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.
The segmental management model we have implemented enhances management efficiency, delivering cost and revenue synergies across the organization.
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.
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.
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.
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.
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.
With revenue of ca. PLN 28.5bn in 2014, we rank fourth in the group of 500 largest businesses in Poland.
Consolidated statement of changes in equity
Consolidated statement of changes in equity for 2014
|PLN ’000||Note||Share capital||Share premium||Cash flow hedging reserve||Retained earnings||Exchange differences on translating foreign operations||Equity attributable to owners of the Parent||Non-controlling interests||Total equity|
|Jan 1 2014||129,873||1,311,348||61,019||7,666,833||20,234||9,189,307||289||9,189,596|
|Other comprehensive income/(loss), net||-||-||(473,554)||(7,317)||45,101||(435,770)||5||(435,765)|
|Total comprehensive income/(loss)||-||-||(473,554)||(1,473,643)||45,101||(1,902,096)||(41)||(1,902,137)|
|Issue of shares||2; 21||55,000||-||-||-||-||55,000||-||55,000|
|Purchase of non-controlling interests||2||-||-||-||(2,179)||-||(2,179)||(83)||(2,262)|
|Other changes in interest in subsidiaries not resulting in loss of control||26||-||-||-||(10)||-||(10)||10||-|
|Dec 31 2014||184,873||2,229,626||(412,535)||6,190,989||65,335||8,258,288||175||8,258,463|
|Jan 1 2013 (restated)||129,873||1,311,348||(36,801)||7,627,427||33,878||9,065,725||699||9,066,424|
|Other comprehensive income/(loss), net||-||-||97,820||(152)||(13,644)||84,024||(2)||84,022|
|Total comprehensive income/(loss)||-||-||97,820||39,263||(13,644)||123,439||11||123,450|
|Squeeze-out in LOTOS Petrobaltic S.A. from non-controlling shareholders||-||-||-||143||-||143||(421)||(278)|
|Dec 31 2013||129,873||1,311,348||61,019||7,666,833||20,234||9,189,307||289||9,189,596|
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)
- Financial highlights - consolidated the LOTOS Group
- Consolidated Financial Statements for 2014
- Auditor’s opinion
- Auditor’s report
- Management's discussion and analysis
- Interactive LOTOS Databook