.
Annual report on the budget realization with the opinion of the Regional Accounting
Chamber ______________________________________________________________________________ 34
VI.1.
Annual report on the budget realization __________________________________________ 34
VI.2.
The Resolution of the Adjudication panel of the Regional Accounting Chamber in
Warsaw on delivery of opinion on the submitted report on the realisation of the budget for 2012
34
VII.
An opinion and a report on the audit of the financial statement of the Capital City of
Warsaw for the year 2012_______________________________________________________________ 36
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I.
INTRODUCTION
The Capital City of Warsaw, as the issuer of bonds launched on regulated markets, domestic and
foreign, is committed to comply with information obligations according to the schedule specified below:
− the Act of 29 July 2005 on the trading of financial instruments (as amended) and the Act of 29 July
2005 on public offer and the conditions for introducing financial instruments to the organised
trading system, and on public companies (as amended);
− the Regulation of the Minister of Finance of 19 February 2009 on the current and periodic
information communicated by the issuer of securities, and terms for the recognition of equivalent
(as amended) information required under the provisions of the law of non-Member-State countries;
− the Regulations of the Luxembourg Stock Exchange (LSE) and regulations valid on the parallel
securities market maintained by Warsaw Stock Exchange S.A., as well as non-stock markets
maintained by BondSpot S.A.
I.1. Statements of the Mayor of Capital City of Warsaw
The Capital City of Warsaw (“the City of Warsaw”, “Issuer”) ensures that according to its best
knowledge (with due diligence in the verification of this guarantee), the annual financial statement and
comparative data were prepared according to valid accounting rules and reflected in a true, reliable
and clear manner the financial condition of the Issuer and its financial result, and the report on the
activities of the Issuer includes a true picture of development and achievements, as well as the
condition of the Issuer, including a description of the basic threats and risks.
Moreover, the Issuer guarantees that the entity authorised to examine financial statements verifying
the annual financial statement was selected according to the provisions of the law, and that this entity
or expert auditors verifying this statement complied with requirements on the delivery of impartial and
independent opinions about the examined annual financial statement according to the valid provisions
of the law and professional standards.
All references made in this document to “PLN” or “złoty” mean the currency of the Republic of Poland.
Any references made in the Annual report to the provisions of the law should be interpreted as
references to the contents of this provision with amendments, or, if it is repealed or invalid, to
repealing provisions or provisions regulating the subject matter equivalent to that specified by the
repealed provision.
This Annual Report for 2012 should be read: (i) with the unitary report on the realisation of the budget
of the City of Warsaw for 2012, and 2011 (ii) intermediate statements (if prepared and made
available); (iii) information and documents published on the webpage of the City of Warsaw
www.bip.warszawa.pl or published in another form.
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II.
THE MOST IMPORTANT ACHIEVEMENTS/FAILURES OF THE ISSUER IN 2012
AND DEVELOPMENT PERSPECTIVES
The total revenue of the City of Warsaw in 2012 amounted to PLN 11,941.0 million and constituted
100.9% of the plan. Total expenditures were incurred at the level of PLN 12,612.7 million, and, as
compared to the plan, amounted to 95.1%. The amount for the current tasks was PLN 10,435.5
million, and the actual ratio as compared to the plan was 97.8%.The level of capital expenditures
was PLN 2,177.2 million, and their actual level compared to the plan was 84.1%. Debt in 2012
amounted to PLN 5,695.5 million. Debt as at 31 December 2012 constituted 47.70% of total
revenue and were lower than the statutory limit of 60% of revenue, and also lower than the
assumed internal limit of 55% of revenue provided for in the multiannual debt policy of the City of
Warsaw.
In 2012, the City maintained a high level of investments, the total value of which amounted to PLN
2,117 million. The limit of PLN 2 billion assigned for the financing of citywide and district investment
tasks, as well as for the remaining capital expenditures, was exceeded for another year in a row.
The biggest tasks implemented in 2012 were:
nd
− the construction of the 2 metro line: the plan PLN 1,319.5 million, actual PLN 1,113.1 million,
− the construction of the Północny Bridge route: the plan PLN 228.5 million, actual PLN 167.0
million,
− the construction of Nowolazurowa Street in the section from Jerozolimskie Avenue to AK
Route: the plan PLN 136.1 million, actual PLN 116.5 million,
− the modernisation of Marsa – Żołnierska streets – stage I: the plan PLN 50.5 million, actual
PLN 49.6 million,
− the modernisation of Jerozolimskie Avenue (the construction of the Łopuszańska –
Kleszczowa junction): the plan PLN 25.8 million, actual PLN 19.8 million,
− the modernisation of Górczewska Street (in the section of the Lazurowa terminus – the City
border): plan PLN 30.6 million, actual 22.1 million,
− the construction of the second carriageway at Kasprowicza Street in the section
Oczapowskiego Street – the “Młociny” Junction (Przy Agorze Street): plan PLN 29.1 million,
actual PLN 19.5 million,
− the reconstruction and modernisation of the Grochowski Hospital: plan PLN 18.3 million,
− the construction of the Museum of the History of the Polish Jews: the plan PLN 17.5 million,
− the adaptation of the building at 12 Sandomierska Street to the needs of the Geodesy and
Land Register Office: the plan PLN 17.6 million, actual PLN 17.2 million,
− the modernisation and extension of the “Inflancka” Hospital: the plan PLN 12.8 million, actual
PLN 12.8 million,
− the modernisation of the Czerniakowski Port: the plan PLN 10.4 million, actual PLN 10.3
million,
− the extension and reconstruction of the school building into the seat of the "Na
Przedwiośniu" Social Assistance Centre: the plan PLN 10.0 million, actual PLN 9.2 million.
In 2012, significant financial expenses were also assigned for the following investment linked with
the needs of residents and the improvement of their standards of lives and functioning in the City:
− in terms of transport and urban transport: for the modernisation of the bus terminal,
including the construction of the check-out pavilion at the Eastern Station from the side of
Lubelska Street, the construction of strategic car parks “Park&Ride” (P&R), the reconstruction of
the Kabaty Technical and Holding Station infrastructure due to the expansion of the rolling
stock, the modernisation of the Warsaw Metro stations A5 "Ursynów" and A9 "Racławicka" by
constructing additional elevators, the construction of 17-go Stycznia – Cybernetyki streets, the
construction of KEN Avenue – stage III (Nowobukowińska Street), the reconstruction
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−
−
−
−
−
−
−
(extension) of Modlińska Street in the section from the Grota Roweckiego Bridge to the bridge
over the Żerański Canal, the extension, including the reconstruction of the crossing of
Wólczyńska and Arkuszowa streets, the reconstruction of the bridge over Żerański Canal in
Kobiałka Street, the construction of a cycling lane (“the Nadwiślański Cycling Route”) along the
Vistula River, the construction of a cycling land at Jagiellońska Street in the section from
Solidarności Avenue to the Starzyńskiego Roundabout, the reconstruction of the lighting system
along Jana Pawła II Street from Solidarności Avenue to the ONZ Roundabout and along Wał
Miedzeszyński Street from the Lubelski Route to the City border, the construction of traffic lights
at the crossing of Bazyliańska – Ogińskiego streets, along Krakowska Avenue – passages at
the bus terminus and the crossing of Płochocińska – Przyrodnicza streets,
in terms of spatial governance and real-estate management: for the construction of
municipal buildings at 87 Św. Wincentego Street, the construction of the municipal building at
Marywilska Street, the modernisation of the Szembeka Square, the construction of municipal
buildings at 14 Kłobucka Street, the modernisation of the Palace of Culture and Science
(adjusting the height zone to the fire safety requirements), the modernisation of the marketplace
at Banacha Street,
in terms of the municipal services management and environmental protection: for the
modernisation of the Czerniakowski Port, the reclamation of Lake Zgorzała, including the
adjustment of the melioration and sewage facilities to take in the rainwater, the extension of
the corpus and slope on the Miedzeszyński Embankment, the restoration of the embankment
damaged in the 2010 summer flooding at the Czerniakowski Port, the reconstruction of the
playground in the Praski Park and in the Saski Garden, subsidies to the entities operating
outside the public finances sector, intended for the disassembly of the asbestos-bearing
facilities, the construction of sewage connections, the liquidation of holding tanks and the
assembly of solar panels and heating pumps,
in terms of safety and public order: for the implementation of the project entitled “Safe City”,
the modernisation of the visual monitoring system of the Capital City of Warsaw, the
construction of the public alarm and warning system,
in terms of culture and the protection of the cultural heritage: for the construction of the
Służewiec Culture Centre, the renovation and adaptation for cultural purposes of the Old Town
of Warsaw cellars under the entry onto the list of UNESCO World Heritage, the construction of
the Museum of the Warsaw Praga District, the construction of a public utility building at
Kolegiacka Street, the modernisation of the entrance zone to the Museum of the History of the
Capital City of Warsaw, the modernisation of the Roma Theatre building as regards fire safety
protection systems, the provision of an exhibition to commemorate Korczak’s Year,
in terms of sports and recreation: for the modernisation of the side area of the sports pitch of
the OSiR stadium at 3 Sosnkowskiego Street, the construction of a football pitch as part of the
programme “My Pitch – Orlik 2012", the modernisation of the stadium at 6 Konwiktorska Street
as regards the adjustment to the UEFA requirement, the roofing of the tennis court at 71 Solec
Street, the modernisation of the “Lubecki” hauling ship,
in terms of education: for the construction of the Schools Complex at Lokajskiego Street, the
modernisation of the S. Wysocki Schools Complex (formerly “Kolejówka”) at 56 Szczęśliwicka
Street, the modernisation of the
Jan III Sobieski LXXV Secondary School at 128
Czerniakowska Street, the construction of a primary school in the Stara Miłosna Housing
District, the thermo-modernisation of the building of Schools Complex No. 2 at 28/30
Gubinowska Street in the teaching and swimming pool section, including the junction, and in the
gym hall, the modernisation of the facilities of the Jakub Falkowski Institute for the Deaf at 4/6
Trzech Krzyży Square, the realisation of investment purchases for special schools complexes,
for youth education centres and for school canteens,
in terms of health protection and social support: for the modernisation and extension of the
Grochowski Hospital, the Holy Family Hospital, the “Inflancka” Hospital, the St. Sophia Hospital,
the Bielański Hospital, the Czerniakowski Hospital, the Praski Hospital, the Wolski Hospital and
the Warsaw Children Hospital, the modernisation of the Regional Specialist Outpatient Clinic at
1 Soczi Street, at 27 Kielecka Street, at 49 Płocka Street, at 17 Leszno Street, at 39 Żytnia
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Street, at 54 Elekcyjna Street, at 1 Mariańska Street, at 14 Chmielna Street and at 36
Szczęśliwicka Street, the modernisation of the healthcare and treatment establishments at
Mehoffera and Szubińskiej streets, the construction of a nursery at Czerwona Droga Street, the
modernisation of nurseries and the adaptation of premises or facilities for the purpose of
nurseries (locations: 2 Chodecka Street, 79 St. Augusta Street, 17a Markowska Street, 70/72
Przybyszewskiego Street, 75 Nowogrodzkiej Street, 6 Nike Street, 72 Bonifacego Street), the
modernisation of social assistance centres at Nowoursynowska Street (for the needs of patients
suffering from Alzheimer’s disease), and at Kawęczyńska, Korotyńskiego, Arabska, Tułowicka,
Wójtowska, Sternicza, Syreny, Bachusa, Bohaterów and Parkowa streets, and the realisation of
investment purchases for these facilities, the modernisation of orphanages at Jaktorowska,
Korotyńskiego and Bohaterów streets, the modernisation of the K. Lisiecki “Dziadek” Education
Centres Complex,
− in terms of the local government structures management: for the construction of the
Resident Communication Centre, the construction of the Spatial Database System of the
Capital City of Warsaw.
The strategy of the City development in the perspective of the next 15 years is laid down in the
document entitled the Strategy of Development of the City of Warsaw up to the year 2020, approved
by the Warsaw City Council by way of Resolution No. LXII/1789/2005 on 24 November 2005. The
mission included in the Strategy is to achieve the highest possible level of compliance with the needs
of the citizens, and taking an important place among the most important European metropolis. By the
year 2020, Warsaw should become an attractive, modern, dynamically-developing metropolis with a
knowledge-based economy and the Central European Financial Centre, a city occupying an important
place among the most significant European capital cities. The progress of Warsaw on the road to the
achievement of this vision is controlled in the Framework of the Strategy’s monitoring. The strategic
goals of the City are being realised at a different pace. Thanks to continual improvements in the level
and accessibility of public services, including education, culture, recreation and sports, healthcare and
social welfare, the realisation of strategic objectives – the improvement in the quality of the lives and
safety of the residents of the City of Warsaw is being realised faster than expected. A similar situation
applies to the following strategic objectives: the development of a modern economy based on
knowledge and scientific research, as well as – achievement of permanent spatial governance.
The perspectives for the development of the City in the nearest future are specified in the underlying
budgetary assumptions for 2013. The budget of the Capital City of Warsaw for 2013 assumes that,
compared to 2012, nominal revenue will increase by 7.0% whereas expenditures will be 11.5%
higher. It is projected that total revenue will amount to PLN 12,776.2 million, including current revenue
of PLN 11,246.3 million and capital revenue of PLN 1,529.9 million. Expenditures are planned in the
amount of PLN 14,063.7 million. In 2013, 75.7% of expenditures will be assigned to current activities
whereas investments will consume 24.3% of all resources. This indicates a growth in the proportion of
capital expenditures to total expenditures of 7 percentage points, as compared to 2012. Capital
expenditures planned for 2013, in the total amount of PLN 3,413.4, will cover the financing of
investment projects in the total amount of PLN 3,352.2 million whereas other capital expenditures will
reach PLN 61.2 million.
The most important investments included in the investment plan for 2013 encompass the following:
- in the area of transport and communication:
nd
the construction of the central section of the 2 metro line, the construction of strategic car parks
“Park&Ride” (P&R) – stage II, the construction of Nowolazurowa Street in the section from
Jerozolimskie Avenue to the AK Route, the modernisation of Marsa – Żołnierska streets – stage I, the
reconstruction (expansion) of Prosta Street in the section from the Daszyńskiego Roundabout to the
ONZ Roundabout, the reconstruction of flyovers along the Łazienkowska Route in the Warsaw node,
the modernisation of Górczewska Street (in the section from the Lazurowa terminal to the City
border), the construction of KEN Avenue – stage III (Nowobukowińska Street), the construction of
Nowopoligonowa and Chrzanowskiego streets, the construction of the second carriageway at
Kasprowicza Street in the section from Oczapowskiego Street to the “Młociny” terminus, the
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construction of Reymonta Street, the modernisation of Kawęczyńska Street in the section from
Ząbkowska to Otwocka streets, the construction of the cycling lane along the Vistula within the Capital
City of Warsaw (“Nadwiślański Cycling Route”),
- in the area of spatial governance and real-estate management:
the modernisation of the marketplace at Banacha Street, the reconstruction of Piłsudskiego Square,
the construction of municipal buildings at Pełczyńskiego Street, the construction of municipal and
social buildings at Jagiellońska Street, the construction of municipal buildings at 14 Kłobucka Street,
- in the area of the municipal services management and environmental protection:
the development of the Vistula embankment, the development of green areas along the Bródnowski
and Zaciszański Canals, the modernisation of the Krasińscy Garden, the modernisation of the
Czerniakowski Port, the protection of habitats of key species of birds in the Middle Vistula Valley
under the conditions of an intense pressure from the Warsaw agglomeration,
- in the area of safety and public order:
the construction of the radio-communications system for the purposes of the Municipal Guards of the
Capital City of Warsaw, the implementation of the project entitled “Safe City”,
- in the area of education:
the modernisation of the Complex of Schools of Motor Vehicle Engineering and Secondary Schools
No. 1 at 88 Hoża Street, the construction of primary schools at Zachodzącego Słońca, Ceramiczna,
Hanki Ordonówny and Głębockiej streets, the modernisation of the school building of the Special
Schools Complex No. 109 at 44 Białobrzeska Street, the modernisation of the facilities of the Jakub
Falkowski Institute of the Deaf at 4/6 Trzech Krzyży Square, the construction of nursery schools at
Drewnowskiego and Urszuli Ledóchowskiej streets,
- in the area of health protection and social support:
subsidies to hospitals, out-patient centres and care and treatment centres, which are intended to
continue the modernisation and expansion of these facilities, and to purchase medical equipment; this
refers to the Holy Family Hospital, the Praski Hospital, the Czerniakowski Hospital, the Grochowski
Hospital, the Wolski Hospital, the "Inflancka" Hospital, and the Warsaw Children Hospital; as regards
social assistance, the highest expenditure was planned for the modernisation of the facilities of the
"Na Przedwiośniu" Social Assistance Centre, the “Syrena” Social Assistance Centre at Syreny Street,
the “Kombatant” Social Assistance Centre at Sternicza Street, Orphanage No. 1 at Zjednoczenia
Avenue, the construction of a nursery at Czerwona Droga Street, the modernisation of nurseries at 72
Bonifacego Street, 6 Nike Street and 10 Klaudyny Street, the adaptation of one wing of the building of
the Children Shelter at 81 Bonifacego Street to a Mini Nursery, the adaptation of the facilities in the
building of Junior High School No. 81 at 10 Rozłogi Street for the purposes of the Social Assistance
Centre,
- in the area of culture and the protection of the cultural heritage:
the construction of the Museum of the Warsaw Praga District, the construction of a public utility
building at Kolegiacka Street, the construction of a tent within the property at 272 Grochowska Street,
intended for the Sinfonia Varsovia Orchestra, the modernisation of the facilities of the Museum of
History of the Capital City of Warsaw at the Old Town Market Square – stage I,
- in the area of recreation, sports and tourism:
the construction of a swimming pool and a gym hall at Niegocińska street, including land development,
the construction of the Municipal Sports Square, the Włochy Fort – the establishment of an open
recreation and sports area, the modernisation of the development of the area of the Sports and
Recreation Centre at 1 Potocka Street,
- in the area of the local government structures management:
the investment purchases as part of the projects entitled “Combating digital exclusion of the disabled”
and “Modern technologies as a chance of professional development and social activation of the
disabled”, the implementation of a system for servicing the municipal waste management SIGOK, the
implementation and maintenance of an integrated computer system for servicing the geodesic and
land register resources of the Capital City of Warsaw and for constructing the Spatial Database
System for the Capital City of Warsaw, the thermo-modernisation and modernisation of the Ursus
District Office, the modernisation of the Wola District Office.
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III.
THE FINANCIAL CONDITION OF THE ISSUER
III.1. Selected financial data
The realisation of the budget for 2012 as presented complies with the Report on the realisation of
the budget of the City of Warsaw for the year 2012 communicated for the delivery of an opinion by
the Regional Accounting Chamber.
1
III.1.1. General data (PLN/EUR million )
2011
Current revenue
Capital revenue
Total revenue
2012
PLN
EUR
PLN
EUR
10 347.2
2 342.7
10 517.9
2 572.7
921.3
208.6
1 423.1
348.1
11 268.5
2 551.3
11 941.0
2 920.9
10 126.0
2 292.6
10 435.5
2 552.6
Current expenditures,
including:
Debt servicing costs
Capital expenditures
Total expenditures
306,3
69,4
341,4
83,5
2 142.8
485.1
2 177.2
532.6
12 268.8
2 777.8
12 612.7
3 085.1
221.2
50.1
82.4
20.2
-1 221.5
-276.6
-754.1
-184.4
-1 000.3
-226.5
-671.7
-164.3
3 593.4
813.6
2 377.3
581.5
2 498.7
565.7
911.5
223.0
Current result
(Current revenue – Current
expenditures)
Capital result
(Capital revenue – Capital
expenditures)
Surplus/Deficit
Total income
Total expenses
1
III.1.2. Current revenue (PLN/EUR million )
2011
Total taxes and charges
2012
PLN
EUR
PLN
EUR
1 656.2
375.0
1 595.3
390.2
4 017.8
909.7
4 055.9
992.1
1 109.6
251.2
1 133.5
277.3
Share in taxes constituting
revenues in the State budget
Real-estate revenue
Public transport tickets
Other
Own revenue
General subsidy
695.1
157.4
757.5
185.3
1 052.7
238.3
1 039.5
254.3
8 531.4
1 931.6
8 581.7
2 099.1
1 298.3
293.9
1 408.6
344.6
468.4
106.0
478.7
117.1
Specific grants from the State
budget
Other, including EU funds
Transfers
Current revenue in total
49.2
11.1
48.8
11.9
1 815.8
411.1
1 936.2
473.6
10 347.2
2 342.7
10 517.9
2 572.7
1
Exchange rate assumed for calculations expressed in EUR was published on 31.12.2011 (EUR 1= PLN 4.4168) and on
31.12.2012 (EUR 1 = PLN 4.0882)
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1
III.1.3. Current expenditures by type (PLN/EUR million )
2011
2012
PLN
EUR
PLN
EUR
3 181.8
720.4
3 296.0
806.2
4 569.3
1 034.5
4 799.7
1 174.0
1 677.6
379.8
1 600.5
391.5
916.6
207.5
828.4
202.6
329.4
74.6
342.0
83.7
Remunerations and contributions
charged
Expenditures linked with the
realisation of statutory tasks
Grants for current tasks,
including: payment for the partbalancing of subsidies total
Benefits to for individuals
Expenditures for programme
financed from the EU
Debt servicing
Guarantees and warranties
Current expenditures in total
48.4
11.0
44.1
10.8
306.3
69.3
341.4
83.5
13.3
3.0
11.9
2.9
10 126.0
2 292.6
10 435.5
2 552.6
As at 31 December 2012, the total value of the guarantees of the Capital City of Warsaw amounted
to PLN 85.5 million, and was composed mainly of guarantees granted in the years 2008, 2009 and
2011 to Independent Public Healthcare Facilities and Housing Associations. In 2012, the City did
not grant any new guarantees.
1
III.1.4. Capital revenue (PLN/EUR million )
2011
2012
PLN
EUR
PLN
EUR
184.6
41.8
255.2
62.4
0.6
0.1
0.6
0.1
13.4
3.0
44.7
10.9
Inflows from sales of apartments and
real-estates
Sales of property rights – sales of
shares in companies
Inflows from conversion of perpetual
usufruct in property rights
Other
Own revenue
16.9
3.8
17.7
4.3
215.6
48.8
318.2
77.8
664.5
150.4
1 091.3
266.9
3.8
0.9
11.2
2.7
Assets for co-financing of projects
realised in the framework of EU
programmes
Specific grants from the State budget
received for investments
Other
Transfers
Property revenue in total
37.4
8.5
2.4
0.6
705.7
159.8
1 104.9
270.3
921.3
208.6
1 423.1
348.1
III.2. Debt
In 2012, the Issuer did not draw any new debt.
In 2012, expenses incurred by the Issuer for the repayment of liabilities amounted in total to PLN
203.8 million, and included the repayment of the principal instalments for the credit and loans
drawn.
9
As at 31 December 2012, the liabilities of the Capital City of Warsaw amounted to PLN 5,695.5
million, where credits and loans amounted to PLN 2,678.5 million and bonds to PLN 3,017.0
million.
1
III.2.1. Synthetic table (PLN/EUR million )
2011
Opening balance of the year
Credits and loans drawn
Bond issues
Income from financing
2012
PLN
EUR
PLN
EUR
5 289.1
1 197.5
5 966.4
1 459.4
200.0
45.3
0.0
0.0
600.0
135.8
0.0
0.0
800.0
181.1
0.0
0.0
215.7
48.8
203.8
49.9
0.0
0.0
0.0
0.0
215.7
48.8
203.8
49.9
93.1
21.1
-67.0
-16.4
5 966.4
1 350.8
5 695.5
1 393.2
Repayment of principal instalments for
credits and loans
Redemption of bonds
Repayment of liabilities
Exchange differences
Closing balance of the year
In 2012, domestic loans were fully repaid. As at the end of 2012, the liabilities of the City in respect
of credits and loans comprised 11 loan agreements concluded with international financial
institutions (CEB, EIB, Kommunalkredit).
The City operates 2 bonds issue programmes launched in 2009, i.e. the Programme of Bonds
Issue on the domestic market up to the amount of PLN 4 billion and the EMTN programme up to
the amount of EUR 1.3 billion. As part of the said programmes, 8 series of bonds were issued until
2012, including 1 series on the international market and 7 on the domestic market.
III.2.2. Debt ratios (%)
2008
2009
2010
2011
2012
actual
Increase in liabilities total (y/y)
Share of debt in foreign currency
Total liabilities/Total revenue
Total liabilities/Current revenue
Total liabilities/Operating surplus
Debt servicing/Total revenue
Debt servicing/Current revenue
Interests/Current revenue
-0.7
78
31.4
12.8
-4.5
1.0
20.9
15.3
15.1
14.5
22.0
39.8
50.6
52.8
47.7
23.6
41.7
53.7
57.5
54.2
194.8
999.9
1 583.90
2408.3
6912.1
5.7
3.4
4.1
4.8
4.7
6.1
3.5
4.3
5.2
5.3
1.3
1.2
2.1
3.0
3.3
III.2.3. Debt forecasts for 2013-2016 (PLN million)
Data comply with the amendments to the Multiannual Financial Forecast for the Capital City of
Warsaw for 2013-2042 made on 21 March 2013 (Resolutions No. LII/1520/2013 and
LII/1521/2013).
10
Revenue total
Expenditures total
including debt servicing
Deficit/Surplus
New debt income
Repayment of principal instalments
Liabilities total
-
2012
2013
actual
plan
11 941.0
12 776.2
12 869.9
12 565.5
12 417.6
12 612.7
14 063.7
13 860.2
12 400.9
12 241.5
341.4
434.6
549.1
475.1
427.0
990.3
164.6
176.0
671.7
-
1 287.5
2014
2015
2016
forecast
-
-
480.0
1 260.0
-
-
203.8
288.3
885.8
173.6
176.0
5 695.5
5 887.3
6 261.5
6 087.9
5 911.9
4.7%
5.8%
11.3%
5.3%
5.0%
47.7%
46.1%
48.7%
48.5%
47.6%
Debt servicing ratio
(calculated in accordance with Article
169 of the Act on Public Finances)
Debt level ratio
(calculated in accordance with Article
170 of the Act on Public Finances)
The obligation of preparing the Multiannual Financial Forecast by local government bodies was
imposed under the Act of 27 August 2009 on Public Finances (Journal of Laws No. 157, item 1240,
as amended). The full version of the reference document, including explanatory notes, is available
at the sites of the Public Information Bulletin of the City of Warsaw (www.bip.warszawa.pl) in the
tag “Budget and financial policy of the Capital City of Warsaw”.
III.3. International rating
On 21 December 2012, the international rating agency Moody’s Investors Service Ltd updated the
international rating for the Capital City of Warsaw granted on 20 December 2007. Moody’s Investors
Service Ltd maintained its assessment of the City at the previous level. Due to changes in the ratings
methodology by Moody's (paying more attention to the individual financial situation of local
governments and to isolate the impact on their final assessment of the financial situation of the state),
the agency also confirmed the rating of the City on 25 March 2013
Rating assessment: A2 with a stable perspective.
The key prerequisites for ratings granted by Moody’s agency include:
− a positive result on current operations,
− solid financial liquidity,
− a drop in the level of liabilities,
− a strong and dynamic economic environment.
A comprehensive analysis of the credit potential of Warsaw is available by logging-in onto the
webpage of the rating agency www.moodys.com.
III.4. Domestic rating
On 23 April 2013, the international rating agency Fitch Ratings confirmed the domestic long-term
rating for the Capital City of Warsaw granted on 18 May 2009.
Rating assessment: AAA (Polish) with stable perspective.
Warsaw's rating reflects the City's high liquidity buffer, which supports debt servicing, a wealthy and
diversified economy and tax base, and the projected relatively stable City's debt in 2013-2015. The
rating also takes into account a projected improvement in the City's operating performance following
the City's steps towards curbing opex growth, although it may still remain weaker in relation to its
peers. The rating also reflects a further growth of the City's indirect debt. Fitch views positively
Warsaw's debt management policy. Fitch expects Warsaw's direct debt to remain stable in 20132015, at about 55% of current revenue.
A comprehensive analysis of the credit potential of Warsaw is available by logging-in onto the
webpage of the rating agency http://www.fitchpolska.com.pl.
11
IV.
THE ANNUAL FINANCIAL STATEMENT
IV.1. The balance of the realisation of the City budget (PLN million)
2012
Opening balance
Closing balance
of the year
of the year
ASSETS
CASH AND CASH EQUIVALENTS
1 925,5
1 168,5
1 925,5
1 168,5
1 925,5
1 168,5
0,0
0,0
129,3
109,3
0,0
0,0
- short-term (up to 12 months)
0,0
0,0
- long-term (above 12 months)
0,0
0,0
125,6
100,9
3,7
8,4
549,9
500,0
549,9
500,0
OTHER ASSETS
0,0
0,0
ASSETS IN TOTAL
2 604,7
1 777,8
5 940,9
5 712,8
5 905,4
5 634,8
- short-term (up to 12 months)
204,1
288,1
- long-term (above 12 months)
5 701,3
5 346,7
30,2
72,9
5,3
5,1
-3 439,8
-4 042,8
-1 000,3
-671,5
0,0
0,0
-912,0
-581,5
-88,3
-90,0
Result on non-cash operations (+,-)
-92,7
66,8
Reserve for continuing expenditure
88,3
90,0
1 441,0
0,0
-3 876,1
-3 528,1
103,6
107,9
2 604,7
1 777,8
Cash
- budgetary cash
- other cash
RECEIVABLES AND ACCRUALS
Financial receivables
Receivables from budgets
Other receivables and accruals
SHORT TERM FINANCIAL INVESTMENTS
Securities
LIABILITIES
LIABILITIES
Financial liabilities
Liabilities towards budgets
Other liabilities
BUDGETARY NET ASSETS
Budget performance result (+,-)
- budget excess (+)
- budget shortage (-)
- expenses not performed (-)
Funds from privatisation
Accumulated budget result (+,-)
OTHER LIABILITIES
LIABILITIES IN TOTAL
12
IV.2. The total balance of budgetary units and local-government budgetary establishments
(PLN million)
2012
Opening balance
of the year
ASSETS
FIXED ASSETS
INTANGIBLE ASSETS
TANGIBLE ASSETS
Fixed assets
- land
- buildings, premises and civil engineering
structures
- plant and machinery
- means of transportation
- other fixed assets
Investment projects under way (tangible assets
under construction)
Advances for investment projects
LONG-TERM RECEIVABLES
LONG-TERM FINANCIAL ASSETS
- shares
106 235,4
Closing balance
of the year
107 636,3
12,7
11,9
70 286,8
71 318,9
66 727,0
55 203,6
66 202,6
54 862,1
11 126,6
301,7
37,5
57,6
11 011,3
249,3
31,3
48,7
3 559,7
5 116,2
0,0
0,0
137,6
147,7
3 812,1
3 776,9
3 812,1
3 776,5
- long-term securities
0,0
0,0
- other long-term financial assets
0,0
0,4
31 986,2
32 381,0
INVESTMENT PROPERTIES
VALUE OF PROPERTY OF LIQUIDATED
UNDERTAKINGS
CURRENT ASSETS
0,1
0,0
1 324,7
1 510,2
20,5
21,3
20,1
20,7
0,0
0,1
0,3
0,0
0,1
0,5
SHORT-TERM RECEIVABLES
959,3
1 132,4
- trade receivables
- budgetary receivables
- social insurance receivables and other
benefits
- other receivables
- settlements on account of funds for
budgetary expenditure and budgetary
revenue
CASH AND CASH EQUIVALENTS
139,4
104,9
185,2
115,1
0,5
714,4
0,3
831,8
STOCKS
- materials
- semi-finished products and work in
progress
- finished products
- goods
- cash in hand
- cash at bank
- cash from the State earmarked fund
- other cash
- stocks and shares
- other securities
- other short-term financial assets
ACCRUALS
ASSETS IN TOTAL
0,0
0,0
296,1
312,5
0,5
270,7
11,2
7,0
6,6
0,0
0,1
48,8
0,6
236,9
7,8
64,9
1,7
0,0
0,6
44,0
107 560,1
109 146,5
13
2012
Opening balance
of the year
LIABILITIES
FUNDS
OWN FUNDS
NET FINANCIAL RESULT
- net profit (positive)
- net loss (negative)
FREE CASH FLOW (-)
WRITE-OFFS FROM THE FINANCIAL RESULT
(-)
PROPERTY FUND OF LIQUIDATED
UNDERTAKINGS
STATE EARMARKED FUND
LIABILITIES AND PROVISIONS FOR
LIABILITIES
LONG-TERM LIABILITIES
SHORT-TERM LIABILITIES
- trade liabilities
- liabilities in relation to budgets
- social insurance and other benefits to be
paid
- wages and salaries
- other liabilities
- third-party deposits and guarantees
- settlements on account of funds for
budgetary expenditure and budgetary revenue
RESERVES FOR LIABILITIES
SPECIAL FUNDS
- Company Social Benefit Fund
- other funds
ACCRUALS
REVENUE ACCRUALS
OTHER ACCRUALS
LIABILITIES IN TOTAL
Closing balance
of the year
104 813,8
106 490,1
101 889,9
104 133,6
2 925,9
2 359,5
8 486,0
7 802,1
5 560,1
5 442,6
-2,0
-3,1
0,0
0,0
0,1
0,0
4,4
-1,1
2 609,5
2 489,3
473,5
69,8
856,0
911,8
100,8
47,2
88,0
64,8
123,9
161,4
246,6
138,3
166,3
246,8
171,5
198,9
4,5
8,7
1 280,0
1 507,7
107,7
113,9
106,1
112,4
1,5
1,5
24,7
54,3
23,4
53,6
1,3
0,7
107 560,1
109 146,5
IV.3. The total profit and loss account of budgetary units and local-government budgetary
establishments (PLN million)
2012
I. NET REVENUE FROM BASIC OPERATING
ACTIVITIES
Net revenue from sale of products
Changes in the number of products
The cost of manufacturing products for the unit’s
own needs
Net revenue from the sale of goods and
materials
As at the beginning of
the previous year
As at the end of the
previous year
11 282,9
11 967,3
2 336,2
0,3
2 317,3
0,0
0,0
0,0
-0,7
1,8
14
2012
the previous year
previous year
38,3
8 908,7
31,1
9 617,0
8 359,2
8 864,1
Consumption of materials and energy
Outsourcing
586,7
703,3
2 966,8
631,3
692,1
3 268,4
Taxes and charges
Wages and salaries
169,4
2 843,4
178,3
2 923,6
Social insurance and other employment benefits
Other costs
643,2
319,2
713,5
169,1
Value of goods and materials sold
Other benefits financed by budget
4,5
113,0
2,8
284,6
Grants for financing the core business
Income from revenue
II. OPERATING COSTS
Amortisation and depreciation
Other charges
III. PROFIT / LOSS ON SALE (I-II)
IV. OTHER OPERATING REVENUES
Profit on sale of non-financial fixed assets
Grants
Other operating revenues
V. OTHER OPERATING COSTS
Investment costs financed by
own sources accumulated in a separate account
Other operating costs
VI. OPERATING PROFIT / LOSS (III+IV-V)
VII. FINANCIAL REVENUE
Dividends and profit participation
Interest received
Other
VIII. FINANCIAL COSTS
Interest
Other
IX. PROFIT / LOSS ON BUSINESS ACTIVITY
(VI+VII-VIII)
X. RESULT ON EXTRAORDINARY EVENTS
Extraordinary profits
Extraordinary losses
XI. GROSS PROFIT / LOSS (IX+/-X)
XII. INCOME TAX
9,6
0,3
2 923,7
3 103,2
283,5
808,9
18,1
0,0
265,4
67,1
0,0
741,8
920,3
1 516,8
3,8
4,4
916,5
1 512,4
2 286,9
2 395,2
1 097,6
402,5
832,3
217,2
48,1
14,5
288,7
99,3
458,6
437,2
241,3
248,5
217,3
188,6
2 926,0
2 360,6
0,2
0,0
0,2
0,0
0,2
-0,2
2 926,1
2 360,6
0,2
1,1
0,0
0,0
2 925,9
2 359,5
XIII. OTHER OBLIGATORY REDUCTIONS OF
PROFIT (INCREASE OF LOSS) AND SURPLUS
OPERATING FUNDS
XIV. NET PROFIT / LOSS (XI-XII-XIII)
15
IV.4. The total changes in the fund of budgetary units and local government budgetary
establishments (PLN million)
2012
the previous year
I. OWN FUNDS AT THE BEGINNING OF THE
PERIOD
II. INCREASE (AS A RESULT OF)
The profit for the previous year
Carried out budgetary expenditure
Performed payments from European funds to the
budgetary unit
Funds for investments
Fixed assets and investments received free of
charge
Assets taken from liquidated undertakings
Assets received within the central
supply
Other write-offs from the financial result for the
current year
Other increases
III. DECREASE
Reclassification of loss brought forward
Performed budgetary revenue
Settlement of financial result brought forward
Grants and funds for investments
Revaluation of fixed assets
Value of fixed assets and investments sold and
transferred free of charge
Liabilities taken from liquidated (consolidated)
units
Assets transferred as part of central supply
Other decreases
IV. OWN FUNDS AT THE END OF THE PERIOD
(CB) (I+II-III)
V. NET FINANCIAL RESULT FOR THE CURRENT
YEAR
Net profit
Net loss
VI. SURPLUS OF OWN INCOME OF BUDGETARY
UNITS, SURPLUS OF CURRENT ASSETS OF
LOCAL-GOVERNMENT BUDGETARY
ESTABLISHMENTS
VII. FUND (IV+, -V-VI)
previous year
71 693,9
102 813,9
55 665,5
6 697,4
12 269,0
27 414,2
8 027,5
12 593,5
1,2
2 014,3
0,8
2 035,4
213,3
2,1
206,2
61,6
0,0
2,9
2,1
34 466,0
1,3
4 485,9
25 469,5
26 094,5
4 394,7
5 551,5
11 247,0
11 940,5
6,2
3,4
3 865,7
3 761,5
0,0
0,0
525,3
224,3
54,2
18,3
0,0
2,9
5 376,4
4 592,1
101 889,9
104 133,6
2 925,9
8 486,0
2 359,5
7 802,1
5 560,1
5 442,6
2,0
3,1
104 813,7
106 490,1
IV.5. Consolidated balance sheet of the Capital City of Warsaw
It will be submitted immediately after preparation.
16
V.
REPORT ON ACTIVITIES OF THE ISSUER
V.1. The basic economic and financial figures presented in the annual the financial
statement, including factors and events with a significant impact on the budget result
in 2012
The budget implementation of the City of Warsaw in 2012 ended with a deficit amounting to PLN
671.7 million. The final budget deficit was 53.0% lower than planned, which was due to revenue
exceeding the plan by PLN 111,436 million and expenditures lower than planned by PLN 645.7
million.
The realisation of revenue in 2012 amounted to 100.9% of the plan. The nominal revenue were
6.0% higher compared to 2011.
The realisation of the plan of current revenue amounted to 99.5%; in relation to the previous year,
current revenue grew by 1,6%. The realisation of the plan of capital revenue amounted to 112.9%;
in relation to 2011, capital revenue grew by 54.5%, in nominal terms, i.e. by the amount of PLN
501.8 million.
REVENUE BY SOURCE IN 2011-2012 IN PLN
2011
NO.
PLAN
AS AT 31.12.2011
SPECIFICATION
2012
PLAN
AS AT 31.12.2012
ANNUAL
REALISATION
PLAN REALISATION
ANNUAL
REALISATION
2011
2012
PLAN
IN PLN
CURRENT REVENUE
A
10 347 223 421
8 318 712 224
OWN REVENUE
8 531 395 484
ACTUAL
IN %
10 568 981 911
10 517 915 244
8 628 285 123
8 581 740 399
104.2
101.6
102.6
99.5
103.7
100.6
974 797 999
969 955 153
Property tax
Tax on means of transportation
Marketplace fee
Agricultural tax
Forestry tax
Arrears in respect of taxes lifted
Tax on dogs
Taxes collected by revenue offices
939 737 551
28 781 023
5 176 099
971 656
131 170
500
0
438 641 161
935 233 578
27 794 029
5 937 832
858 314
131 225
193
-18
449 208 067
971 711 041
27 447 574
5 507 563
1 073 003
149 339
400
0
301 000 000
1 005 951 568
28 848 574
5 465 475
1 505 657
183 224
77
-5
291 267 827
99,5
96,6
114,7
88,3
100,0
38,6
102,4
103,5
105,1
99,2
140,3
122,7
19,3
96,8
103,4
95,4
106,4
110,4
113,9
80,0
68,6
1
2
Tax on civil law transactions
Tax on inheritance and donations
Personal income .tax on.economic activity collected through payment cards
Inflows from charges
373 876 161
53 265 000
11 500 000
386 029 379
52 249 262
10 929 426
250 000 000
40 000 000
11 000 000
232 344 446
48 580 036
10 343 345
103,3
98,1
95,0
92,9
121,5
94,0
66,9
75,1
95,7
60,2
93,0
94,6
239 206 252
237 064 753
236 304 287
262 101 190
99,1
110,9
98,8
110,6
90,4
86,6
102,3
27,3
115,1
83,3
105,3
44,8
94,4
97,4
98,4
101,8
120,2
93,8
101,3
167,5
3
III
1
2
3
4
90 000 000
47 134 204
41 207 000
55 000
Stamp duties
Fares
Fees for alcohol sales licences
Product charges
Other fees collected under separate acts; payments for roadway occupation;
zoning fee; adjacent fees;
85 000 000
45 919 789
40 556 991
56 000
107,4
107,6
103,8
92,0
175,4
139,6
39,9
27,8
64,8
119,6
128,6
106,5
114,5
4 199 706 479
4 055 886 462
102,3
96,6
107,0
100,9
1
2
In personal income tax
In corporate income tax
Capital revenue
3 375 738 103
550 000 000
1 060 637 469
3 433 285 921
584 543 745
1 109 557 689
3 580 019 292
619 687 187
1 095 390 643
3 518 567 157
537 319 305
1 133 511 261
101,7
106,3
104,6
98,3
86,7
103,5
106,1
112,7
103,3
102,5
91,9
102,2
1
2
3
4
5
6
Earnings from rental and lease
Charges for management,
,
utilization and perpetual usufruct
Dividends from companies
Inflows from profits of municipal companies
Inflows of resources remaining after liquidation of undertakings
Interests on resources on bank accounts
Subsidies from budgets of other local-government
units
. .
103,9
105,6
17,1
443,6
0,0
137,1
119,7
103,6
100,0
261,8
-95,7
108,5
105,0
102,9
103,5
22,5
100,0
0,0
135,0
134,8
102,6
98,0
345,0
-21,6
106,8
118,2
-
100,0
VI
VII
1 641 623 757
Other revuenue
1
2
3
4
Sales of urban transport tickets
Reimbursement of payments for utilities
Revenue in respect of implementing government administration tasks
Earnings from other income, charges
, and taxes
B
SUBSIDIES
I
General subsidy
1
2
3
II
1
2
3
, GRANTS
, EU FUNDS
for own tasks
for commissioned tasks
for tasks implemented under agreements with government administration units
IV
Subsidies from earmarked funds
Resources to co-finance projects implemented as part of EU programmes
A
OWN REVENUE
CAPITAL REVENUE
I
Receipts from sales of premises and property
II
Sales of property rights
III
IV
Receipts from sales of assets
Receipts from transformations of usufruct rights into ownership rights
- Sales of shares in companies
V
Other financial resources for investments
VI
Subsidies from budgets of other local-government units to investments
B
SUBSIDIES
, GRANTS
, EU FUNDS
I
Resources to co-finance projects implemented as part of EU programmes
II
Earmarked subsidies from the State budget to investments
III
Receipts as part of financial assistance between local-government
units
. .
IV
Resources for investments obtained from other sources
V
Supplementation of general subsidy
A
OWN EARNINGS
B
SUBSIDIES
TOTAL REVENUE
, GRANTS
, EU FUNDS
0
1 702 221 001
666 000 000
268 284 647
79 006 781
628 332 329
1 827 239 173
68 604 154
379 084 618
25 518 346
20 682 666
20 000
757 511 443
257 933 389
87 667 277
640 026 268
1 936 174 845
1 408 620 073
1 196 696 021
101 432 353
173 468
468 371 438
613 154 563
402 726 565
14 501 844
-57 392
102 439
103 083 242
53 860 712
1 743 138 377
1 940 696 788
1 298 301 842
68 727 394
379 581 385
20 000
759 518 711
277 412 439
87 627 556
614 119 877
1 815 827 937
1 196 696 021
101 432 353
173 468
473 827 125
591 940 615
402 849 908
5 540 000
60 000
0
95 000 120
51 296 211
1 738 678 583
695 053 918
254 111 635
87 263 399
665 792 049
1 298 301 842
educational part
levelling-off part
supplementation of general subsidy
Earmarked funds from the State budget
0
96 513 575
45 559 155
0
Receipts in respect of financial assistance between local-government
units
. .
VIII
597 686 489
410 887 911
4 203 538
266 176
83 269 349
103,2
4 017 829 666
575 100 671
389 141 409
24 590 000
60 000
1 356 829
70 388 560
38 067 483
64 771 507
97 817 222
38 266 204
42 723 317
25 098
103,6
3 925 738 103
V
72 729 480
99,5
Participation in taxes constituting budget revenue
5
IV
60 810 048
81 352 841
40 797 239
42 170 205
14 988
1 041 954 570
99.5
Tax revenue and inflows from local fees
II
1 005 888 920
102.0
1
2
3
4
5
6
7
I
III
10 145 951 397
DYNAMICS OF
RDR
1 408 620 073
-
-
-
103,7
100,3
105,9
102,4
104,4
94,7
110,5
106,0
99,7
93,0
100,0
104,2
114,0
103,4
110,9
97,7
109,0
101,5
100,5
96,1
99,4
99,8
100,0
100,0
106,2
108,5
106,6
108,5
1 308 826 469
46 603 495
53 190 109
480 632 180
1 308 826 469
46 603 495
53 190 109
478 721 850
100,0
100,0
100,0
98,8
100,0
100,0
100,0
99,6
109,4
45,9
30 662,8
101,4
109,4
45,9
30 662,8
102,2
90 047 336
388 043 528
89 816 011
386 854 578
99,8
99,9
99,7
99,7
131,0
102,2
130,9
102,0
2 051 261
81,1
80,7
10,0
9,9
3 031 185
5 121 500
1 217 991
4 823 209
169,0
396,0
40,2
94,2
52 079 021
44 033 157
50 226 544
44 009 713
84,6
87,6
96,4
99,9
784 445 694
921 286 081
249 319 376
215 553 667
224 985 790
2 541 316
1 260 613 659
1 423 115 865
348 831 063
184 634 997
117,4
318 193 299
295 603 093
112,9
86,5
255 228 621
91,2
160,7
154,5
139,9
147,6
82,1
86,3
131,4
400 000
577 405
555 000
558 040
144,4
100,5
138,8
96,6
82 919
705 218
3 593 484
1 698 037
850,5
47,3
4 333,7
240,8
514,8
333,3
7 623 434
13 408 814
39 243 017
44 685 922
175,9
113,9
16 160 233
16 160 233
9 756 469
15 942 679
100,0
163,4
60,4
100,0
100,0
119,4
67 000
535 126 318
67 000
705 732 414
80 000
911 782 596
80 000
1 104 922 566
494 924 947
664 510 611
902 236 938
4 377 844
3 773 257
5 215 780
5 498 284
559 769
5 736 996
3 770 109
2 399 411
0
0
5 823 527
7 448 546
30 000 000
30 000 000
10 930 397 091
11 268 509 502
1 091 287 875
0
11 829 595 570
131,9
170,4
98,7
119,4
156,6
134,3
121,0
182,3
164,2
86,2
105,4
119,1
145,7
127,9
0
11 941 031 109
121,2
138,2
1 024,9
100,0
103,1
8 568 031 600
8 746 949 151
8 977 116 186
8 899 933 698
102,1
2 362 365 491
2 521 560 351
2 852 479 384
3 041 097 411
106,7
-
63,6
100,9
99,1
106,6
-
64,7
32,2
0,0
0,0
108,2
106,0
104,8
101,7
120,7
120,6
17
The realisation of the plan of revenue from the resources to co-finance projects implemented
as part of EU programmes in 2012 amounted to 119.2%, and exceeded the planned inflows by
the amount of PLN 182.8 million. In 2012, these revenue grew in relation to the previous year by
60.2%, i.e. by PLN 426.8 million.
The level of revenue from the EU in 2012 was influenced by obtaining on 19 December 2012 an
nd
advance payment in the amount of PLN 250 million to finance the construction of the 2 metro line.
nd
The largest co-financing was obtained for the construction of the 2 metro line – for preparatory
works comprising the design and the construction of the central section, including the rolling stock
purchase – PLN 783.1 million (146.3% of the plan), including PLN 250 million as an advance
payment for the construction of the Northern Bridge Route to the junction with Modlińska Street and
from the junction with Pułkowa Street to the “Młociny” changing station – PLN 90.2 million (78.5%
of the plan), for the construction of Nowolazurowa Street in the section from Jerozolimskie Avenue
to the AK Route – Task A from Jerozolimskie Avenue to Ks. Juliana Chrościckiego Street – PLN
72.3 million (90.8% of the plan), for the modernisation of Jerozolimskie Avenue – the construction
of the Łopuszańska – Kleszczowa junction – PLN 68.3 million (79.0% of the plan), for the
modernisation of flyovers along the national roads in Warsaw – PLN 20.4 million (100.7% of the
plan), for the construction of the Copernicus Science Centre – PLN 17.5 million (98.5% of the plan),
for the renovation and adaptation for cultural purposes of the Old Town of Warsaw cellars – PLN
13.5 million (104.2% of the plan).
The planned revenue from participation in the personal income tax in 2012 the City realized in
98.3%, which reflects the failure to realise the plan in the amount of PLN 61.5 million These
revenue in 2012 grew in relation to the previous year by 2.5%, i.e. by PLN 85.2 million.
A lower annual growth in the revenue from Warsaw’s participation in PIT, as compared to the basic
macroeconomic indicators determining the inflows from PIT (a growth in employment of 0.1% along
with a growth in wages and salaries in the national economy of 3.6%), resulted from the lowering of
the participation rate of Warsaw in the PIT from 12.06% in 2011 to 11.80% in 2012. The dropping
share of Warsaw is connected with the participation structure based on historical data which
provided for the consequences of systemic changes introduced in previous years, i.e. increasing
the tax allowance on children and decreasing the taxation scale, being relatively more significant
for Warsaw than, in average terms, for the whole country.
The planned revenue from participation in the corporate income tax in 2012 the City realized
in 86.7%, which reflects the failure to realise the plan in the amount of PLN 82.4 million. These
revenue in 2012 dropped in relation to the previous year by 8.1%, i.e. by PLN 47.2 million.
The failure to realise the planned revenue from CIT, together with lower inflows in this respect, as
compared to 2011, were due to the financial results of enterprises being worse than expected.
The planned revenue from the sales of urban transport tickets in 2012 the City realized in
99.7%, which reflects the failure to realise the plan in the amount of PLN 2.0 million. These
revenue in 2012 grew in relation to the previous year by 9.0%, i.e. by PLN 62.4 million.
The planned revenue from rental and lease of property in 2012 the City realized in 103.6%, and
exceeded the planned revenue by PLN 21.3 million. In 2012, these revenue grew in relation to the
previous year by 2.6%, i.e. by PLN 15.5 million.
These increased revenue were mostly caused by higher revenue from rental of non-residential
premises (105.4% of the plan), inflows from lease of land (107.4% of the plan) and other revenue
from rental and lease of property than initially planned. These revenue exceeding the plan made up
for the failure to realise revenue from rents for municipal dwellings (95.4% of the plan).
The revenue from the charges for management, utilisation and perpetual usufruct of property
in 2012 reached 100.0% of the plan. These revenue in 2012 dropped by 2.0% in relation to the
preceding year, comprising inflows from annual payments in respect of perpetual usufruct (99.4%
of the plan) and revenue from the first payment in respect of the transfer for perpetual usufruct
(121.2% of the plan)
The planned revenue from the tax on civil law transactions in 2012 the City realized in 92.9%,
which reflects the failure to realise the plan in the amount of PLN 17.7 million. In 2012, these
revenue dropped in relation to the previous year by 39.8%, i.e. by PLN 153.7 million.
18
In connection with the settlements with tax offices, and as a result of a decreased transaction
activity of both natural and legal persons, the revenue from the tax on civil law transactions in 2012,
in the context of the economic slowdown, were lower than in 2011. This decline in revenue results,
among others, from the settlements with tax offices, connected with the returns made by tax offices
in 2011 and in 2012 for the benefit of taxpayers, under the judgment passed by the European Court
of Justice on 16 June 2011. The said judgment stipulates that the tax obligation in respect of loans
granted to companies by their partners, which was introduced to the Act on the Tax on Civil Law
Transactions, was incompliant with the EU law. The European Court of Justice in its judgment
ordered that the said tax on civil law transactions (amounting to 0.5% of the transaction value), paid
in respect of the loan agreements concluded in 2007-2008 by shareholders of joint-stock and
limited-liability companies, be reimbursed to the taxpayers.
The planned revenue from property tax in 2012 the City realized in 103.5%, and exceeded the
planned inflows by PLN 34.3 million. In 2012, these revenue grew by 7.6%, i.e. by PLN 70.8 million
compared to the previous year.
In 2012, the upward trend in the inflows from property tax continued, which resulted from a growth
in the tax rates and a gradual increase of the tax basis, i.e. taxable land, buildings used for
conducting economic activity and structures.
The planned revenue from the inflows from sales of premises and property in 2012 the City
realized in 86.3%, which reflects the failure to realise the plan in the amount of PLN 40.4 million. In
2012, revenue in this respect grew by 38.2%, i.e. by the amount of PLN 70.6 million.
In 2012, 128 tenders for the sales of land property were conducted, 16 of which were concluded positively
whereas the remaining 112 ended with a negative conclusion.
The total plan of expenditures in 2012 was realised in 95.1%. Compared to the year 2011, the
nominal expenditures realised were 2.8% higher.
The realisation of the plan of current expenditures in 2012 was equal to 97.8%, which reflects a
realisation by PLN 234.6 million lower than the plan. In relation to the previous year, current
expenditure in 2012 grew by 3.1%.
The planned capital expenditure in 2012 the City realized in 84.1%, i.e. it was by PLN 411.2
million lower than the plan. In comparison with the year 2011, the level of capital expenditure was
by 1.6 % higher.
In respect of the repayment of debt liabilities resulting from issued bonds and from credits or
loans drawn in the previous years, assigned to financing investments, the budget for 2012 was
debited with the amount of PLN 203,8 million.
The deficit in the budget, amounting to PLN 671.7 million, was financed by disposable resources
coming from the financial surpluses generated in the previous years.
The fundamental macroeconomic ratios in Poland deteriorated in 2012 in comparison with the year
2011. The Gross Domestic Product, in real terms, increased by 2% against a 4.3% growth
th
recorded in 2011. Average employment in the national economy in the 4 quarter of 2012,
compared to the corresponding period of the previous year, increased by 0.1%. The unemployment
th
rate in the 4 quarter of 2012 amounted to 13.4%, which reflects an increase of 1.1 percentage
point in relation to the corresponding period of 2011. The unemployment rate in Warsaw amounted
to 4.4%.
V.2. Important risk factors and threats
The management of the budget and the Multiannual Financial Forecast is associated with
numerous risks, defined as conditions for a negative course of events related to definite events or
activities taken that may cause deviation from realising objectives compared to the level of those
planned earlier. The most important threats to the preparation and realisation of the financial plans
of the City include:
19
− the risk of a macroeconomic situation being worse than expected, which might result in the
lowering of revenue, mostly directly linked with the economic situation, e.g. from the share of
income taxes both personal and corporate, as well as taxes on civil transactions with a large 40%
share in the revenue of the City,
− the risk of an increase in capital acquisition costs on domestic and foreign financial markets that
might result in an increased burden on the budget in the form of expenditures linked with debt
servicing,
− the risk of a long-term drop in the exchange rate of the PLN that might result in the consequences
described in the previous item, and in both the short and long-term perspective, in possible
increases in the costs of the realised investments,
− the risk of amendments to provisions of the law that might result in the limitation of the revenue of
local-government units, or burdening them with additional tasks without a sufficient increase in
revenue,
− the risk of natural disasters that might result in increases in expenditures associated with the
necessity to undertake extraordinary action, and with the direct effects of the impact of catastrophic
events.
However, it should be stressed that risks may be opportunities, e.g. the worsening of the economic
situation might be translated to an increase in competition, and a drop in the costs of investment
realisation.
On the strategic level, the conducting of budget policy in the City in the framework of multiannual
budgetary forecasts prepared for the central, and a pessimistic and optimistic scenario, contribute
to the elimination of any potential consequences of the named risks. The limitation of the
consequences of risks in the present perspective is achieved through the constant monitoring of
processes within the organisation itself, and in the external environment. Supervision includes, in
particular, ongoing implementation of the budget and the phenomena occurring in the economy, as
well as amendments to the law which have an impact upon the revenue and expenditures of the
City. In the case of a high probability of threats to the realisation of the budget, budgetary plans
adjusted to the changed situation are initiated, fitted to variants of the long-term development in the
financial situation of the City prepared for such a case. The risk of exceeding the statutory
precautionary standards in terms of debt is limited to an acceptable level by the relevant selection
of the debt instruments providing diversification of the debt portfolio.
V.3. Contracts important for the activity of the issuer, including contracts concluded
between shareholders (partners), and insurance, cooperation or collaboration
agreements
The Public Transport Authority of Warsaw (ZTM) deals with public transport and urban transport
services. Among other things, ZTM concludes agreements with carriers with their own stock, and
relating to the running of certain sectors of transport. Agreements are included in arrangements
with such carriers as Miejskie Zakłady Autobusowe Sp. z o.o., Tramwaje Warszawskie Sp. z o.o.,
Metro Warszawskie Sp. z o.o., and Szybka Kolej Miejska Sp. z o.o.
V.4. The assessment of management of financial assets and the identification of potential
threats, and activities that the issuer has taken or is willing to take in order to avoid
these threats
Warsaw’s good financial governance, debt servicing, and high liquidity are proved by the highestpossible creditworthiness assessments (rating) which have been granted to Warsaw by the
international rating agencies since 2007. The active debt servicing and liquidity management
system implemented by the City facilitates the continuous monitoring of demand for assets, and
forecast inflows of revenue with the limitation of debt-related risks.
20
Warsaw’s rating also reflects the well-developed and diversified economy of the City, as well as its
strong tax base.
Creditworthiness assessment (rating) reflects the general ability of an entity to fulfil its financial
obligations, and is made by independent, specialised institutions, namely rating agencies. The
main objective of a rating is to inform current and future investors, domestic and foreign, on the
creditworthiness and solvency of the City. The rating granted reflects the current results of the
City’s budget management, its financial flexibility, the local economic situation and development
perspectives.
Detailed information on rating assessments for the City of Warsaw granted by international rating
agencies: Moody’s Investors Service and Fitch Ratings are given in item III.3 and III.4 of this report.
V.5. The assessment of options for realising investment objectives, including capital
investments compared to the volume of assets owned, including possible changes in
the structure of financing of this activity
Despite the limited capacity of the City budget due to weakening of the economic development, the
strategic challenge is to generate appropriate city funds for investment in order to ensure proper
funding for implementation of the Multi Annual Investment Programme 2013-2017. In 2013 the
maintenance of a high level of investment is planned, despite the reduced revenue opportunities of
the City. It is assumed that share of investment expenditures in the total expenditures of the City for
2013 will be higher than achieved in 2012, and will reach the level of 23.9%, meaning that every
fourth zloty from the budget will be assigned to development. The aggregated value of investment
expenditures in the years 2013-2017 will amount to over PLN 8 billion.
The investment enterprises of the Issuer were presented in the Multiannual Financial Forecast for
the Capital City of Warsaw for 2013-2042 approved by way of Resolutions No. LII/1520/2013 and
LII/1521/2013 passed by the Warsaw City Council on 21 March 2013.
The full version of the document is available at the sites of the Public Information Bulletin of the
Capital City of Warsaw (www.bip.warszawa.pl) in the tag “Budget and financial policy of the Capital
City of Warsaw”.
V.6. An assessment of factors and unusual events which had an impact on the result of the
budget in 2012, and a specification of the degree of impact of these factors or unusual
events on the result achieved
Detailed factors with an impact on the level of the realisation of revenue and expenditures were
discussed in item V.1. of the report.
V.7. Information on the date when the issuer concluded with the entity authorised to audit
financial statements an agreement on the examination or the review of financial
statements and consolidated financial statements and period for which this agreement
was concluded
On 30 January 2012, the Capital City of Warsaw concluded an agreement with
PricewaterhouseCoopers Sp. z o.o. as the entity authorised to verify the annual financial statement
of the Capital City of Warsaw for 2011. The agreement was concluded under Article 4, Item 8 of the
Act of 29 January 2004 - the Public Procurement Law (Journal of Laws of 2006 No. 164 item 1163,
as amended) and was valid from 30 January to 30 June 2012.
On 14 September 2012, the Capital City of Warsaw concluded an agreement with GUMUŁKA AUDYT Sp. z o.o. as the entity authorised to verify the annual financial statement of the Capital
21
City of Warsaw for 2012-2015. The agreement was concluded under Article 39 of the Act of 29
January 2004 - the Public Procurement Law.
V.8. Information on remuneration to the entity authorised to examine financial statements,
paid or due in the financial year
In accordance with Article 65 of the Accountancy Act of 29 September 1994, the amount of
remuneration due the entity authorised to verify the financial statements for the review of the
annual financial statement of the Capital City of Warsaw in 2011, as well as the delivery of opinion
written assessment and report, was equal to PLN 69 thousand.
The amount of remuneration due the entity authorised to verify the financial statements for the
review of the annual financial statement of the Capital City of Warsaw for 2012-2015
(2012,2013,2014,2015), for the review of financial statements of the Warsaw City Office, Warsaw
District Offices, budgetary units and local-government budgetary establishments of the Capital City
of Warsaw, for the participation in the meetings of the Review Committee of the Warsaw City
Council and in the sessions of the Warsaw City Councils, for the participation in the meetings with
chief accounting officers, and for the advice and consultations provided totals PLN 924.96
thousand.
V.9. Amendments to the rules and the scope of management in the issuer’s entity
The scope of activities of the City includes all public matters of local importance, not restricted
under the law for other entities. The City performs public tasks on its own behalf and responsibility
through its bodies and district units. The division of tasks performed by the City authorities, as well
as tasks performed by district bodies and associated authorities of the City and district units, are
regulated by the laws, the Articles of Association, and other Resolutions, of the Warsaw City
Council. These documents are available on the sites of the Public Information Bulletin of the
Capital City of Warsaw, e.g. at:
http://bip.warszawa.pl/Menu_podmiotowe/Warszawa/statut.htm
http://bip.warszawa.pl/Menu_podmiotowe/Rada_Warszawy/Uchwaly_Rady/default.htm
In order to perform public tasks, the City may found organisational units, and conclude agreements
with their entities, including non-Governmental organisations. The performance of public tasks may
be also realised under the collaboration of the City with different local-government units.
Executive body
In charge
Mayor of the Capital City
of Warsaw
Hanna Gronkiewicz - Waltz
Deputies of the Mayor of
the Capital City of Warsaw
Jacek Wojciechowicz
Jarosław Kochaniak
Włodzimierz Paszyński
Michał Olszewski
Treasurer of the Capital
City of Warsaw
Mirosław Czekaj
Secretary of the Capital
City of Warsaw
Jarosław Maćkowiak
Task
The Mayor of Capital City of Warsaw is the executive body of the city –
performs the communal and district tasks included in its responsibilities, tasks
commissioned in the field of Governmental administration, including those
resulting from the capital nature of the Capital City of Warsaw, and from
agreements concluded with regional local-government units.
The Mayor performs certain functions specified in the regulations for the Mayor,
and for district authority, because Warsaw is a commune with municipal and
district rights.
The Mayor’s tasks include the implementation of Resolutions of the Warsaw City
Council and the tasks specified under provisions of the law, in particular:
−
−
−
−
−
the preparation of drafts of Resolutions of the Warsaw City Council,
City property management,
the realisation of the City budget,
representing the City to the outside,
administering the current matters of the City.
In the framework of the realisation of the City budget, the Mayor is responsible
for the appropriate financial economy of the City.
22
Decision-making and supervisory body
In charge
The Warsaw City Council
Tasks
The Warsaw City Council is composed of sixty Council members.
The tasks of the Warsaw City Council were specified under Article 18 of the
Local Government Act and in art. 12 of the Law of the county government, as
well as the Act on the system of the Capital City of Warsaw.
These tasks include in particular:
− the resolution of the draft of the city’s articles of association agreed with
the Chairman of the Cabinet, and then resolved,
− the nomination and dismissal of the city’s treasurer at the request of the
Mayor (budget chief accountant),
− resolving the city budget, considering the report on its realisation and the
acknowledgement of the fulfilment or tasks (or not) to the Mayor,
− resolving local land development plans,
− making Resolutions on property matters exceeding the scope of ordinary
management,
− making Resolutions on the following matters: coats of arms, names of the
streets and the erection of monuments,
− granting of honorary citizenship.
Organisation
In charge
The Warsaw City Office
Auxiliary units
Tasks
In its present form, the Office of the Capital City of Warsaw was established
on 27 October 2002. According to Article 18, Item 1 of the Act of 15 March
2002 on the system of the Capital City of Warsaw, it includes the previouslyoperating management of the Warsaw City Office, the Warsaw District
Government, Warsaw Municipal Offices and the Warszawa-Centrum District
Offices, as well as the Wesoła Municipal Office.
The Office operates under the provisions of the law, including the local law,
and the regulations of the Mayor, as well as according to the appropriately
applied provisions stipulating the organisation of existing Warsaw municipality,
districts of the Warszawa-Centrum and Wesoła Municipal in the scope
complying with the Act on the system of the Capital City of Warsaw.
The part of the Office applicable to the district is the District Office.
The Office is the organisational unit through which:
− the Mayor performs the tasks of the Head of the District and of the
District Government within the limits of its responsibilities,
commissioned tasks in the scope of Governmental administration,
including the tasks resulting from the capital nature of the City of
Warsaw, and those resulting from agreements concluded with
regional Local-Government units,
− district administration offices perform tasks in the field of local
matters specified under Article 11, Item 2 of the Act, and tasks
assigned to districts under the articles of association of districts, and
various Resolutions of the Warsaw City Council (these tasks are
performed through district offices),
− members of district management and other officials of district offices
perform the tasks of the Mayor on behalf of the Mayor and
communicated to the under powers of attorney.
According to the Act on the system of the Capital City of Warsaw, eighteen
auxiliary units were founded in Warsaw – districts of the City of Warsaw, e.g.:
Bemowo, Białołęka, Bielany, Mokotów, Ochota, Praga Południe, Praga
Północ, Rembertów, Śródmieście, Targówek, Ursus, Ursynów, Wawer,
Wesoła, Wilanów, Włochy, Wola, and Żoliborz.
Districts are the auxiliary units of the Capital City of Warsaw. District
management are the executive bodies in districts, and supervision or control is
performed by districts councils.
23
V.10. Important changes to the area or membership in administrative structures and in basic
demographic data
V.10.1. General information
Warsaw is the capital of the Republic of Poland, and the most important political centre of Poland, a
centre of social, economic, scientific, and cultural life of the country. It is also the capital of the
largest Mazowieckie Province and the largest Polish city.
The area of Warsaw amounts to 517 sq. km
2
Population density: 3,027 residents per 1 sq. km
nd
Continuing its history, after the 2 World War Warsaw was the separated city, e.g. municipal
Provence, and in the 1960s, administrative division of the City into 7 districts was maintained,
namely: Mokotów, Ochota, Praga Południe and Praga Północ, Śródmieście, Wola and Żoliborz.
Since 1994, Warsaw was the municipal association of 11 Warsaw Municipals, and as a result of
administrative reform implemented under the Act on the Administrative System of the Capital City of
Warsaw, since 2002, Warsaw has become the municipal having district city rights. Warsaw is
divided into 18 districts having the status of auxiliary units.
V.10.2. Demographic data
Warsaw having over 1,708 thousand residents (1,600 thousand permanent residents) is the largest
city of Poland. Warsaw is inhabited by nearly 4.5 percent of domestic population.
Warsaw and adjacent municipal forms agglomeration inhabited by nearly 3 million residents, which
constitutes over 7.6 percent of domestic population (data from 2011).
2007
Population (in thousands)
working age
pre-working age
post-working age
Unemployment rate (%)
net migration
* as at 31.12.
2008
2009
2010
2011*
1 706.90
1 707.0
1 714.40
1 700.10
1 708.50
1 112.40
1 110.40
1 103.60
1 098.80
1 075.70
248.8
249.4
253.9
258.3
265
345.5
348.2
357
363.2
365.8
2.9
5.7
1.9
3.7
2.9
3.8
3.5
3.9
4.4
6.7
V.11. Important changes to the organisational relations of the entity with other parties
The changes made to the structure and amounts of shares held by the City were connected with:
- a transfer of the City shares in Dalkia Warszawa SA (formerly SPEC SA) on 30 April 2012 for the
purpose of their free-of-charge distribution to authorised employees and their respective heirs,
- a twofold increase in the share capital of MPO Company based in the Capital City of Warsaw on 3
September and 15 October 2012,
- a merger by way of take-over of the entire property of PPHW Zaplecze and Ratusz Wilanów
companies by MPRD Company on 31 August 2012,
- the commercialisation of PBU Warszawa-Północ Company on 1 February 2012,
- the removal of TechnoPort Warszawa Company from the National Court Register on 20 June
2012,
- a merger by way of transfer of the entire property of TBS Praga Północ Company to TBS Bemowo
Company, including the name change into TBS Warszawa Północ,
- a merger by way of take-over of the entire property of TBS Mokotów Company by TBS Praga
Południe Company, including the name change into TBS Warszawa Południe,
- the sales of shares in ZM Pekpol Ostrołęka Company on 13 June 2012.
2
Data of the Central Statistical Office in Warsaw as at 31 December 2011 (as of June 30, 2011)
24
The table presents the listing of companies with share of the Capital City of Warsaw including value
of shares and stocks as at 31 December 2012, compared to the status as at 31 December 2011.
No.
Company Name
Nominal
value of
Number of
shares/
shares/
stocks of the stocks of the
Capital City
Capital City
of Warsaw
of Warsaw
as at
31.12.2011
1
Agencja Inwestycyjna CORP - S.A.
2
Dalkia Warszawa S.A.
Gminna Gospodarka Komunalna
Ochota sp. z o.o.
3
4
5
6
7
8
Hotele Warszawskie Syrena sp. z o.o.
Komunalne Domy Handlowe sp. z o.o.
(w zawieszeniu)
Królewski Port Żerań sp. z o.o. w
likwidacji
Mazowiecki Fundusz Poręczeń
Kredytowych sp. z o.o.
15
Metro Warszawskie sp. z o.o.
Miejskie Przedsiębiorstwo
Oczyszczania w m.st. Warszawie sp.
z o.o.
Miejskie Przedsiębiorstwo Robót
Ogrodniczych sp. z o.o.
Miejskie Przedsiębiorstwo Robót
Wodociągowych i Kanalizacyjnych sp.
z o.o.
Taksówkowe sp. z o.o.
Miejskie Przedsiębiorstwo Usług
Komunalnych sp. z o.o.
Wodociągów i Kanalizacji w m.st.
Warszawie S.A.
Miejskie Zakłady Autobusowe sp. z
o.o.
16
POL-FRED sp. z o.o. (suspended)
17
POL-MOT Holding S.A.
18
21
"POSESJA" sp. z o.o.
Przedsiębiorstwo Budownictwa
Uprzemysłowionego WarszawaPółnoc Sp. z o.o.
Przedsiębiorstwo Gospodarki
Maszynami Budownictwa „Warszawa”
sp. z o.o.
Przedsiębiorstwo ProdukcyjnoHandlowo-Usługowe „Zaplecze” sp. z
o.o.
22
Przedsiębiorstwo Robót Elewacyjnych
Budownictwa "Warszawa" sp. z o.o.
23
Ratusz Wilanów sp. z o.o.
24
SEDECO sp. z o.o.
Stołeczne Przedsiębiorstwo Usług
Plastycznych i Wystaw Artystycznych
„WAREXPO” sp. z o.o.
9
10
11
12
13
14
19
20
25
as at
31.12.2011
Number of
shares/ stocks
of the Capital
City of Warsaw
Nominal value
of shares/
stocks of the
Capital City of
Warsaw
as at
31.12.2012
as at
31.12.2012
13 stocks
1 082 100
stocks
10 406
shares
50 050
13 stocks
50 050
108 210 000
3 862 stocks
386 200
520 300
10 406 shares
520 300
49 shares
2 450
49 shares
2 450
100 shares
10 000
100 shares
10 000
7 625 shares
16 000
shares
657 835
shares
7 625 000
7 625 shares
7 625 000
16 000 000
16 000 shares
16 000 000
328 917 500
657 835 shares
328 917 500
187 092 500
453 970 shares
226 985 000
7 000 000
28 507shares
14 253 500
374 185
shares
14 000
shares
241 shares
50 000
shares
12 050
241 shares
12 050
5 000 000
50 000 shares
5 000 000
4 600 shares
2 300 000
4 600 shares
2 300 000
19 545 766
stocks
861 130
shares
1 954 576 60
0
19 545 766
stocks
1 954 576 600
430 565 000
861 130 shares
430 565 000
20 shares
2 000
20 shares
2 000
2 300 stocks
11 500
2 300 stocks
11 500
490 shares
55 615
490 shares
55 615
400 shares
200 000
10 000
shares
5 000 000
10 000 shares
5 000 000
26 659
shares
13 329 500
0
0
200 shares
100 000
200 shares
100 000
8 shares
20 085
shares
28 108 200
0
0
20 085 000
20 085 shares
20 085 000
500 000
10 000 shares
500 000
10 000
shares
25
No.
Company Name
Nominal
Number of
value of
shares/
shares/
stocks of the stocks of the
Capital City
Capital City
of Warsaw
of Warsaw
as at
31.12.2011
26
27
Strefa Ekonomiczna Lotniska Okęcie
Sp. z o.o. w likwidacji
32
Szybka Kolej Miejska sp. z o.o.
TechnoPort Warszawa S.A. w
likwidacji
Towarzystwo Budownictwa
Społecznego Warszawa Północ sp. z
o.o.
Społecznego Mokotów sp. z o.o.
Społecznego Warszawa Południe sp.
z o.o.
Społecznego Praga Północ sp. z o.o.
33
TOWING sp. z o.o.
34
Tramwaje Warszawskie sp. z o.o.
Trasa Świętokrzyska sp. z o.o. w
likwidacji
28
29
30
31
35
36
39
Wola Sport sp. z o.o. w likwidacji
Zakłady Mięsne "PEKPOL Ostrołęka"
S.A.
Zakłady Przemysłu Ciągnikowego
URSUS S.A. w upadłości
Zarząd Pałacu Kultury i Nauki sp. z
o.o.
40
Złote Tarasy sp. z o.o.
37
38
21 shares
72 500
shares
2 467 971
stocks
38 914
shares
11 514
shares
50 845
shares
12 595
shares
874 shares
934 550
shares
125 702
shares
12 871
shares
308 stocks
592 400
stocks
6 600 shares
571 570
shares
as at
31.12.2011
Number of
shares/ stocks
of the Capital
City of Warsaw
Nominal value
of shares/
stocks of the
Capital City of
Warsaw
as at
31.12.2012
as at
31.12.2012
798 000
21 shares
798 000
72 500 000
72 500 shares
72 500 000
123 398 550
0
0
38 914 000
66 699 shares
66 699 000
11 514 000
0
0
50 845 000
62.359 shares
62 359 000
12 595 000
0
0
437 000
874 shares
437 000
467 275 000
934 550 shares
467 275 000
62 851 000
125 702 shares
62 851 000
6 435 500
12 871 shares
6 435 500
3 080
0
0
5 924 000
592 400 stocks
5 924 000
3 300 000
6 600 shares
3 300 000
57 157 000
571 570 shares
57 157 000
V.12. Important changes to the property owned
The property of the Capital City of Warsaw divided into individual components of the property as at
31 December 2011 and 2012 is given in table below (in PLN million).
2011
Land
Buildings, premises, land and civil engineering structures
Other fixed assets
Fixed assets under construction and advances
Long-term receivables
Intangible assets
Long-term financial assets
Fixed property total
2012
61 827.10
62 164.90
10 588.40
11 135.70
353.80
312.10
4 605.60
4 939.40
108.80
130.00
12.50
11.90
4 046.09
3 841.20
81 542.29
82 535.20
Tabular data under the item “land” exclude the value of land under perpetual usufruct of different
entities; their surface equals 2.747 ha.
The following is the main property right of the Capital City of Warsaw: ownership of real estates,
movables, other equipment as well as stocks and shares.
26
Other property rights include perpetual usufruct, mortgage and rights resulting from obligatory
relations.
The municipal property of the City includes property owned by services, inspections and guards
operating in the form of budgetary units, as well as the property of healthcare facilities and cultural
establishments for which the Capital City of Warsaw is the leading body or organiser, but also
municipal enterprises for which the Capital City of Warsaw is the founding authority.
V.13. Tasks realised by the issuer
The Capital City of Warsaw is the commune with municipal status with district rights. Its functions
are specified by the Act on Municipal and District Local Government, but the tasks resulting from
the capital nature of the city – the Act of 15 March 2002 on the Administrative System of the Capital
City of Warsaw (Journal of Laws of 2002, No. 41, Item 361, as amended). The Capital City of
Warsaw has legal personality, and its independence is subject to judicial protection.
V.14. Changes to the organisation of providing municipal services
Municipal companies serve the realisation of the own tasks of the City, e.g. the fulfilment of the
collective needs of residents – in particular referring to water supply, sewerage system, the
generating and transfer of thermal energy, the organisation of urban transport, and satisfying housing
needs.
The group of the largest companies in which the City owns 100% of the shares includes Miejskie
Przedsiębiorstwo Wodociągów i Kanalizacji w Warszawie S.A. and transport sector companies, such
as Metro Warszawskie Sp. z o.o., Tramwaje Warszawskie Sp. z o.o., Miejskie Zakłady Autobusowe
Sp. z o.o. and Szybka Kolej Miejska Sp. z o.o.
Information on companies of the City is given under item V.11, and a description of the tasks
realised in 2012 in the field of municipal services under item V.20.
Cleaning services and waste disposal in the City
In 2012, the disposal of municipal waste constituted the responsibility of the entrepreneurs (146
entities as at the date of drafting this report) authorised to collect municipal waste from property
owners. Under agreements concluded directly with property owners, the said entrepreneurs
collected waste and then transferred it to selected waste disposal facilities.
This situation will change on 1 July 2013, which is when the Capital City of Warsaw, under the
amended Act on Maintaining Cleanliness and Order in Municipals, will take over the responsibility
for municipal waste management in the City. According to the major amendment to the reference
provisions, it will be the Municipal, and not the property owners as it used to be, to conclude
agreements with entrepreneurs selected by way of tenders. It will also be the Municipal to decide
on where and how the waste will be disposed.
V.15. Expenditures on the realisation of individual tasks
The table presents the expenditures of the Capital City of Warsaw by tasks and areas for
2011 and 2012 (in PLN million and in %).
2011
Transport and urban transport
Education
Finances and various settlements
2012
PLN
share in %
PLN
share in %
3 968.17
32.34%
4 403.82
34.92%
2 543.71
20.73%
2 678.54
21.24%
1 243.14
10.13%
1 189.56
9.43%
1 358.42
11.07%
1 305.90
10.35%
997.97
8.13%
969.71
7.69%
818.77
6.67%
859.13
6.81%
Spatial governance and real-estate
economy
Health protection and social support
Local-Governmental structures
management
27
2011
PLN
2012
share in %
PLN
share in %
455.86
3.72%
376.62
2.99%
197.4
1.61%
125.97
1.00%
373.68
3.05%
373.46
2.96%
267.93
2.18%
262.3
2.08%
43.74
0.36%
67.68
0.54%
12 268.79
100.00%
12 612.69
100.00%
Culture and protection of cultural
heritage
Recreation, sports and tourism
Municipal economy and
environment protection
Public safety and order
Promotion and development support
Total expenditures
V.16. General revenue in the issuer’s budget
The sources of the revenue of the Capital City of Warsaw are specified in the Act of 13 November
2003 on the Revenue of Regional Local-Government Units (Journal of Laws of 2010, No. 80, Item
526, as amended). As a city with district rights, Warsaw acquires revenue from municipal and
district sources. These include:
1. individual revenue (including e.g.: inflows from taxes, inflows from fees, inflows from municipal
property, participation in personal and corporate income tax);
2. the general subsidy;
3. earmarked subsidies grants from the State budget;
4. assets from the budget of the European Union and other foreign sources, non-repayable.
The two main sources of revenue of the Capital City of Warsaw are the participation in personal
income tax (PIT), and the educational part of the general grant, constituting respectively approx.
30.4% and 10.6% of total revenue. The other main sources, including: real-estate tax, inflows from
sales of urban transport tickets or participation in corporate income tax (CIT) are at the level of
approx. 30%. The number of sources of the City’s revenue (e.g. over 70) proves high diversity and
has a positive impact upon the total risk for the budget non-realisation in terms of revenue.
The table presents the main sources of revenue for the Capital City of Warsaw in 2011 and 2012
(in PLN million and in %)
2011
PLN
2012
share
PLN
share
Participation in personal income tax
3 433.29
30.47%
3 518.57
29.47%
Educational part of the general subsidy
1 196.70
10.62%
1 308.83
10.96%
Property tax
935.23
8.30%
1005.95
8.42%
Inflows from services – sales of urban
transport tickets
695.05
6.17%
757.51
6.34%
Participation in corporate income tax
584.54
5.19%
537.32
4.50%
386.3
3.43%
232.34
1.95%
708.54
6.29%
1135.28
9.51%
410.89
3.65%
402.73
3.37%
379.01
3.36%
386.85
3.24%
Assets for co-financing projects
implemented as part of EU
programmes
Charges for management, utilisation
and perpetual usufruct
Earmarked subsidies – commissioned
tasks
Inflows from services – reimbursement
of payments for utilities
Revenue in total
254.11
2.26%
257.93
2.16%
11 268.51
100.00%
11 941.03
100.00%
28
V.17.The efficiency of revenue acquisition
The degree of realisation of the annual plan is the basic measure of efficiency of revenue
acquisition. In 2012, the budget of the Capital City of Warsaw was realised at the level by 0.94%
higher than the planned level, which reflects a deviation in the amount of PLN 111.44 million.
The table presents the highest positive deviations in the realisation of revenue plan in 2012
(in PLN million).
2012
Degree of
realisation
Plan
Realisation
Deviation
Resources from the EU budget
952.5
1 135.3
182.8
119.19%
Property tax
971.7
1 006.0
34.24
103.52%
Charges for management and perpetual usufruct
389.1
402.7
13.63
103.50%
Revenue from rental and lease
591.9
613.2
21.21
103.58%
3 580.0
3 518.6
-61.44
98.28%
619.7
537.3
-82.37
86.71%
85.0
97.8
12.82
115.08%
5.5
14.5
9
263.64%
250.0
232.3
-17.66
92.94%
Inflows from sales of urban transport tickets
759.5
757.5
-2
99.74%
11 829.59
11 941.03
111.44
100.94%
Participation in personal income tax
Stamp duty
Dividends from companies
Revenue in total
The year-to-year dynamics is another measure of efficiency of revenue acquisition. In 2012, the
revenue of the Capital City of Warsaw were higher than in the preceding year by 5.97%,
corresponding to an increase of PLN 672.52 million.
The table presents the highest positive deviations in the dynamics of the realisation of revenue in
2012 (in PLN million and in %).
2011
2012
Realisation
2012/2011
Deviation
Dynamics in
%
Assets for co-financing projects implemented as
part of EU programmes
708.5
1 135.3
426.8
160.24%
Earmarked subsidies from the State budget
468.2
478.7
10.5
102.25%
108.98%
Sales of urban transport tickets
695.1
757.5
62.4
Charges for management and perpetual usufruct
410.8
402.7
-8.1
98.04%
584.5
537.3
-47.2
91.92%
Inflows from sales of premises and property
184.6
255.2
70.6
138.26%
Revenue from rental and lease of property
597.7
613.2
15.4
102.58%
Property tax
935.2
1 006.0
70.8
107.57%
1 298.3
1408.62
110.3
108.47%
General subsidy
Revenue in total
386.0
232.3
-153.7
60.19%
11 268.51
11 941.03
672.52
105.97%
On 2012 the following factors had an impact on the results of the budget of the Capital City of
Warsaw in terms of the realisation of the plan and dynamics:
- a lower annual growth in the revenue from Warsaw’s participation in PIT (2.5%), as compared to
the basic macroeconomic indicators determining the inflows from PIT (a growth in employment of
0.1% together with a growth in wages and salaries in the national economy of 3.6%), which
resulted from the lowering of the participation rate of Warsaw in the PIT from 12.06% in 2011 to
29
11.80% in 2012. The dropping share of Warsaw is connected with the participation structure
based on historical data which provided for the consequences of systemic changes introduced in
previous years, i.e. increasing the tax allowance on children and decreasing the taxation scale,
being relatively more significant for Warsaw than, in average terms, for the whole country,
- the settlements with revenue offices, connected with the returns made by tax offices in 2011 and
in 2012 for the benefit of taxpayers, under the judgment passed by the European Court of Justice
on 16 June 2011. The said judgment implies that the tax obligation in respect of loans granted to
companies by their partners, which was introduced to the Act on the Tax on Civil Law Transactions,
was incompliant with the EU law. The European Court of Justice in its judgment ordered that the
said tax on civil law transactions (amounting to 0.5% of the transaction value), paid in respect of
the loan agreements concluded in 2007-2008 by shareholders of joint-stock and limited-liability
companies, be reimbursed to the taxpayers,
- a low transaction activity of both natural and legal persons; the revenue from the tax on civil law
transactions in 2012, in the context of the economic slowdown, were lower than in 2011.
The positive values of measures of revenue acquisition resulted from the activities taken by the
City authorities with the aim to increase the efficiency of the property management in the City,
and from the realisation of revenue from the resources for co-financing projects implemented as
part of EU programmes. The level of revenue from the EU was significantly influenced by the cofinancing provided to the construction of Metro line II.
V.18. A description of the course and efficiency of budget planning and the realisation of the
entity’s budget
Modern metropolis management requires clearly-defined strategic, long-term objectives and the
identification of tools for their realisation. Considering this, the financial management of the Capital
City of Warsaw is made in a rolling system, e.g. certain assumptions to the multiannual financial
addendum, attached to the budget from the preceding year for which the budget was prepared,
form the basis for preparing the budget for a given year and for the following years. The
specification of a multiannual financial framework in the management of local-government unit
facilitates an effective allocation of the limited financial assets for the maintenance of financial
safety. The knowledge of assumed priorities and financial opportunities allows the selection of the
optimum path for the City’s development. Comparing the City’s needs and potential in the context
of its development strategy provided is crucial in ensuring the relevant hierarchy of the realisation
of investment projects. Moreover, the long-term forecast of the City’s potential facilitates an
effective debt management, necessary for financing the development needs of Warsaw. On the
one hand, the specification of the long-term financial framework identified the statutory and
economic, possible level of indebtedness; on the other, the reliable budgetary forecast facilitated
the acquisition of relatively cheap capital obtained in the form of bond issues, and “cheap” credits
from international institutions (the European Investment Bank, the Council of Europe Development
Bank). The events occurring in the last three years have reflected the benefits of multiannual
planning, also under extraordinary circumstances, meaning the unexpected weakening of the
economic situation. Precisely-developed multiannual financial forecasts facilitated the flexible – not
excluding strategic objectives – discounting of predicted, disadvantageous effects of the economic
slowdown resulting from the crisis on the global financial markets.
The preparation of the budget and the Multiannual Financial Forecast is of a continuous nature,
e.g. a valid, official budgetary framework for the City approved under Resolutions of the City
Council is concurrently verified, based on the monitoring of the realisation of budgetary revenue
and expenditures, as well as on the analysis of changes in the economic environment influencing
the level of revenue and expenditures to be realised in the future. The process of detailed
budgetary planning for the Capital City of Warsaw engages all the organisational units of the City,
and also management authorities or councils of the City districts.
30
V.19. The forecast concerning the repayment of liabilities of the issuer
The budget forecast for 2013-2016, and the scheduled indebtedness and repayment of liabilities,
are given under item III.2.3 of this report. A detailed forecast, until the repurchase of liabilities, i.e.
until 2039, was presented in the Multiannual Financial Forecast for the Capital City of Warsaw for
2013-2042, available at the sites of the Public Information Bulletin of the City of Warsaw
(www.bip.warszawa.pl) in the tag “Budget and financial policy of the Capital City of Warsaw”.
V.20. The efficiency of municipal services and plans for their development
V.20.1. Local public transport and urban transport services
The Urban Transport Authority (ZTM) deals with the planning, organisation and supervision of the
urban transport and transit system in the Capital City of Warsaw.
In 2012, the following changes have occurred in the framework of the public transport and urban
transport system organised by ZTM:
•
•
•
•
•
•
Transit services in terms of collective public transport in Warsaw and adjacent municipalities
(with which intra-communal agreements were concluded for the provision of urban transport
services) were increased in relation to 2011 by approximately 1.7%, i.e. from 212.6 million
vehicle kilometres to 216.3 million vehicle kilometres.
The share of metro services in passenger transport decreased from 12.2% to 11.9% for the
benefit of other means of public transport, due to the start-up of new fast urban rail lines and
bus lines as part of supplementary transport, as well as due to additional bus and tram
services during EURO 2012.
The continuous modernisation of rolling stock owned by the City carriers was in progress. In
2012, 105 buses, 65 modern trams and 6 35WE (Fast Urban Rail) trains were provided for
use.
The construction of metro line II (the central section) was continued. The works involved
drafting the design, logging, constructing all planned stations and drilling track tunnels.
Other transport investments were continued, such as design works on extending the eastern
and western section of Metro line II, the construction of strategic “Park&Ride” car parks –
stage II (the commissioning of the P&R Wawer SKM car park and the cubature UrsusNiedźwiadek car park, the commencement of constructing the cubature P&R Metro Stokłosy
car park in the “design & build” system, and the lease of P&R parking space in the Wileńska
Commercial Centre and in Multikino Imielin), the construction of an underground passage next
to the P&R Ursus-Niedźwiadek car park, the construction of a Tarchomin tram line along the
Maria Skłodowska-Curie Bridge Route and the preparatory and design works concerning this
tram line to the Winnica terminus, the start-up of a new SKM (S-3) line and the extension of S2 line to the Warsaw Chopin Airport, the modernisation of the bus terminus, including the
construction of a check-out pavilion at the Eastern Station from the side of Lubelska Street
(commissioned on 29 May 2012), the start-up of a separate bus lane along the Maria
Skłodowska-Curie Bridge Route, the extension of the ticket sales network by starting up new
passenger service points (metro stations, the Lubelska bus terminus, the Warsaw Chopin
Airport), the assembly of stationary ticket machines in new locations (48 new machines; at the
end of 2012, there were 347 ticket machines altogether) and the assembly of mobile ticket
machines in public transport vehicles (in 2012, the number of vehicles equipped with such
devices amounted to 382; the total number as at the end of 2012 – 664).
The number of bicycle paths at P&R car parks, bus terminals and public facilities was
increased (to 1000 posts in total).
31
•
•
The Veturilo public bicycle system was implemented – stage I implemented since 1 August
2012 comprised 58 stations and 1068 bicycles; the number of registered users in September
2012 exceeded 44.5 thousand whereas the average number of bicycle rentals per month
reached 89.4 thousand.
As part of cooperation with local governments of the neighbouring municipalities, additional 3
supplementary “L” lines were activated. In 2012, 18 lines of this kind operated in the area of
10 municipalities, with a total length of 276 km.
V.20.2. Public roads
Tasks in terms of the construction, modernisation, maintenance and protection of public roads
running within the limits of the Capital City of Warsaw are carried out by the budgetary unit – Urban
Transport Authority (ZDM). In terms of organisation and financing, ZDM reports to the Mayor of the
Capital City of Warsaw who, under the Act on Public Roads of 21 March 1985, manages national,
province and district roads under the supervision of Warsaw.
Areas and activities generating the highest expenditures in 2011 include the maintenance and
overhaul of the City lighting system, the maintenance of roads and bridges, the maintenance of
traffic lights, the assembly and maintenance of traffic safety equipment, the maintenance of road
drain equipment, the maintenance of and changes to horizontal markings, the maintenance,
monitoring and modernisation of elevators in buildings, and the maintenance and extension of the
City Information System.
The most important modernisation and overhaul investments implemented in 2012 include the
overhaul of Dźwigowa Street which comprised reconstructing the drain equipment, providing a new
sewage connection to the road drain system, and reclaiming roadways and pavements (the cost
incurred in 2012 – PLN 9,994,711), the overhaul of flyovers along Hynka i Sasanki Street over
Żwirki i Wigury Avenue (at the cost of PLN 2,593,384), the overhaul of retaining walls along the
Łazienkowska Route next to the seat of the Central Statistical Office (at the cost of PLN
3,708,763), the construction of two vehicle weighing stands at the cost of PLN 1,155,970, the
2
construction of a pavement along Dzieci Polskich Avenue (1,761 m ) at the cost of PLN 435,357,
the overhaul of the lighting system along Jerozolimskie Avenue (at the cost of PLN 4,575,149), the
overhaul of traffic lights at the following crossroads: Odyńca and Krasickiego, Sobieskiego and
Nałęczowska, Jana Pawła II and Solidarności, Kondratowicza and Malborska, Powstańców
Śląskich and Człuchowska, and Powstańców Śląskich and Borowej Góry (at the cost of PLN
2
4,754,061), the construction of cycling lanes along 5 streets (4,660 m ) at the cost of PLN 880,110.
The gradual road overhauls conducted in 2012 as part of weekend replacements of asphalt surface
2
included the construction of new roadways asphalt surface covering the area of 208,699 m in 22
street sections (the cost of PLN 26,422,486). In connection with EURO 2012, the surface of 11
2
streets with the total area of 41,476 m was replaced (at the cost of PLN 4,999,462) and complex
2
pavement overhaul works were performed along 7 streets (20,807 m ) at the cost of PLN
2,493,101.
V.20.3. The technical infrastructure
Providing municipal services in the field of common water supply and waste disposal is conducted by
the City’s company MPWiK w Warszawie S.A., in which the City has 100% of shares. The City may
co-create the enterprise strategy by shaping the company’s articles of association and the
appointment of management.
On 19 June 2012, the City granted a permission to the Marecki Wodociąg Sp. z o.o., headquartered
in Marki, for the provision of collective water supply and sewage discharge services. The area of
32
activity of the reference service provider covers the Capital City of Warsaw Districts of Białołęka and
Targówek.
The investments realised by MPWiK (Municipal Water and Wastewater Company in the framework of
the project “Water supply and waste treatment in Warsaw”, co-financed from the Cohesion Fund,
have significantly contributed to the improvement in the quality of water supplied to residents through
the municipal pipeline system for the last two years. Moreover, within the reference project, MPWiK
has implemented an innovative computer system facilitating the reliable and effective management of
the water system, the so-called mathematical system. At the end of 2011, 97.93% of Warsaw
residents were connected to the water supply system. (This ratio was calculated on the basis of an
estimate analysis of the system coverage and increase in the newly-constructed sections).
At the end of 2012, 97.75% of Warsaw residents were within the coverage of the water supply
system. This difference in the water supply connection ratio results from the application of a different
calculation method. The 2012 value was calculated on the basis of a preliminary analysis of data from
the 2011 National Census, based on the demographic points using GIS software.
In terms of the realisation of tasks relating to waste management, the priority investment in 2012
comprised the extension and modernisation of the “Czajka” Sewage Treatment Plant, with the
construction of a transmission system for sewage treatment and the Municipal Solid Waste Treatment
Plant, co-financed from the EU resources. Sewage from the central and northern part of the Warsaw
left-bank will be transmitted via the transmission system under the bottom of the Vistula River to OŚ
“Czajka”. At present, the treatment plant also collects waste from the right-bank part of Warsaw, and
Legionowo, Jabłonna, Zielonka, Marki and Ząbki.
In 2012, the “W” sewer was constructed, with the total length exceeding 6 km. An extension of the
secondary channels system, which uses the “W” sewer, will make it possible to transmit household
sewage from the Wawer District to the “Czajka” treatment plant. It is also planned that a new section
between Rogatkowa and Patriotów streets will be constructed, comprising the drilling of a tunnel
under rail tracks, in order to connect the new sections of the built network, and to decrease the
burden on the sewer at Patriotów Street.
The investments implemented in the Capital City are intended to include the largest possible amount
of waste water in the sewage system, which will contribute to a better protection of water
environment. All the activities realised so far fall within the National Programme for Municipal Waste
Water Treatment (NPMWWT). The reference programme obliges the Warsaw agglomeration to
construct in 2007-2015 at least 93.4 km of a new sewage system and to modernise 40 km of the
existing one. In 2011, as part of the NPMWWT, 23.4 km of a new system was constructed and 0.2
km modernised (only within the limits of the City of Warsaw), as a result of which, since 2005, a total
of 95.03% of residents have been covered by the sewage system. (This value was calculated on the
basis of an estimate analysis of the system coverage and increase in the newly-constructed
sections).
In 2012, as part of the NPMWWT (only within the limits of the City of Warsaw), 38 km of a new
system was constructed and 4.9 km modernised, as a result of which, at the end of 2012, a total of
95.52% of residents were covered by the sewage system.
The production, sales, transmission and distribution of heat, gas and electricity are conducted by
commercial companies. In Warsaw there are 52 licensed electricity providers and 5 electrical system
operators, using 15,962 km of electrical lines, 87% of which are cable lines ensuring very high
reliability of energy supplies. The municipal heating system with a length of 1,752 km is powered by
14 heat sources, including 4 cogeneration plants. The works on extending and modernising two
cogeneration plants are now in progress, and the construction of another three is planned. Further
development of the City will be based on the existing reserves in the network heating system.
33
At the end of 2012, the Gaz-System S.A. operator confirmed at the annual Warsaw Energy Forum
the lack of reserves in the gas supply systems operating within the Warsaw Metropolitan Area. This
situation does not pose any threat to current users, to whom gas is supplied through distribution
networks with a length of 2,745 km.
The investments in the energy sector are defined in the Warsaw Heating, Electricity and Gas Fuel
Supply Programme, which at the end of 2012 covered 54.7% of the area of the Capital City of
Warsaw.
Moreover, an updated version of the Assumptions to the Warsaw Heating, Electricity and Gas Fuel
Supply Programme, used to balance the energy needs of the City until 2030, is currently under
implementation.
V.20.4. The housing economy
The policy in terms of the housing resources of the City was specified in the Multiannual Programme
for the Housing Resources Economy for the 2008-2012. In 2012, activities resulting from the
assumptions presented in the said programme were continued. These mainly related to the
continuation of the implementation of common rules for the rental policy of the whole city, resulting in
e.g., the ordering of the rent calculation system. The implementation of such rules resulted in a
significant increase in the revenue from residential premises.
In order to satisfy the housing needs, and taking into account the huge demand and sales of
residential premises, the Programme for Municipal Residential Construction was prepared for the
Capital City of Warsaw, valid in 2008-2012. In the framework of the activities planned and aimed at an
improvement in the technical condition of housing resources, an improvement in the quality of life of
residents and the protection of natural environment in the years 2010-2012, the project entitled
“Network heat in municipal buildings” is currently implemented, as part of which 126 buildings have
been selected to be equipped with internal central heating and hot water supply systems.
VI.
Annual report on the budget realization with the opinion of the Regional
Accounting Chamber
VI.1. Annual report on the budget realization
In accordance with Art. 37 paragraph 2 of the Public Finance Act of August 27, 2009 (Journal of Laws
No. 157, item. 1240) reports on the budget realization of the Capital City of Warsaw was published on
the Public Information Bulletin:
http://bip.warszawa.pl/Menu_przedmiotowe/budzet_polityka_finansowa/wykonanie_budzetu/default.htm
VI.2. The Resolution of the Adjudication panel of the Regional Accounting Chamber in
Warsaw on delivery of opinion on the submitted report on the realisation of the budget
for 2012
RESOLUTION No. Wa.16.2013 of the Adjudicating Panel
of the Regional Chamber of Audit in Warsaw of January 18, 2013
on the issuance of an assessment regarding the observance of the planned debt limit of the Capital
City of Warsaw.
Pursuant to Art. 230 par. 4 of the Act of August 27, 2009 on public finances (Journal of Laws No. 157,
item 1240 as amended), and in conjunction with Art. 121 par. 8 of the Act of August 27, 2009 –
Provisions implementing the Act on public finances (Journal of Laws No. 157, item 1241), as well as
Art. 13 point 10, Art. 19 par. 2 and Art. 20 of the Act of October 7, 1992 on regional chambers of audit
34
(consolidated text: Journal of Laws from 2012, item 1113) – the Adjudicating Panel of the Regional
Chamber of Audit in Warsaw, composed of:
Chairperson
- Teresa Gołębiewska
Members
- Lucyna Kusińska
- Bożena Zych
hereby resolves as follows:
§1
Pursuant to the Multiannual Financial Perspective for the years 2013-2042, and the budget resolution
for the year 2013, the Adjudicating Panel gives a positive assessment on the scope of the planned
limits of the debt of the Capital City of Warsaw.
§2
The resolution enters into force on the day of its resolving, and the Capital City of Warsaw should
publish this resolution in the manner specified in Art. 246 par. 2 in conjunction with Art. 230 par. 4 of
the Act of August 27, 2009 on public finances.
§3
This resolution may be appealed against to the Appeal Courts of the Regional Chamber of Audit in
Warsaw within 14 days from its delivery.
Justification
On December 21, 2012, the Regional Chamber of Audit received the following resolutions made by
the Council of the Capital City of Warsaw:
- Resolution No XLVIII/1301/2013 of December 13, 2012 on the Multiannual Financial Perspective of
the Capital City of Warsaw for the years 2013-2042,
- Resolution No XLVIII/1302/2012 of December 13, 2012 on the budget of the Capital City of Warsaw
for the year 2013.
The Adjudicating Panel has performed an analysis of resolutions as submitted, and has drawn the
following conclusions:
1) The forecast of the debt amount submitted in attachment No 1 to the MFP was prepared for the
period in which liabilities from credits and loans, and also the issue of bonds composing the debt,
arose, or are planned to arise, pursuant to the requirements specified in Art. 227 par. 2 of the Act
on public finances.
The amounts of revenues assumed in the unitary budgets do not cause any objections as far as
their accuracy is concerned.
2) The correlation of values assumed in the Multiannual Financial Perspective regarding the year
2013, and specified in the budget resolution for the year 2013, was maintained, also including in
the scope of the budget result and associated amounts of revenues and expenditures, as well as
the debt.
35
3) The total debt amount resulting from the liabilities that arose or are planned to arise was planned
with the admissible debt limit maintained and arising from:
- Art. 169 and 170 of the Act of June 30, 2005 on public finances, and in conjunction with Art. 121
par. 8 of the Act of August 27, 2009 – Provisions implementing the Act on public finances
(corresponding to the year 2013).
The Adjudicating Panel states that in the light of the debt forecast as submitted, the debt ratio planned
for the year 2013 amounts to 45.71% of the revenues planned for this year, and the ratio of the
repayment of liabilities amounts to 5.74% of the revenues planned. Following the application of the
exclusions provided in Art. 170 par. 3 and Art. 169 par. 3 of the Act on public finances from 2005, the
proportion of the debt to revenues planned in the year 2013 will amount to 32.5%, and the proportion
of the amount of debt repayment, including debt service charges to revenues planned, will amount to
5.68%.
The above-cited amounts show that total amount of debt of the entity at the end of 2013 falls within the
limits of 60% of its revenues, and that the amount of liabilities for the repayment of credit instalments
and loans, including interest, will not exceed the limit of 15% of revenues in the year 2013.
- Art. 243 of the Act of August 27, 2009 on public finances (starting from the year 2014). This means
that the City’s planned liabilities resulting from the repayment of debt, including debt service
charges, are lower than the admissible maximum amounts calculated for the subsequent 3 years
preceding a given budget year.
The Adjudicating Panel states that in 2013 the entity exceeded its individual debt ratio resulting from
Art. 243 of the Act of August 27, 2009 on public finances, which, pursuant to Art. 122 par. 3 of the Act
of August 27, 2009 - The provisions implementing the Act on public finances (Journal of Laws No 157,
item 1241 as amended) – was provided only for informational purposes and does not apply to the
assessment of the level of debt of the entity in this year.
In consideration of the above, the Adjudicating Panel of the Regional Chamber of Audit in Warsaw
decided as stated hereinabove.
VII.
An opinion and a report on the audit of the financial statement of the Capital
City of Warsaw for the year 2012
THE OPINION OF THE INDEPENDENT EXPERT AUDITOR
We have conducted an audit of the financial statement of the Capital City of Warsaw (hereunder
referred to as “the Entity” or “the City”) prepared for the financial year ended on December 31, 2012,
consisting of:
- The introduction
- The balance sheet of the implementation of the budget closed in terms of assets and liabilities in
the amount of PLN 1,777,839,400.54,
- The consolidated balance closed in terms of assets and liabilities in the amount of PLN
109,146,495,469.62
- The consolidated profit-and-loss account showing the net result amounting to PLN
2,359,512,105.35
36
- A listing of changes in the consolidated fund of the Entity showing the fund amounting to PLN
106,490,069,374.32
- Additional information and explanations
The Mayor of the Capital City of Warsaw, (hereunder referred to as “the Head of the Entity”), is
responsible for the preparation of financial statements in compliance with the binding regulations.
The Head of the Entity and the members of the Audit Committee are obliged to ensure that the
financial statement is compliant with the requirements specified in the Accounting Act of September
29, 1994 (hereunder referred to as “the Accounting Act”).
Our task was to audit and issue an opinion on the compliance of this financial statement of the City
with the required accounting principles (policy) and whether it represents reliably and clearly, in all
material aspects, the City’s economic and financial standing, and also its financial result and the
correctness of the accounting books constituting the basis for its preparation.
We have conducted an audit of the financial statement in compliance with the following provisions:
- article 268 of the Act of June 27, 2009 on Public Finances (hereunder referred to as “the Act on
Public Finances”),
- chapter 7 of the Accounting Act,
- the national standards on auditing issued by the National Council of Expert Auditors in Poland, and,
in the scope not regulated therein – the international standards on auditing, issued by the
International Federation of Accountants.
We planned the audit and audited the financial statement in such a way as to establish reasonable
confidence in the data, which allows expressing an opinion on the statement. The audit included, in
particular, verifying the correctness of the principles (policy) implemented by the Entity, and also its
important relevant estimates; checking – mainly by random verification – the accounting documents
and records that are the basis for the figures, the information included in the financial statement; and
generally assessing the financial statement.
In points 3.b), 3.e) and 3.i) of the Introduction attached to the financial statement, the Entity started the
process of the unification of the accounting records, the presentation and the rules of the evaluation of
land, the assets corresponding to the annual charges for real-estates given in perpetual usufruct and
also the road infrastructure; these processes had not been finalised by the time the audit finished.
Despite the uncertainty mentioned above, we think that the audit delivered sufficient basis for issuing
the opinion.
In our opinion, the financial statement was audited in all material aspects, except for objections on the
effects of any potential adjustments that will turn out to be necessary after the process of the
unification of the records, the presentation and evaluation of land, assets corresponding to annual
charges for real-estates given in perpetual usufruct, and also road infrastructure, are finalised:
a)
presents in a reliable and clear way the information important for the assessment of the
economic and financial standing of the City as at 31.12.2012 and its financial result for the
financial year from 01.01.2012 to 31.12.2012.
b)
was drawn up in compliance with the accounting principles (policies) provided for in the legal
Acts cited above and on the basis of ledgers kept in a correct way,
c)
conforms to the legal regulations and statutes of the City affecting the content of the financial
statement.
37
THE REPORT SUPPLEMENTING THE OPINION ON AUDIT OF THE FINANCIAL STATEMENT
The general characteristics of the Entity
1. Identification data
The Capital City of Warsaw is a local-government unit – a municipality with the status of a city with the
rights of a district.
In the REGON system, the Entity is registered under the statistical number 015259640.
2. The scope of activity
The scope of activity of the Entity is specified in valid Acts of the law, and the articles of association of
the City. We did not discover any discrepancies between the actual scope of activity and those Acts.
3. The Management of the Entity
The Mayor of the Capital City is the Head of the Entity, who, pursuant to Art. 53 par. 1 of the Act on
Public Finances, is responsible for the whole financial management of the Entity. Mrs. Hanna
Gronkiewicz-Waltz occupied the function of the Head of the Entity as at the day of the preparation of
this financial statement.
The obligations and responsibilities of the Chief Accountant of the Entity belonging to the sector of
public finance (as at the day of the preparation of this financial statement) was entrusted to Mr.
Mirosław Czekaj, occupying the function of City Treasurer.
4. Information on the financial statement of the Entity for the previous financial year
The financial statement for the previous financial years was audited by the Entity authorised to
conduct the audits of financial statements, namely PricewaterhouseCoopers Sp. z o.o., officially based
in Warsaw, entered onto the list under number 144, and on its behalf, the audit was conducted by the
key auditor, Mr. Andrzej J. Konopacki, entered onto the register and the list of expert auditors
practising the profession of expert auditor under the number 1750. An opinion with reservations was
issued on that financial statement.
The financial statement for the previous financial year was approved under the Resolution of the City
Council No. XXXVIII/960/2012 on June 20, 2012. The binding provisions provide for neither the
entering of financial statements of entities from the public-finance sector in registers, nor the
publication of financial statements.
Pursuant to Art. 5 par. 1 of the Accounting Act, the assets and liabilities, as at the day of their closing,
were shown in accounting books opened for the next financial year, in the same amount.
The scope of the work and responsibilities
1. The identification of the audited financial statement
The financial statement is of a consolidated type, meaning that it encompasses the data arising from
the balance sheets, profit–and-loss accounts, and also the listing of changes to the fund of localgovernment budgetary units, and self-government local-government budgetary enterprises. It was
prepared as at 31.12.2012, and for the financial year ending on that day. The components of the
audited financial statement and also the figures identifying them were given in the opinion on the audit.
38
The financial statement was prepared on the basis of regulations in the Accounting Act, and the
regulation of the Minister of Finance of July 5, 2010 on detailed rules of accounting and plans of
accounts for the state budget, the local-government units, budgetary entities, local-government
budgetary enterprises, the state earmarked funds, and also the state budgetary entities with their
official seats outside the Republic of Poland (issued under the Act on Public Finances), hereunder
referred to as “the regulation on detailed rules”.
The Head of the Entity prepares the report on the implementation of the budget; according to the valid
provisions, an expert auditor does not have to issue an opinion on it.
2. Data identifying an authorised Entity and the key expert auditor
The audit was conducted by Grupa Gumułka – Audyt Sp. z o.o. from Katowice, an entity authorised to
audit financial statements, entered onto the list under the number 2944.
Grupa Gumułka – Audyt Sp. z o.o. is registered in the National Court Register under the KRS number
0000216070 (the District Court in Katowice, VIII Commercial Department) with initial capital in the
amount of PLN 150,000.00. The authorised entity belongs to a network (within the meaning of
Directive 2006/43/EC of the European Parliament and of the Council of May 17, 2006) acting under
the joint name “Grupa Gumułka”, and is the member of the International Association of Practising
Accountants (IAPA).
The entity authorised to audit financial statements was nominated under Resolution No.
XLV/1233/2012 of the Council of the Capital City of Warsaw on October 18, 2012.
The audit was conducted under the contract number KK/B/XI/1/1/U-3/12-15. The key expert auditor,
Mr. Radosław Gumułka, entered onto the registered of expert auditors under the number 9972,
conducted the audit on behalf of the authorised entity, accompanied by a team of expert auditors and
assistants with the participation of the certified property valuator and investment adviser.
The key expert auditor, all individuals involved in the audit, as well as the authorised entity, maintain
their objectivity and independence required under Art. 56 par. 3 and 4 of the Act of 7.05.2009 on
Statutory Auditors, Their Self-Governing Organisation, Entities Authorised to Audit Financial
Statements and on Public Oversight (Journal of Laws from 2009, No. 77, item 649).
3. The method of audit
We conducted an audit of the financial statement from 03.12.2012 to 17.01.2013, and from
24.01.2013 to 06.05.2013 in seats of budgetary entities and local-government budgetary enterprises.
We conducted the audit in compliance with the provisions of Art. 268 of the Act on public finances,
chapter 7 of the Accounting Act, the national standards on auditing issued by the National Council of
Expert Auditors in Poland, and - in the scope not regulated therein - the International Standards on
Auditing.
Pursuant to obligations specified in those regulations, we have taken the proper diligence in order to
ensure that the audit was conducted according to the principles of ethics, in particular according to the
principle of independency, reliability and accuracy, professional competences and professional
secrecy.
We planned and conducted the audit in order to achieve a rational certainty that the financial
statement and accounting books constituting the basis for the preparation of individual statements are
free from any substantial irregularities. Our audit included a representative trial of values given under
39
individual items of the statement, and also internal inspection system obligatory for all organisational
entities.
The audit of the financial statement is based on the concept of materiality, which means that – if we
have revealed any discrepancies – we had assessed whether the combined and potential instances of
neglect or misinterpretation of information, violations of the rules (policy) of accounting valid for the
Entity, violations of the rules of correct accounting, and other similar errors, did not give any grounds
for stating that the audited financial statement was misleading for its recipient, or accounting books
and documentation were not reliable, or that the provisions of the Accounting Act were substantially
violated.
The audit consisted of performing procedures aimed at obtaining audit evidence regarding amounts
and information provided in the financial statement, and their compliance with the rules (policy) of
accounting binding on the Entity. The procedures depended on our judgment, including the risk of
substantial irregularities in the financial statement emanating from intentional acts or errors.
In assessing this risk, we considered the internal inspection regarding the preparation and
presentation of the financial statement; however, our task was not to issue an opinion on the efficacy
of this inspection within the Entity. In particular, we indirectly examined the Entity’s accounting and
internal inspection system within the scope in which data provided in the financial statement were the
subject of such an inspection (considering significance of an impact preparation of the financial
statement considered as a whole) in order to verify:
a) the correctness of the concept of accounting and internal inspection system, including their
consistency with regulations, and
b) the correctness of the operation of the accounting system, and the efficacy of the operation of the
internal inspection over the entire period in respect of which the financial statement was audited.
The methods applied in the course of the audit depended on the significance and importance of the
issues. We conducted analytical reviews involving the evaluation of numerical relations and
tendencies in order to establish the significant changes, deviations from expected amounts and
discrepancies with data collected in the course of various audits.
In reliability tests, the samples were selected individually, based on the auditor’s belief that they were
sufficient to assess the correctness of respective items, and the financial statement as a whole. In
particular, we directly confirmed the reliability of the following statements:
a) the existence of assets and liabilities listed in the financial statement as at the balance-sheet date,
b) the supervision of assets, or an obligation to comply with the liabilities listed as at the balancesheet day,
c) the existence of economic operations listed in the financial statement as at the audited period,
d) the completeness of the listing of assets, liabilities, economic operations and other information
regarding the period for which the financial statement being the subject of audit was prepared
e) the correctness of the valuation of assets and liabilities,
40
f)
presenting economic operations as correct amounts and correctly attributing revenues,
extraordinary profits, and also extraordinary expenditures and losses resulting from them in the
period they correspond to,
g) presenting, in the appropriate parts of the financial statement, respective balances of assets and
liabilities, extraordinary revenues and profits as well as expenditures and extraordinary costs and
losses.
The audit also included an assessment of the validity of estimates performed by the management of
the Entity, an assessment of the general structure of the financial statement, and the accounting policy
applied.
4. The limitations of the audit
Our task was to audit and issue an opinion on the compliance of this financial statement of the City
with the required accounting principles (policy) and to state whether it represented reliably and clearly,
in all material aspects, the economic and financial standing, and also its financial result and the
correctness of the accounting books constituting the basis for its preparation. The detection and
explanation of events to be investigated, and also discrepancies that occurred beyond the borders of
the accounting system were not the direct subject of audit.
The Head of Entity is responsible for the correctness of the accounting books and for the preparation
of a financial statement consistent with the binding provisions, and also for their reliable presentation.
Recognising this responsibility, in the course of the audit of the financial statement, the Mayor of the
City submitted all statements, explanations, and information that we required, and shared the books,
as well as all documents and information necessary to issue the opinion and its supplementary report.
In particular, the Head of the Entity delivered a statement on the completeness and reliability of the
financial statement submitted for audit, revealing additional information on any potential conditional
liabilities existing as at the balance-sheet day, and non-occurrence, as at the date of the submission of
the statement, of any events with a substantial impact on the amount of data provided in the financial
statement for audited year.
Consequently, having regard to the uncertainty referred to in point V of this report, the scope of works
planned and performed by us was not significantly limited.
The scope and method of the audit emanates from the working documentation that we have prepared,
and which is stored in the premises of Grupa Gumułka – Audyt Sp. z o.o.
The assessment of the correctness of the applied accounting system
The Entity possesses documentation describing the accounting policy as applied in the scope required
under Art. 10 of the Accounting Act. In our view, this policy is justified, with an objection regarding
classification of the future charges to the rights of perpetual usufruct established as investment
properties.
The valuation of assets and liabilities is made according to the rules specified in the Accounting Act,
and the regulation on detailed rules, and also according to the policy of accounting as applied. No
remarks were made on the correctness or the continuity of the evaluation of assets and liabilities, the
method of presentation of economic operations on booking accounts, or the publication of numerical
data in the financial statement subject to the issues presented under point V of this report.
The economic operations are correctly documented. The documentation of economic operations is
considered transparent.
The results of the audit of the accounting books and accounting records constituting the basis for the
entries made therein (including the correlation of entries made therein and the accounting records and
41
the financial statement) allowed us to consider them as compliant with the condition of reliability,
correctness and verifiability.
We have no reservations towards the methods of securing access to data and the system of its
processing by means of computer systems, or to the proper protection of the accounting
documentation, accounting books and financial statements.
The inventory of assets and liabilities, and also the settlement and presentation of its result in the
books were performed according to the Accounting Act, adequately documented, and correlated with
entries made to accounting books. The date and frequency of the inventory specified in the
Accounting Act are considered as observed.
The archiving of accounting documentation is correct.
The presentation of the financial and property standing, and also the financial result
The structure of the main items of the financial statement (for the present and the two previous
financial years) was presented in the tables below (individually for individual components of the
financial statement). The structure of the individual items presented in the tables below is counted as
follows: with reference to the items of the balance sheet – in relation to the balance sheet sum; as far
as revenue items of profit-and-loss account are concerned – in relation to the value of total revenues,
with regards to expenditure items in the profit-and-loss account – in relation to the value of total
expenditures; with reference to the items of result on individual levels, and charges on the result – in
relation to the net result. The dynamics reflects the changes in the individual items in the years
analysed.
The financial analysis is based on data provided by the Entity, and excludes the issues discussed
under point V of this report.
The comparative data exclude adjustments to the opening balance (the scope of which was discussed
in Additional information and explanations); these were also not freed from the impact of inflation.
Table No. 1. The changes to and structure of the main items of assets
As at 31.12 (in thousand)
ASSETS
Fixed
assets
Intangible
assets
Tangible
fixed assets
Long-term
receivables
Long-term
financial
assets
Investment
properties
The value of
the property
of liquidated
undertakings
Current
assets
Reserves
Short-term
receivables
Short-term
financial
assets
Accruals
TOTAL
ASSETS
Structure
Dynamics
Change
Change
2011/2010 2011/2012
2010
2011
2012
2010
2011
2012
73 754 291.7
106 235 414.2
107 636 291.1
97.12%
98.77%
98.62%
44.04%
1.32%
9 980.7
12 651.4
11 856.9
0.01%
0.01%
0.01%
26.76%
-6.28%
69 703 650.4
70 286 754.8
71 318 854.7
91.79%
65.35%
65.34%
0.84%
1.47%
181 699.9
137 623.1
147 660.9
0.24%
0.13%
0.14%
-24.26%
7.29%
3 858 693.3
3 812 126.6
3 776 910.4
5.08%
3.54%
3.46%
-1.21%
-0.92%
0.0
31 986 197.2
32 381 008.3
0.00%
29.74%
29.67%
-
1.23%
267.3
61.1
0.0
0.00%
0.00%
0.00%
-77.15%
-100.00%
2 184 658.6
1 324 671.1
1 510 204.3
2,88%
1.23%
1.38%
-39.36%
14.01%
24 589.9
20 477.2
21 254.1
0.03%
0.02%
0.02%
-16.73%
3.79%
1 185 944.1
959 338.3
1 132 422.8
1.56%
0.89%
1.04%
-19.11%
18.04%
302 943.7
296 062.5
312 530.4
0.40%
0.28%
0.29%
-2.27%
5.56%
56 036.6
48 793.1
43 997.0
0.07%
0.05%
0.04%
-12.93%
-9.83%
75 938 950.3
107 560 085.3
109 146 495.5
100.00%
100.00%
100.00%
41.64%
1.47%
42
The balance sheet sum rose by PLN 1,586,410.2 thousand. The fixed assets rose by 1.32%, and their
share of total assets was at the level of 98.62%. The tangible fixed assets (65.34% of the total assets)
and investment properties constitute the main item of fixed assets, where the Entity currently presents
the financial assets consisting of the right to collect annual charges on properties in perpetual usufruct
(29.67% of total assets). The short-term receivables (1.04% of total assets) constitute an important
item in current assets, constituting 1.38% of the sum of assets.
Table No. 2. The changes to and structure of the main items of liabilities
LIABILITIES
Fund
Entity’s fund
Net financial
result
Surplus on
current
assets (-)
Fund of the
property of
liquidated
undertakings
Earmarked
state funds
Payables
and
reserves for
payables
Long-term
payables
Short-term
payables
Reserves for
payables
Special
funds
Accruals
TOTAL
LIABILITIES
Structure
Dynamics
Change
Change
2011/2010 2011/2012
41.66%
1.60%
42.12%
2.20%
2010
2011
2012
2010
2011
2012
73 991 789.9
71 694 995.0
104 813 776.5
101 889 852.1
106 490 069.4
104 133 636.4
97.44%
94.41%
97.45%
94.73%
97.57%
95.41%
2 302 727.8
2 925 874.9
2 359 512.1
3.03%
2.72%
2.16%
27.06%
-19.36%
-6 200.3
-2 011.6
-3 079.1
-0.01%
0.00%
0.00%
-67.56%
53.07%
267.3
61.1
0.0
0.00%
0.00%
0.00%
-77.15%
-100.00%
2 404.2
4 390.2
-1 103.0
0.00%
0.00%
0.00%
82.61%
-125.12%
2 739 614.9
2 609 497.2
2 489 340.8
3.61%
2.43%
2.28%
-4.75%
-4.60%
60 744.8
473 452.4
69 836.0
0.08%
0.44%
0.06%
679.41%
-85.25%
1 798 375.4
856 001.4
911 775.8
2.37%
0.80%
0.84%
-52.40%
6.52%
880 494.7
1 280 043.3
1 507 729.0
1.16%
1.19%
1.38%
45.38%
17.79%
104 232.4
107 652.5
113 922.6
0.14%
0.10%
0.10%
3.28%
5.82%
85 636.0
24 768.8
54 265.7
0.11%
0.02%
0.05%
-71.08%
119.09%
75 938 950.3
107 560 085.3
109 146 495.5
100.00%
100.00%
100.00%
41.64%
1.47%
The structure of the sources of financing of assets was slightly improved as compared to the previous
year. The share of the Entity’s own funds constituted 97.57% (97.45% in the previous year), and the
share of payables and reserves for payables 2.28% (2.43% in the previous year) of the total sources
of financing. Among the funds, the largest contribution was attributed to the Entity’s fund (95.41% of
total liabilities), and reserves for payables (1.38% of total liabilities) had a substantial share in
payables and reserves for payables.
Table No. 3. The changes to and structure of the main items of profit-and-loss account
PROFIT-ANDIn period (in thousand)
LOSS ACCOUNT
2010
2011
2012
(comparative
variant)
NET
REVENUES
FROM
BASIC
10 925 573.00
11 282 904.4
11 967 250.0
OPERATING
ACTIVITY
COSTS
OF
8 388 031.2
8 359 211.6
8 864 086.4
OPERATING
ACTIVITY
PROFIT
(LOSS)
2 537 541.8
2 923 692.8
3 103 163.6
ON
BASIC
ACTIVITY (+, -)
OTHER
1 075 963.2
283 491.6
808 889.1
OPERATING
REVENUES
OTHER
1 214 838.2
920 281.6
1 516 823.1
OPERATING
2010
Structure
2011
2012
Dynamics
Change
Change
2011/201
2011/2012
0
89.04%
89.09%
90.81%
3.27%
6.07%
84.16%
85.84%
81.94%
-0.34%
6.04%
20.68%
23.09%
23.55%
15.22%
6.14%
10.80%
2.24%
6.14%
-73.65%
185.33%
12.19%
9.45%
14.02%
-24.25%
64.82%
43
PROFIT-ANDLOSS ACCOUNT
(comparative
variant)
COSTS
PROFIT
(LOSS)
FROM ECONOMIC
ACTIVITY (+/-)
RESULT
ON
EXTRAORDINARY
EVENTS (+/-)
GROSS
PROFIT
(LOSS) (+. -)
INCOME TAX
OTHER
OBLIGATORY
DECREASES OF
PROFIT (increases
of
loss)
AND
SURPLUSES
OF
CURRENT
ASSETS
NET
PROFIT
(LOSS) (+. -)
2010
In period (in thousand)
2011
2012
2010
Structure
2011
2012
Dynamics
Change
Change
2011/201
2011/2012
0
2 303582.1
2 925 956.0
2 360 598.7
18.77%
23.10%
17.91%
27.02%
-19.32%
201.2
156.4
0.8
0.00%
0.00%
0.00%
-25.58%
-99.52%
2 303 792.3
2 926 112.4
2 360 599.5
18.78%
23.11%
17.91%
27.01%
-19.33%
1 047.7
237.5
1 087.4
0.01%
0.00%
0.01%
-77.33%
357.84%
16.8
0.0
0.0
0.00%
0.00%
0.00%
-100.00%
0.00%
2 302 727.8
2 925 874.9
2 359 512.1
18.77%
23.10%
17.90%
27.06%
-19.36%
The Entity ended the audited financial year with a positive financial result in the amount of PLN
2.359,512.1 thousand. This result is 19.36% lower as compared to the previous year. The net
revenues from the basic operating activity amounted to PLN 11,967,250.0 thousand (increase by
6.07%), and the costs of operating activity were on the level of PLN 8,864,086.4 thousand (increase
by 6.04%). The Entity achieved the profit on the basic activity of PLN 3,103,163.6 thousand. The result
of other operating activity was negative (PLN 707,934.0 thousand). A negative result was achieved
from financial activity (PLN 34,630.9 thousand). The Capital City of Warsaw generated a gross profit
at the level of PLN 2,360,599.5 thousand. The income tax charges on gross profit in the amount of
PLN 1.087.4 thousand had an impact on the final amount of the net profit.
Table No. 4. The dynamics of the main items of the listing of changes in the Entity’s fund
LISTING OF
CHANGES IN
ENTITY’S FUND
Entity’s fund at
the beginning of
the period (OB)
Increases of fund
(due to)
Decreases
in
Entity’s fund (due
to)
Entity’s fund at the
end of the period
(CB)
Net financial result
for the current
year (+, -)
Surplus of own
revenues of the
budgetary entities,
surplus of current
assets
of
the
budgetary
enterprises, writedowns from the
financial result of
auxiliary
enterprises
of
budgetary entities
Fund
2010
2011
2012
Change
2011/2010
Dynamics
Change
2012/2012
102 765 041.3
71 693 902.7
102 813 862.5
-30.24%
43.41%
23 851 083.1
55 665 489.4
27 414 245.8
133.39%
-50.75%
54 921 129.4
25 469 540.0
26 094 471.9
-53.63%
2.45%
71 694 995.0
101 889 852.1
104 133 636.4
42.12%
2.20%
2 302 727.8
2 925 874.9
2 359 512.1
27.06%
-19.36%
6 200.3
2 011.6
3 079.1
-67.56%
53.07%
73 991 522.6
104 813 715.4
106 490 069.4
41.66%
1.60%
44
The Entity’s fund at the beginning of the period amounted to PLN 102,813,862.5 thousand and was up
by 43.41% as compared to the previous year. The increase were 50.75% lower than in the previous
year. Decreases amounted to PLN 26,094.9 thousand, and were 2.45% higher as compared to the
previous year. The listing of changes in the fund shows its amount at the end of the year equal to PLN
106,490,069.4 thousand and was 1.6% higher than in the previous year.
Table No. 5. The changes and dynamics of the main items of the budget implementation balance
sheet
ASSETS
Monetary
assets
Receivables
and
settlements
Short-term
financial
investments
TOTAL
ASSETS
Structure
2010
2011
2012
2010
2011
2012
1 465 826.9
1 925 495.4
1 168 502.9
89.64%
73.92%
65.73%
31.36%
-39.31%
169 352.5
129 295.1
109 337.2
10.36%
4.96%
6.15%
-23.65%
-15.44%
0.0
549 934.6
499 999.3
0.00%
21.11%
28.12%
-
-9.08%
1 635 179.4
2 604 725.1
1 777 839.4
100.00%
100.00%
100.00%
59.29%
-31.75%
LIABILITIES
Payables
Net assets of
the budget
Other
liabilities
TOTAL
LIABILITIES
Dynamics
Change
Change
2011/2010 2012/2011
Structure
Dynamics
Change
Change
2011/2010 2012/2011
13.34%
-3.84%
2010
2011
2012
2010
2011
2012
5 241 827.0
3 702 057.2
5 940 883.0
5 712 819.4
320.57%
228.08%
321.33%
-3 439 771.9
-4 042 838.3
-226.40%
-132.06%
-227.40%
-7.08%
17.53%
95 409.6
103 613.9
107 858.3
5.83%
3.98%
6.07%
8.60%
4.10%
1 635 179.4
2 604 725.1
1 777 839.4
100.00%
100.00%
100.00%
59.29%
-31.75%
The sum of the budget implementation balance sheet fell by PLN 826,885.7 thousand. The monetary
assets in the amount of PLN 1,168,502.9 thousand (65.73% of total assets) and the short-term
financial investments in the amount of PLN 499,999.3 thousand (21.11% of total assets) constituted
the largest item among assets of the balance sheet. Among the liabilities, the share of payables was
the highest, constituting 321.33% of all liabilities (a drop of 3.84% as compared to the previous year)
and net assets of the balance sheet -227.4% of liabilities (an increase by 17.53% as compared to the
previous year).
The Entity’s management is not aware of any events occurring after the balance sheet date with
significant impact on the financial result of the period from 1.01.2012 to 31.12.2012, or conditions
causing the going concern problem.
Information obtained in the course of the audit, and the analysis of the basic economic parameters
justify drawing the conclusion confirming the position of the Head of the Entity that the continuation of
activities by the Entity in the scope not substantially limited and in the period of 12 months following
the balance sheet date is not at risk.
The characteristics of the issues and items for consideration
In our opinion, attention should be drawn to the following issues.
1. The processes applied to the valuation of fixed assets
Under point 3.b) of the Introduction to the financial statement, the Entity declares that it started the
process of the unification of accounting records and the rules of the valuation of land applied by all
organisational units included in the combined financial statement, and also the process of the
45
valuation of the road infrastructure before the year 2006. This scope also encompasses the issues
corresponding to the managed re-estimates of the value of fixed assets (made until 2008), and the
Entity detailed this in point 3.i) of the Introduction to the financial statement. These processes were not
finalised until the end of the audit.
Uncertainty resulting from adjustments that might turn to be necessary when this process is finalised
forced us to make a reservation in the opinion issued by the independent expert auditor.
2. Properties in perpetual usufruct
The City is authorised to collect annual charges for the disposal of land in perpetual usufruct
presented as investment properties and estimated by the book value amounting to PLN 32,381 million.
In our opinion, the future monetary flows are compliant with the definition of financial assets as
interpreted under article 3 section 1 clause 24 of the Accounting Act as a contractual right to receive
monetary assets, and their value may be reliably estimated as the use of the relevant variant of a
model of perpetual bond; based on estimate data, we have received an approximation in the amount
of PLN 19,892 million, e.g. by PLN 12,489 million lower than the value currently presented by the
Entity as investment properties. In our opinion, the right to annual charges should be presented as
long-term financial assets.
Under point 3.b) and 3.e) of the Introduction to the financial statement, the City states that it started
the process aimed at the unification of the rules for the presentation and valuation of these rights, and
that it is drafting detailed calculations of these rights. The current assets and the Entity’s fund should
be decreased by a value constituting the difference between the currently-presented amount (PLN
32,381 million) and the calculated value.
3. Revenues from subsidies
Under point 2.a) of the Introduction to the financial statement, the Entity declares the presentation of
monetary assets received in the form of subsidies assigned for single investments under the profitand-loss account as the revenues of a given period, and not settled over time.
In our opinion, it does not have any significant impact on the adequacy of costs and revenues.
Information on substantial violations impacting on the financial statement
No violations of the law with a substantial impact on the audited financial statement were revealed.
Warsaw/Katowice, on 15 May 2013
Radosław Gumułka, Reg. no. 9972
The key expert auditor conducting the audit on behalf of
Grupa Gumułka – Audyt Sp. z o.o.
ul. Jana Matejki 4, 40-077 Katowice
(The Entity authorised to audit financial statements entered onto the list of authorised entities under
number 2944)
46

ANNUAL REPORT revision no 1 27.05.13

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