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- 21. Investments in associates
- LOTOS Annual Report 2011 /
- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 21. Investments in associates
21. Investments in associates
Investments in associates:
Company name | Registered office | Business profile | Dec 31 2011 | Dec 31 2010 |
---|---|---|---|---|
AB LOTOS Geonafta (prior to the merger - AB “Naftos Gavyba”) (parent of another group) (1) |
Gargždai, Lithuania |
Crude oil exploration and production, drilling services, and purchase and sale of crude oil | - (2) | 40.31% (3) |
(1) The AB LOTOS Geonafta Group comprises UAB Geňciu Nafta, a subsidiary, and two jointly-controlled entities: UAB Minijos Nafta and UAB Manifoldas.
(2) Following approvals by the General Meeting of LOTOS Petrobaltic S.A. and the Lithuanian anti-trust authority, on February 3rd 2011 AB LOTOS Baltija (a subsidiary of LOTOS Petrobaltic S.A.) acquired 100% of shares in UAB Meditus, which holds 59.41% of shares in AB Geonafta. LOTOS Petrobaltic S.A. directly holds 40.59% of shares in AB Geonafta, therefore, as a result of the transaction, LOTOS Petrobaltic S.A. gained control of AB Geonafta.
(3) As at December 31st 2010, AB Geonafta was owned by LOTOS Petrobaltic S.A., holding 40.59% of its share capital, and UAB Meditus, holding 59.41% of its share capital. The Group held indirectly 40.31% of AB Geonafta’s share capital.
Investments in associates are equity-accounted.
The table below presents a summary of investment projects at the AB Geonafta Group:
PLN '000 | Dec 31 2011 | Dec 31 2010 |
---|---|---|
Total assets | - | 267,219 |
Total liabilities and provisions | - | 37,941 |
Net assets | - | 229,278 |
Investments in associates | - | 93,064 (1) |
(1) The value of investments in associates includes dividend of PLN 9,782 thousand, in line with the resolution adopted by the General Meeting of AB Geonafta of May 17th 2010.
PLN '000 |
Year ended Dec 31 2011 (1) |
Year ended Dec 31 2010 |
---|---|---|
Sales revenue | 20,769 | 189,233 |
Net profit | 7,135 | 45,944 |
Share in profit of associates | 2,896 | 18,649 |
Share in comprehensive income of associates | 2,896 | 17,910 |
(1) Data for the period ended at the above acquisition date.
This is a translation of a document originally issued in Polish.