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Grupa LOTOS S.A. - Integrated Annual Report 2012
19. Inventories
| PLN '000 | Dec 31 2012 | Dec 31 2011 | Jan 1 2011 |
|---|---|---|---|
| Finished products | 1,800,351 | 1,544,783 | 1,171,917 |
| Semi-finished products and work in progress | 751,935 | 623,582 | 449,497 |
| Merchandise | 256,875 | 238,397 | 251,531 |
| Materials | 3,156,544 | 3,449,078 | 2,633,846 |
| Total | 5,965,705 | 5,855,840 | 4,506,791 |
| w tym, zapasy wycenione: | |||
| według kosztu wytworzenia lub ceny nabycia | 5,960,210 | 5,837,055 | 4,492,232 |
| według ceny sprzedaży netto możliwej do uzyskania | 5,495 | 18,785 | 14,559 |
Na dzień 31 grudnia 2012 roku wartość zapasów stanowiących zabezpieczenie zobowiązań z tytułu kredytu Jednostki Dominującej na refinansowanie zapasów, o którym mowa w Nocie 28.1 Dodatkowych informacji i objaśnień, wynosiła 4.983.260 tys. zł (31 grudnia 2011: 5.048.329 tys. zł).
19.1 Change in impairment losses on inventories
| PLN '000 |
za rok zakończony 31 grudnia 2012 |
za rok zakończony 31 grudnia 2011 |
|---|---|---|
| At beginning of the period | 11,437 | 7,586 |
| Recognised | 12,880 | 5,527 |
| Acquisition of control (AB LOTOS Geonafta Group) | - | 1,002 (1) |
| Exchange differences on translating foreign operations | (85) | 76 |
| Used | (5,269) | (769) |
| Reversed | (16,670) (2) | (718) |
| Reclassification to assets held for sale | - | (1,267) |
| At end of the period | 2,293 | 11,437 |
| including: | ||
| Finished products | 332 | 4,592 |
| Semi-finished products and work in progress | 40 | 58 |
| Merchandise | 29 | 42 |
| Materials | 1,892 | 6,745 |
(1) Effect of the acquisition of control over AB Geonafta (currently AB LOTOS Geonafta); for more information see Note 2 to the consolidated financial statements for 2011.
(2) Including PLN 4,820 thousand from reversal of impairment losses on materials following their use for own needs or reclassification in view of an overhaul shutdown at Grupa LOTOS S.A. planned for 2013.
The effect of revaluation of inventories is included in cost of sales.
19.2 Mandatory reserves
Grupa LOTOS S.A. complies with the mandatory reserves regulations effective since April 7th 2007, which were introduced by virtue of the Act on Stocks of Crude Oil, Petroleum Products and Natural Gas, and on the Rules to be Followed in the Event of Threat to National Fuel Security or Disruptions on the Petroleum Market of February 16th 2007 (Dz.U. of 2007, No. 52, item 343, dated March 23rd 2007, as amended). The Act defines the rules for creating, maintaining and financing reserves of crude oil and petroleum products. The mandatory reserves include crude oil, petroleum products (liquid fuels) and LPG. As at December 31st 2012, the gross value of mandatory reserves was PLN 4,353.207 thousand (December 31st 2011: PLN 4,427,752 thousand).
