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Integrated Annual Report 2012
The Culture of Values


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Grupa LOTOS S.A. - Integrated Annual Report 2012

34. Capital management


The objective of the LOTOS Group financial policy is to maintain long-term liquidity, while using an appropriate level of financial leverage to support the achievement of the principal goal of maximising the return on equity for shareholders.

This is achieved by constant effort to develop the desired capital structure at the Group level.

The LOTOS Group monitors its financing structure using the debt to equity ratio, calculated as net debt to equity.

Net debt is the sum of borrowings less cash and cash equivalents. Equity includes equity attributable to owners of the Parent increased by non-controlling interests.

PLN '000 Note Year ended
Dec 31 2012
Year ended
Dec 31 2011
Non-current borrowings 28.1 4,315,599 4,983,889
Current borrowings 28.1 2,074,992 2,407,740
Cash and cash equivalents 20 (268,333) (383,680)
Net debt   6,122,258 7,007,949
Equity attributable to owners of the Parent   9,061,740 7,781,436
Non-controlling interests   699 947
Total equity   9,062,439 7,782,383
Net debt to equity   0.68 0.90

The Group monitors its financing structure in order to achieve the goal set in the Strategy for the LOTOS Group for the years 2011–2015, providing for a reduction of debt in order to achieve a debt to equity ratio of no more than 0.4 at the end of the Strategy term.


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