Notes to the financial statements

30. Cash and Cash Equivalents

PLN '000 Dec 31 2010 Dec 31 2009
Cash at bank 390,660 354,164
Cash in hand 273 243
Other cash 333 647
Total 391,266 355,054

Cash at banks bears interest at variable rates set according to the short-term interbank interest rates. Short-term deposits are placed for various periods, ranging from one day to one month, depending on the Group's current demand for cash, and bear interest at the interest rates set for them.

As at December 31st 2010, the amount of undrawn funds available to the Group under working capital loans in respect of which all conditions precedent had been fulfilled (including the working capital loan contracted with Bank Consortium (4); see Note 34) was PLN 781,210 thousand (PLN 323,857 thousand as at December 31st 2009).

As at December 31st 2010, restricted cash amounted to PLN 42,319 thousand (PLN 20,420 thousand as at December 31st 2009), and included mainly:

  • the amount of PLN 14,335 thousand, held in an account dedicated to servicing the payments related to the 10+ Programme investment projects,
  • the amount of PLN 8,665 thousand (December 31st 2009: PLN 9,929 thousand) held in an account dedicated to payments related to repayment of principal and interest on loans/credit facilities contracted in connection with the 10+ Programme.
  • the amount of PLN 18,320 thousand (December 31st 2009: PLN 18,320 thousand) in a bank account on which a hold has been placed by a court enforcement officer in connection with court proceedings concerning WANDEKO (see Note 38.4).

In the statement of financial position, restricted cash is disclosed under "Cash in hand and cash at banks" and "Other cash".

As at December 31st 2010, cash in bank accounts serving as security for the LOTOS Group's liabilities amounted to PLN 446 thousand (as at December 31st 2009: PLN 540 thousand).

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.