Grupa LOTOS S.A. - Integrated Annual Report 2012
9. Income and expenses
9.1 Revenue
PLN '000 |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|
Revenue from sale of products | 31,410,971 | 28,009,363 |
- including the effect of accounting for cash flow hedge accounting | (17,091) | (90) |
Revenue from rendering of services | 280,877 | 248,497 |
Total revenue from sale of products and rendering of services | 31,691,848 | 28,257,860 |
Revenue from sale of merchandise | 1,005,871 | 798,264 |
Revenue from sale of materials (1) | 413,281 | 203,462 |
Total revenue from sale of merchandise and materials | 1,419,152 | 1,001,726 |
Total | 33,111,000 | 29,259,586 |
- including to related entities | 6,569 | 6,579 |
(1) Including revenue from sale of crude oil.
9.2 Other income
PLN '000 |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|
Gain on disposal of non-financial non-current assets | 17,493 (1) | 1,420 |
Gain on disposal of assets held for sale | 118 | 2,490 |
Grants | 2,059 | 1,654 |
Provisions | 1,295 | 380 |
Reversal of impairment losses on receivables | 8,018 | 4,151 |
Reversal of impairment losses on property, plant and equipment and other intangible assets | 511 | 681 |
Compensations/damages | 9,647 | 10,558 |
Other | 8,421 | 20,381 (2) |
Total | 47,562 | 41,715 |
(1) Including PLN 14,469 thousand in income from sale of carbon dioxide (CO2) emission allowances.
(2) Including PLN 14,391 thousand under statute of limitations for liabilities.
9.3 Finance income
PLN '000 |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|
Dividend received | 700 | 514 |
Interest | 25,555 | 20,717 |
Foreign exchange gains: | 156,112 | - |
- on foreign-currency denominated bank borrowings | 165,726 | - |
- on foreign-currency denominated non-bank borrowings | (19,503) | - |
- on foreign-currency transactions in bank accounts | 25,560 | - |
- on debt securities | (3,454) | - |
- other foreign exchange differences | (12,217) | - |
Gain on disposal of investments | 150 | 958 |
Revaluation of financial assets: | 117,772 | - |
- valuation of derivative financial instruments | 159,096 | - |
- settlement of derivative financial instruments | (41,324) | - |
Provisions | 1,699 | 4 |
Other | 20 | 79 |
Total | 302,008 | 22,272 |
9.4 Expenses by nature
PLN '000 | Note |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|---|
Depreciation and amortisation expense | 21 | 666,590 | 608,608 |
Raw material and consumables used | 28,191,721 | 25,008,836 | |
- including foreign exchange losses (1) | 31,196 | 319,366 | |
Services | 1,135,525 | 1,187,705 | |
Taxes and charges | 175,491 | 155,661 | |
Employee benefit expenses | 9,5 | 653,638 | 633,639 |
Other expenses by nature | 197,513 | 193,982 | |
Merchandise and materials at cost | 1,320,772 | 888,812 | |
Total expenses by nature | 32,341,250 | 28,677,243 | |
Change in products and adjustments to cost of sales | (495,100) | (672,227) | |
Total | 31,846,150 | 28,005,016 | |
including: | |||
Cost of sales | 30,327,507 | 26,572,381 | |
Distribution costs | 1,054,839 | 1,000,366 | |
Administrative expenses | 463,804 | 432,269 |
(1) Foreign exchange losses relating to operating activities have been included in cost of sales.
9.5 Employee benefit expenses
PLN '000 |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|
Cost of current salaries and wages | 483,860 | 468,719 |
Cost of social security and other employee benefits | 141,980 | 127,711 |
Cost of retirement and other post-employment benefits | 27,798 | 37,209 |
Employee benefit expenses | 653,638 | 633,639 |
Change in products and adjustments to cost of sales | (13,534) | (15,310) |
Total | 640,104 | 618,329 |
including: | ||
Items recognised in cost of sales | 369,964 | 358,773 |
Items recognised in distribution costs | 32,602 | 33,366 |
Items recognised in administrative expenses | 237,538 | 226,190 |
9.6 Other expenses
PLN '000 | Note |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|---|
Loss on disposal of non-current non-financial assets | 787 | 2,500 | |
Revaluation of receivables | 3,006 | 11,053 | |
Revaluation of property, plant and equipment and other intangible assets, including: | 1,064,536 | 305,507 | |
- impairment loss on YME field assets | 13 | 935,247 | 239,775 |
- impairment losses on assets connected with the Waterproofing Materials Production Plant |
13 | 22,840 | 15,050 |
- impairment losses on Norwegian exploration Licences |
15 | 74,481 | 30,646 |
- impairment losses on assets connected with the Kretinga field in Lithuania |
15 | 14,504 | - |
Revaluation of assets held for sale | 502 | - | |
Revaluation of other assets | - | 264 | |
Provisions | 4,001 | 3,710 | |
Fines and damages | 2,255 | 587 | |
Other | 14,965 | 14,253 | |
Total | 1,090,052 | 337,874 |
9.7 Finance costs
PLN '000 | Note |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
---|---|---|---|
Interest, including: | 232,945 | 207,525 | |
- discount on provisions for oil and gas facilities (1) | 12,038 | 11,573 | |
Foreign exchange losses: | - | 234,787 | |
- on foreign-currency denominated bank borrowings | - | 390,914 | |
- on foreign-currency denominated non-bank borrowings | - | (95,475) | |
- on foreign-currency transactions in bank accounts | - | (34,112) | |
- on debt securities | - | (15,539) | |
- other foreign exchange losses | - | (11,001) | |
Revaluation of financial assets: | - | 130,485 | |
- valuation of derivative financial instruments | - | 9,769 | |
- settlement of derivative financial instruments | - | 120,661 | |
Bank fees | 15,443 | 19,652 | |
Other | 4,790 | 3,004 | |
Amounts capitalised as part of the cost of qualifying assets | 13 | (11,299) | (36,191) |
Total | 241,879 | 559,262 |
(1) For more information on the discount related to the estimated provision for oil and gas facilities, see Note 31.1 .