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Financial information
The past year ushered in a series of challenges for the companies in the fuel sector. The decisions made by us have demonstrated that we are able to take rapid steps to adapt to a demanding environment and ensure the desired profitability for our projects.
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Segment performance
The segmental management model we have implemented enhances management efficiency, delivering cost and revenue synergies across the organization.
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Letter from the Vice-President of the Board
2014 ushered in a series of challenges for the companies in the fuel sector. The decisions made by the LOTOS Group have demonstrated that we are able to take rapid steps to adapt to a demanding environment and ensure the desired profitability for our projects.
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Business environment
The key factor that had a strong impact on both the global and Polish petroleum markets in 2014, with significant consequences for the LOTOS Group’s performance, was the price of crude oil, which also determined the price of petroleum products.
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Strategic objectives
The LOTOS Group’s Strategy is designed to strengthen our position as a strong, innovative and efficient business which plays a major role in ensuring national energy security.
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Business model
Our operations consist in crude oil production and processing, as well as wholesale and retail sale of petroleum products, among which are: fuels (unleaded gasoline, diesel oil and light fuel oil), heavy fuel oil, bitumens, aviation fuel, naphtha, propane-butane LPG and base oils.
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Risk and opportunities
At the LOTOS Group, we identify a range of diverse risks, which may affect all areas of our business. The key risks in terms of their impact on our operations are the financial risks as well as risks affecting the exploration and production area. In the analysis of the risks, we also factor in issues related to sustainable development.
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Key data 2014
With revenue of ca. PLN 28.5bn in 2014, we rank fourth in the group of 500 largest businesses in Poland.
Remuneration of the Supervisory Board
The rules of remuneration for members of the Supervisory Board are defined by the General Meeting.
Remuneration of the Grupa LOTOS Supervisory Board members is subject to limitations and conditions prescribed under the Act on Remunerating Persons Who Manage Certain Legal Entities of March 3rd 2000 (Dz.U. of 2000 No 26, item 306, as amended). In accordance with the Act, in 2000 the
Extraordinary General Meeting defined a remuneration policy for Supervisory Board members. Pursuant to the policy:
- Supervisory Board members receive monthly remuneration equal to the average monthly salary in the non-financial corporate sector, net of bonuses paid from profit, in the fourth quarter of the preceding year, as announced by the President of the GUS (Central Statistics Office),
- The remuneration is payable irrespective of the frequency of Supervisory Board meetings, except if, in a given month, a member of the Supervisory Board is absent from all meetings held in that month without valid reasons,
- If a Supervisory Board member is appointed or removed from office during a calendar month, the remuneration amount is calculated according to their number of days in office,
- The Company reimburses any expenses incurred by the Supervisory Board members in connection with the performance of their duties, and – pursuant to the Personal Income Tax Act – calculates and deducts personal income tax prepayments from their remuneration.
In line with the provisions of the afore-mentioned Act, in 2014 the Supervisory Board members were entitled to receive monthly remuneration calculated on the basis of the average monthly salary in the non-financial corporate sector, net of bonuses paid from profit, in the fourth quarter of 2009.
Remuneration of the Supervisory Board members in 2014
| Name and surname | Amount (PLN) |
|---|---|
| Wiesław Skwarko | 38,000 |
| Agnieszka Trzaskalska | 38,000 |
| Oskar Pawłowski | 38,000 |
| Małgorzata Hirszel | 38,000 |
| Magdalena Bohusz-Boguszewska | 17,000 |
| Michał Rumiński | 38,000 |
| Marcin Majeranowski | 21,000 |
| Total | 228,000 |
