Integrated
Annual Report 2011

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Grupa LOTOS S.A. - Integrated Annual Report 2011
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28. Current financial assets

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PLN '000 Dec 31 2011 Dec 31 2010
(restated)
Positive valuation of derivative financial instruments: 37,202 49,962
- commodity swaps (commodities and petroleum products) - 1,472
- futures (CO2 emissions) 8,304 35
- currency forward and spot contracts 17,258 37,541
- forward rate agreements (FRAs) - 655
- interest rate swap (IRS) 11,640 10,259
Deposits (1) 40,565 5,932
Loans advanced 1,614 -
Shares in other entities - 12
Cash blocked in bank accounts (2) 49,671 -
Total 129,052 55,906

(1) The item ”Deposits” comprises primarily deposits of Grupa LOTOS S.A.: 

  • deposits in of PLN 7,874 thousand (December 31st 2010: PLN 5,932 thousand) constituting security for payment of interest on the inventory financing facility,
  • deposits of PLN 32,623 thousand serving as security for the repayment of interest on the facility contracted to finance the 10+ Programme.

(2) The item ”Cash blocked in bank accounts” comprises:

  • cash of PLN 18,320 thousand in LOTOS Paliwa Sp. z o.o.’s bank account on which a hold has been placed by a court enforcement officer in connection with court proceedings concerning WANDEKO (see Note 38.4).
  • cash of PLN 26,169 thousand held by the LOTOS Petrobaltic Group, reserved for financing purchase of shares (see Note 2).
  • cash of PLN 5,182 thousand held by the LOTOS Petrobaltic Group, serving as security for payment of interest.

As at December 31st 2011, the Group had no unsettled hedging contracts over which an assignment would be created as security for the credit facility referred to in Note 34 (December 31st 2010: PLN 1,326 thousand).

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