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.
Notes to the financial statements
Statement Notes index:
- Note 1. General information
- Note 2. Composition of the Group and its changes
- Note 3. Basis of preparation
- Note 4. New standards and interpretations which have been published but are not yet effective
- Note 5. Material judgements and estimates
- Note 6. Change of information presented in previous reporting periods and change of accounting policies
- Note 7. Accounting policies
- Note 8. Business segments
- Note 9. Income and expenses
- Note 10. Income tax
- Note 11. Earnings/(loss) per share
- Note 12. Dividends
- Note 13. Property, plant and equipment
- Note 14. Goodwill
- Note 15. Other intangible assets
- Note 16. Equity-accounted joint ventures
- Note 17. Non-current assets (or disposal groups) held for sale
- Note 18. Trade receivables and other assets
- Note 19. Inventories
- Note 20. Cash and cash equivalents
- Note 21. Share capital
- Note 22. Share premium
- Note 23. Cash flow hedging reserve
- Note 24. Retained earnings
- Note 25. Exchange differences on translating foreign operations
- Note 26. Non-controlling interests
- Note 27. Borrowings, other debt instruments and finance lease liabilities
- Note 28. Derivative financial instruments
- Note 29. Employee benefit obligations
- Note 30. Trade payables, other liabilities and provisions
- Note 31. Financial instruments
- Note 32. Objectives and policies of financial risk management
- Note 33. Capital management
- Note 34. Carbon dioxide (CO2) emission allowances
- Note 35. Contingent liabilities and assets
- Note 36. Related parties
- Note 37. Material events after the reporting period
- Note 38. Approval of the consolidated financial statements
- 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