- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 37. Trade and other payables, accruals and deferred income, other liabilities, and other financial
- LOTOS Annual Report 2011 /
- Home /
- Financial data /
- Consolidated financial statements 2011 /
- Notes to the financial statements /
- 37. Trade and other payables, accruals and deferred income, other liabilities, and other financial
37. Trade and other payables, accruals and deferred income, other liabilities, and other financial liabilities
PAGE CONTENTS
37.1 Trade payables, accruals and deferred income, and other liabilities
PLN '000 | Note | Dec 31 2011 |
Dec 31 2010 (restated) |
---|---|---|---|
Trade payables, including: | 2,821,742 | 1,832,545 | |
- to related parties | 39.1 | 6,823 | - |
Liabilities to the state budget other than corporate income tax | 966,530 | 759,184 | |
Special accounts, including: | 24,694 | 21,871 | |
- Mining Facilities Decommissioning Fund | 24,491 | 21,668 | |
Salaries and wages payable | 14,577 | 13,052 | |
Accrued expenses,including: | 118,869 | 110,136 | |
- provision for costs of employee benefits | 64,273 | 78,162 | |
Deferred income, including: | 46,790 | 48,315 | |
- grants (1) | 39,321 | 40,012 | |
- other | 7,469 | 8,303 | |
Investment liabilities | 164,217 | 165,809 | |
Liabilities to insurers | 30,259 | 22,201 | |
Other liabilities | 23,246 | 27,804 | |
Total | 4,210,924 | 3,000,917 | |
Non-current portion | 54,371 | 61,809 | |
Current portion | 4,156,553 | 2,939,108 |
(1) Primarily licences received free-of-charge and grants from the Eco Fund for the use of waste gas from the offshore oil production facility for heating purposes.
Trade payables do not bear interest and are, as a rule, settled on a 7–60 day basis. Other liabilities do not bear interest, and their average payment period is one month. The amount resulting from the difference between VAT receivable and VAT payable is paid to the relevant tax authorities on a monthly basis. Interest payable is usually settled on a monthly basis during a financial year.
Pursuant to Art. 8 of the Excise Duty Act of December 6th 2008 (Dz. U. No. 3, item 11/2008), a tax liability arises e.g. at the moment of taking harmonised excise goods out of a bonded warehouse. The Parent and some other Group companies operate registered bonded warehouses, in which harmonised excise goods are subject to suspended-excise-tax procedure and may be the object of the actions provided for in the Excise Duty Act.
For sensitivity analysis of trade and other liabilities with respect to market risk related to fluctuations in exchange rates as at December 31st 2011, and December 31st 2010, see Note 42.3.1.
For maturity analysis of trade and other liabilities as at December 31st 2011, and December 31st 2010, see Note 41.
37.2 Other financial liabilities
PLN '000 | Dec 31 2011 |
Dec 31 2010 (restated) |
---|---|---|
Negative valuation of derivative financial instruments: | 267,778 | 279,807 |
- commodity swap (commodities and petroleum products) |
- | 3,517 |
- futures (CO2 emissions) | 15,607 | 463 |
- currency forward and spot contracts | 70,449 | 41,654 |
- forward rate agreements (FRAs) | - | 340 |
- interest rate swap (IRS) | 172,134 | 227,897 |
- currency swap | 9,588 | 5,936 |
Lease liabilities | 197,000 | 74,255 |
Total financial liabilities | 464,778 | 354,062 |
Non-current liabilities | 304,949 | 151,666 |
Current liabilities | 159,829 | 202,396 |
As at December 31st 2011, there were no hedging contracts over which an assignment would be created as security for the credit facility referred to in Note 34 (December 31st 2010: PLN 120,822 thousand).
For sensitivity analysis of other financial liabilities with respect to currency and interest rate risks as at December 31st 2011 and December 31st 2010, see Note 42.3.
For maturity analysis of other financial liabilities as at December 31st 2011 and December 31st 2010, see Note 41.
37.3 Finance lease liabilities
PLN '000 | Minimum lease payments | Present value of minimum lease payments | ||
Dec 31 2011 | Dec 31 2010 | Dec 31 2011 | Dec 31 2010 | |
Up to 1 year | 41,113 | 21,115 | 19,415 | 2,696 |
From 1 to 5 years | 153,520 | 86,070 | 91,357 | 32,774 |
Over 5 years | 98,221 | 51,762 | 86,228 | 38,785 |
Total | 292,854 | 158,947 | 197,000 | 74,255 |
Less future financial charges | (95,854) | (84,692) | - | - |
Present value of minimum lease payments | 197,000 | 74,255 | 197,000 | 74,255 |
Non-current portion | 177,585 | 71,559 | ||
Current portion | 19,415 | 2,696 |
The Group uses finance leases to finance primarily rolling stock assets.
This is a translation of a document originally issued in Polish.