Annual Report 2011


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Grupa LOTOS S.A. - Integrated Annual Report 2011
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30. Cash and cash equivalents

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PLN '000 Dec 31 2011 Dec 31 2010
Cash at bank 380,668 381,995
Cash in hand 322 273
Other cash 2,690 333
Total 383,680 382,601

Cash at banks bears interest at variable rates set on the basis of short-term interest rates prevailing on the interbank market. Short-term deposits are placed for various maturities, ranging from one day to one month, depending on the Group’s current demand for cash, and bear interest at the interest rates set for them.

As at December 31st 2011, the amount of undrawn funds available to the Group under working capital facilities in respect of which all conditions precedent had been fulfilled (including the working capital facility provided by the Bank Syndicate (4); (see Note 34) was PLN 1,621,940 thousand (PLN 781,210 thousand as at December 31st 2010).

As at December 31st 2011, restricted cash was PLN 4,384 thousand (PLN 33,654 thousand as at December 31st 2010), and included mainly:

  • PLN 2,892 thousand (December 31st 2010: PLN 14,356 thousand), held in an account dedicated to servicing the payments related to the 10+ Programme projects,
  • PLN 1,194 thousand (December 31st 2010: PLN 693 thousand), serving as a conditional bank deposit.

In the statement of financial position, restricted cash is disclosed under “Cash in hand and cash at banks” and “Other cash“.

As at December 31st 2011, cash in bank accounts serving as security for the LOTOS Group’s liabilities amounted to PLN 773 thousand (December 31st 2010: PLN 446 thousand).

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