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- 12. Income and expenses
- LOTOS Annual Report 2011 /
- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 12. Income and expenses
12. Income and expenses
PAGE CONTENTS
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.