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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.
Integrated Annual Report 2014

Avoidance of conflicts of interest
With a view to avoiding conflicts of interest, the Company observes the provisions of the Commercial Companies Code, the Rules of Procedure for the Board, as well as the Code of Best Practice for WSE Listed Companies.
In compliance with the Rules of Procedure for the Board, and pursuant to Art. 377 of the Commercial Companies Code, if a conflict of interests arises between the Company and a Board member or persons with whom the member has personal ties, the member should refrain from swaying the Company’s decisions on matters which have given rise to such conflict. Additionally, in compliance with the Code of Best Practice for WSE Listed Companies, a Board member should notify the Board of any actual or potential conflicts of interest and should refrain from taking part in the discussion and from voting on a resolution concerning the issue which has given rise to such conflict of interest. In compliance with the Rules of Procedure for the Board, members of the Board who wish to serve on management or supervisory bodies of other companies are required to seek the approval of the Company’s Supervisory Board. In addition, we apply the provisions of the Commercial Companies Code (Art. 387) stating that Board members are prohibited from serving on the Supervisory Board during their term of office on the Board. This also applies to other persons reporting directly to a Board member.