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Integrated Annual Report 2012
The Culture of Values


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Grupa LOTOS S.A. - Integrated Annual Report 2012

16. Investments in equity-accounted associates


As at December 31st 2012 and December 31st 2011, the Group carried no investments in associates. Until February 3rd 2011, the Group held a 40.59% interest in AB LOTOS Geonafta (parent of another group) (1). On February 3rd 2011, the Group acquired 100% of shares in UAB Meditus, which holds a 59.41% interest in AB LOTOS Geonafta. As a result of the transaction, the Group gained control of AB LOTOS Geonafta. The final accounting for the business combination was presented in Note 2 to the consolidated financial statements for 2011, prepared in accordance with the IFRS. Until the business combination date, the Group's share in net assets of AB LOTOS Geonafta was PLN 93,064 thousand, and its share in the company's net profit (loss) stood at PLN 2,896 thousand.

(1) AB LOTOS Geonafta includes the following companies in consolidation:  UAB Geňciu Nafta, UAB Manifoldas and UAB Minijos Nafta.


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