Integrated
Annual Report 2011

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Grupa LOTOS S.A. - Integrated Annual Report 2011
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12. Income and expenses

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12.1 Sales revenue

PLN '000 Note Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
       
Sales of products   37,191,995 27,039,899
Sales of services   249,615 171,911
Total sales of products   37,441,610 27,211,810
Sales of goods for resale   983,062 686,115
Sales of materials (1)   203,468 25,361
Total sales of goods for resale and materials   1,186,530 711,476
Effect of accounting for cash flow hedge accounting   (90) -
Total   38,628,050 27,923,286
- including to related entities 39.1 6,579 -
Elimination of excise duty and fuel charge   (9,368,464) (8,260,482)
Total   29,259,586 19,662,804

 

PLN '000 Note Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
       
Domestic sales of products   31,475,067 23,834,002
Export sales of products   5,966,543 3,377,808
Total sales of products   37,441,610 27,211,810
Domestic sales of goods for resale and materials   583,650 413,442
Export sales of goods for resale and materials (1)   602,880 298,034
Total sales of goods for resale and materials   1,186,530 711,476
Effect of accounting for cash flow hedge accounting   (90) -
Total   38,628,050 27,923,286
- including to related entities 39.1 6,579 -
Elimination of excise duty and fuel charge   (9,368,464) (8,260,482)
Total   29,259,586 19,662,804

(1) including sales of crude oil.

  

12.2 Other operating income

PLN '000 Note Year ended
Dec 31 2011
Year ended
Dec 31 2010
Gain on disposal of non-financial non-current assets   1,420 7,662
Gain on disposal of non-current assets held for sale 22 2,490 -
Subsidies   1,654 1,122
Provisions released   380 17,233
Reversal of impairment losses on non-financial assets:   4,832 9,761
- receivables   4,151 4,827
- property, plant and equipment and intangible assets   681 817
- assets held for sale   - 4,117
Compensations/damages received   10,558 8,581
Other   20,381 (1) 12,600 (2)
Total   41,715 56,959

(1) including PLN 14,391 thousand under statute of limitations for liabilities,

(2) including PLN 5,999 thousand under reimbursement of payments resulting from adjustments to excise duty tax return and fuel charges from previous years, related to the Parent.

  

12.3 Finance income

PLN '000 Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
Dividend received 514 715
Interest 20,717 19,428
Gain on disposal of investments 958 -
Other 83 3,285
Total 22,272 23,428

  

12.4 Costs by type

PLN '000 Note Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
Depreciation and amortisation 12.7, 31 608,608 389,901
Raw materials and energy used   25,008,836 16,482,251
Contracted services   1,187,705 943,105
Taxes and charges   155,661 104,256
Salaries and wages   504,553 452,110
Social security and other benefits   129,086 117,163
Other costs by type   193,982 169,608
Goods for resale and materials sold   888,812 497,421
Total   28,677,243 19,155,815
Change in products and adjustments to cost of sales   (672,227) (637,102)
Total operating expenses:   28,005,016 18,518,713
Cost of sales   26,572,381 17,269,213
Selling costs   1,000,366 872,382
General and administrative expenses   432,269 377,118

  

12.5 Other operating expenses

PLN '000 Note Year ended
Dec 31 2011
Year ended
Dec 31 2010
Loss on disposal of non-financial non-current assets   2,500 4,115
Loss on disposal of non-current assets held for sale 22 - 224
Revaluation of non-financial assets:   316,824 102,674
- receivables   11,053 12,556
- property, plant and equipment and intangible assets, including:   305,507 87,318
    - impairment loss on assets related to the YME field   239,775 -
    - impairment loss on exploration and appraisal assets   33,451 69,642
- assets held for sale   - 2,800
- investment property   264 -
Provisions recognised, including:   3,710 14,391
- special account 16, 36.1 1,500 1,000
Fines and damages   587 3,054
Other   14,253 15,238
Total   337,874 139,696

  

12.6 Finance expenses

PLN '000 Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
Interest, including: 207,525 184,642
- discount on provision for Offshore Oil Rigs (1) 10,814 10,087
Bank fees 19,652 14,924
Amounts capitalised as part of the cost of qualifying assets (36,191) (111,842)
Foreign exchange losses 234,787 98,639
- on foreign-currency denominated credit facilities 390,914 182,668
- on foreign-currency denominated borrowings (95,475) (19,211)
- realised foreign exchange differences on foreign-currency transactions in bank accounts (34,112) (62,251)
- on debt securities (15,539) (2,279)
- other foreign exchange differences (11,001) (288)
Loss on disposal of investments 1 -
Revaluation of financial assets, including: 130,485 193,039
- valuation of derivative financial instruments 9,769 75,945
- settlement of derivative financial instruments 120,661 117,091
Other 3,003 2,090
Total 559,262 381,492

(1) Referred to in Note 36.1.

  

12.7 Depreciation and amortisation costs, impairment losses, and foreign exchange gains/losses on operating activities

PLN '000 Year ended
Dec 31 2011
Year ended
Dec 31 2010
(restated)
Items recognised in cost of sales:    
Depreciation of tangible assets and amortisation of intangible assets 496,425 288,271
Effect of revaluation of inventories 4,809 (1,665)
Net foreign exchange losses (gains) on trade settlements 319,366 (35,554)
  820,600 251,052
Items recognised in selling costs:    
Depreciation of tangible assets and amortisation of intangible assets 52,638 53,203
  52,638 53,203
Items recognised in general and administrative expenses:    
Depreciation of tangible assets and amortisation of intangible assets 41,192 34,549
  41,492 34,549
Items recognised in change in products and adjustments in cost of sales:    
Depreciation of tangible assets and amortisation of intangible assets 18,353 13,878
  18,353 13,878

  

12.8 Costs of employee benefits

PLN '000 Year ended
Dec 31 2011
Year ended
Dec 31 2010
Salaries and wages 504,553 452,110
Social security and other benefits 129,086 117,163
Total, including: 633,639 569,273
Cost of current salaries and wages 468,719 426,888
Cost of social security and other employee benefits 127,711 116,022
Cost of retirement and other post-employment benefits 37,209 26,363
Change in products and adjustments to cost of sales (15,310) (15,281)
Total cost of employee benefits, including: 618,329 553,992
Items recognised in cost of sales 358,773 331,298
Items recognised in selling costs 33,366 30,938
Items recognised in general and administrative expenses 226,190 191,756

  

This is a translation of a document originally issued in Polish.