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Integrated Annual Report 2012
The Culture of Values

 

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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 .

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