Grupa LOTOS S.A. Annual Report 2010
Notes to the financial statements

12. Income and Expenses

12.1 Sales Revenue

PLN '000 Note Year ended
Dec 31 2010		 Year ended
Dec 31 2009
       
Domestic sales of products   23,834,002 17,045,097
Export sales of products   3,377,808 1,745,986
Total sales of products   27,211,810 18,791,083
Domestic sales of goods for resale and materials   431,171 2,357,384
Export sales of goods for resale and materials   298,034 157,156
Total sales of goods for resale and materials   729,205 2,514,540
Total   27,941,015 21,305,623
- including sales to related undertakings 39.1 - 3,170
Elimination of excise duty and fuel charge   (8,260,482) (6,984,582)
Total   19,680,533 14,321,041
PLN '000 Note Year ended
Dec 31 2010		 Year ended
Dec 31 2009
       
Sales of products   27,039,899 18,677,580
Sales of services   171,911 113,503
Total sales of products   27,211,810 18,791,083
Sales of goods for resale   703,844 2,483,145
Sales of materials   25,361 31,395
Total sales of goods for resale and materials   729,205 2,514,540
Total   27,941,015 21,305,623
- including to related undertakings 39.1 - 3,170
Elimination of excise duty and fuel charge   (8,260,482) (6,984,582)
Total   19,680,533 14,321,041

  

Transactions with related undertakings are presented in Note 39.1.

12.2 Other Operating Income

PLN '000 Year ended
Dec 31 2010		 Year ended
Dec 31 2009
Gain on disposal of non-financial non-current assets 7.662 16.256
Gain on disposal of assets held for sale - 27
Subsidies 1.122 773
Provisions released 17.233 26.403
Net reversal of impairment losses
on non-financial assets		 9.761 14.728
- receivables 4.827 12.980
- property, plant and equipment and intangible assets 817 1.748
- assets held for sale 4.117 -
Compensations/damages received 8.581 11.359
Other 12.600 (1) 4.718
Total 56.959 74.264

(1) Including PLN 5,999 thousand in refund resulting from the adjustments to the Parent Undertaking's excise duty and fuel charge returns for the previous years.

12.3 Finance Income

PLN '000 Note Year ended
Dec 31 2010		 Year ended
Dec 31 2009
(restated)
Dividend received   715 -
Interest   19,428 22,221
Foreign exchange gains   199,400 634,665
- on foreign-currency denominated loans   (182,668) 368,821
- on foreign-currency denominated borrowings   19,211 49,450
- realised foreign exchange differences on foreign-currency transactions in bank accounts   360,290 216,914
- on debt securities   2,279 -
- other foreign exchange differences   288 (520)
Gains on disposal of investments    - 688
Revaluation of financial assets, including:   2 44,354
- valuation of derivative financial instruments   2 2,574
- valuation of Energobaltic Sp. z o.o. shares previously held by LOTOS Petrobaltic S.A. at their acquisition-date fair value 20 - 12,525
Settlement of derivative financial instruments   3,110 219,666
Provisions released   - 26,021(1)
Other   3,285 7,297
Total   225,940 954,912

  

(1) Released provision for Energobaltic Sp. z o.o., referred to in Note 36.1.

12.4 Other Operating Expenses

PLN '000 Note Year ended
Dec 31 2010		 Year ended
Dec 31 2009
Loss on disposal of non-financial non-current assets   4,115 444
Loss on disposal of assets held for sale 22 224 -
Net revaluation of non-financial assets:   102,674 123,641
- receivables   12,556 41,758
- property, plant and equipment and intangible assets   87,318 81,878
- assets held for sale   2,800 5
Provisions created, including:   14,391 5,139
- special account 16 1,000 -
Fines and damages   3,054 1,860
Other   15,238 9,605
Total   139,696 140,689

12.5 Costs by Type

PLN '000 Year ended
Dec 31 2010		 Year ended
Dec 31 2009
(restated)
Depreciation and amortisation 389,901 284,793
Raw materials and energy used 16,780,290 10,812,315
Contracted services 943,105 881,320
Taxes and charges 104,256 89,899
Salaries and wages 452,110 401,069
Social security and other benefits 117,163 107,936
Other costs by type 169,608 128,612
Goods for resale and materials sold 515,150 1,607,751
Total 19,471,583 14,313,695
     
Change in products and adjustments to cost of sales (637,102) (478,872)
Total operating expenses: 18,834,481 13,834,823
Cost of sales 17,562,048 12,775,790
Selling costs 871,290 726,367
General and administrative expenses 401,143 332,666

12.6 Finance Expenses

PLN '000 Year ended
Dec 31 2010		 Year ended
Dec 31 2009
(restated)
Interest, including: 184,642 183,386
- discount on provision for Offshore Oil and Gas Facilities (1) 10,087 7,048
Bank fees 14,924 14,128
Amounts capitalised as part of the cost of qualifying assets (111,842) (117,840)
Settlement of derivative financial instruments 120,201 3,619
Revaluation of financial assets, including: 75,950 218,668
- valuation of derivative financial instruments 75,947 217,168
Other 2,090 1,918
Total 285,965 303,879

  

(1) Referred to in Note 36.1.

12.7 Depreciation/Amortisation and Impairment Losses, and Foreign Exchange Gains/Losses on Operating Activities

PLN '000 Year ended
Dec 31 2010		 Year ended
Dec 31 2009
Items recognised in cost of sales:    
Depreciation of tangible assets and amortisation of intangible assets 288,271 193,429
Effect of revaluation of inventories (1,665) (207,814)
Net foreign exchange losses 262,485 185,229
  549,091 170,844
Items recognised in selling costs:    
Depreciation of tangible assets and amortisation of intangible assets 53,203 49,642
  53,203 49,642
Items recognised in general and administrative expenses:    
Depreciation of tangible assets and amortisation of intangible assets 34,549 33,817
  34,549 33,817
Items recognised in change in products and adjustments in cost of sales:    
Depreciation of tangible assets and amortisation of intangible assets 13,878 7,905
  13,878 7,905

12.8 Costs of Employee Benefits

 
PLN '000 Year ended
Dec 31 2010		 Year ended
Dec 31 2009
Salaries and wages 452,110 401,069
Social security and other benefits 117,163 107,936
Total, including: 569,273 509,005
Cost of current salaries and wages 426,888 379,281
Cost of social security and other employee benefits 116,022 106,114
Cost of retirement and other post-employment benefits 26,363 23,610
Change in products and adjustments to cost of sales (15,281) (7,141)
Total cost of employee benefits, including: 553,992 501,864
Items recognised in cost of sales 331,298 294,895
Items recognised in selling costs 30,938 27,459
Items recognised in general and administrative expenses 191,756 179,510

This is a translation of a document originally issued in Polish
The notes to the financial statements, presented on following pages, are their integral part.

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