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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
← Statement Notes index
17. Non-current assets (or disposal groups) held for sale
| PLN ’000 | Dec 31 2014 | Dec 31 2013 |
|---|---|---|
| Upstream segment | 1,661 | 794 |
| Downstream segment | 8,774 | - |
| Total | 10,435 | 794 |
Upstream segment
As at December 31st 2014, two helicopters were classified as non-current assets held for sale. As at December 31st 2013, non-current assets held for sale comprised two residential units with the attached interest in land, which were sold by the Group in H1 2014. Cash proceeds from the sale of the residential units in 2014 amounted to PLN 1,805 thousand and were presented in the statement of cash flows under Sale of property, plant and equipment and other intangible assets.
Downstream segment
As at December 31st 2014, disposal groups comprised the Jasło and Czechowice-Dziedzice Branches, operating as separate, organised parts of business, offering services in the area of maintenance of mechanical and electrical operations and controlling devices, overhaul and repair services, and technical tests and analyses. The Group’s liabilities related to these assets, amounting to PLN 9,088 thousand (see Note 29.1), were recognised in the statement of financial position under Liabilities directly associated with non-current assets (or disposal groups) held for sale. The planned sale of the assets follows from the 2013−2015 Efficiency and Growth Programme.
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)
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Report's Media Library
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LOTOS Jazz Festival
New Lechia Gdańsk Football Academy centre in Kokoszki
LOTOS’s new offshore platform now in the Baltic
Tenth anniversary of LOTOS Serwis
Diagnostic video ultrasonography equipment for a hospital in Gdańsk-Zaspa
The 'White and green future with LOTOS' programme opens its eleventh academy
New Lechia Gdańsk Football Academy centre in Kokoszki
Final round of the Jasło Science League with LOTOS
First event under the ‘LOTOS Safety Belt Champions’ (‘LOTOS - Mistrzowie w pasach’) programme
LOTOS Junior Cup 2014 finals
Recap of the spring round of cruises under the Maritime Education programme
LOTOS Safety Belt Champions in Koszwały
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LOTOS Kolej with a new locomotive
Motorcycle Rider Card Navigator and more
LOTOS Polish Open 2014
First transaction by Polskie Inwestycje Rozwojowe
Włodzimierz Karpiński, Minister of the State Treasury, visits the LOTOS PETROBALTIC offshore rig
Thirteenth ‘White and Green Future with LOTOS’ centre
Green light given to LOTOS share issue
LOTOS Kolej at the InnoTrans 2014 fair
A new branch of the Lechia Gdańsk Football Academy opens in Malbork
LOTOS Petrobaltic helps recover Douglas A-20 wreck from the Baltic Sea bottom
New image-building campaign at LOTOS
Polish shipyards to modernise the Petrobaltic platform
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Tenth anniversary of the LOTOS Academy
Final gala of the pilot 'LOTOS Safety Belt Champions' programme
First screening of 'Dynamic people – the Process Operator'
LOTOS Trefl Gdańsk volleyball team at the Gdańsk refinery
Polish crude oil from Lubiatów reaches the LOTOS refinery
Grupa LOTOS Is the Major Sponsor of the Polish National Football Team
Strong performance after one year of operating DRAGON locomotives
