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Integrated Annual Report 2012
The Culture of Values


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Grupa LOTOS S.A. - Integrated Annual Report 2012

24. Cash flow hedging reserve


Cash flow hedging reserve comprises changes in the valuation of foreign-currency denominated credit facilities used as  hedging instruments to hedge cash flows, less the effect of corporate income tax. In H2 2012, the Company extended the scope of application of cash flow hedge accounting through the establishment of new hedging relationships with respect to foreign-currency denominated credit facilities intended for financing of the 10+ Programme, designated as hedges of future USD-denominated petroleum product sales transactions.

PLN '000 Year ended
Dec 31 2012
Year ended
Dec 31 2011
At beginning of the period (419,281) (739)
Valuation of cash flow hedging instruments 472,197 (516,892)
Corporate income tax relating to the valuation of cash flow hedging instruments (89,717) 98,350
At end of the period (36,801) (419,281)


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