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Integrated Annual Report 2012
The Culture of Values


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Grupa LOTOS S.A. - Integrated Annual Report 2012

26. Translation reserve


Translation reserve comprises exchange differences resulting from the translation into the Polish złoty of the financial statements of foreign companies and groups of companies, less the effect of corporate income tax.

PLN '000 Year ended
Dec 31 2012
Year ended
Dec 31 2011
At beginning of the period 59,100 12,281
Currency-translation differences (39,062) (1) 57,806
Corporate income tax relating to currency-translation differences 13,864 (10,987)
At end of the period 33,902 59,100

(1) Including PLN (686) thousand attributable to  exclusion from consolidation of 50% equity interest previously held by the Group in UAB Manifoldas, a Lithuanian company, which started to be consolidated with the full method as of February 28th 2012 after the Group acquired control over it. For more information on the acquisition of control over UAB Manifoldas, see Note 2.


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