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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.
← Statement Notes index
21. Share capital
PLN ’000 | Year ended Dec 31 2014 |
Year ended Dec 31 2013 |
---|---|---|
At beginning the period | 129,873 | 129,873 |
Issue of Series D shares | 55,000 | - |
At end of the period | 184,873 | 129,873 |
including: | ||
Series A shares | 78,700 | 78,700 |
Series B shares | 35,000 | 35,000 |
Series C shares | 16,173 | 16,173 |
Series D shares | 55,000 | - |
On September 8th 2014, the Company’s Extraordinary General Meeting passed Resolution No. 2 on increasing the Company’s share capital by way of issue of new shares, public offering of new shares, setting the record date for determining the pre-emptive rights to new shares for November 18th 2014, conversion into book-entry form and seeking admission of pre-emptive rights, allotment certificates and new shares to trading on the regulated market of the Warsaw Stock Exchange, amending the Company’s Articles of Association and authorising the Supervisory Board to prepare a consolidated text of the Company’s Articles of Association
By Resolution No. 1396/2014 of December 11th 2014, the Management Board of the Warsaw Stock Exchange resolved to introduce 55,000,000 allotment certificates for Series D ordinary bearer shares in the Company, with a par value of PLN 1 per share, assigned code PLLOTOS00074 by the Polish NDS, to trading on the main market, by way of the ordinary procedure, with effect from December 12th 2014.
As at December 31st 2014, the share capital was divided into 184,873,362 ordinary shares paid in full, with a par value of PLN 1 per share, including 55,000,000 Series D shares and 129,873,362 Series A, Series B and Series C shares from previous issues. One share confers the right to one vote at the General Meeting and carries the right to dividend.
January 9th 2015 saw the registration of Grupa LOTOS S.A.’s share capital increase from PLN 129,873,362 to PLN 184,873,362 (see Note 37). Following the entry of the share capital increase in the National Court Register, the total number of voting rights conferred by all shares issued by Grupa LOTOS S.A. as at the issue date of these financial statements was 184,873,362.
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)