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Directors' Report on the Operations of Grupa LOTOS S.A. and the LOTOS

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Directors' Report on the Operations of Grupa LOTOS S.A. and the LOTOS Directors’ Report on the operations of Grupa LOTOS S.A. and the LOTOS Group in 2017 Directors’ Report on the operations of Grupa LOTOS S.A. and the LOTOS Group for 2017 1 Directors’ Report on the operations of Grupa LOTOS S.A. and the LOTOS Group in 2017 1.Overview of Grupa LOTOS S.A. and its Group ................................................................................................................. 6 1.1. Key assets, principal business and results........................................................................................................... 6 1.2. Overview of the Group's organisation and management .......................................................................................... 8 1.2.1 Organisational structure of Grupa LOTOS S.A. and its Group .......................................................................... 8 2. Strategy of the LOTOS Group ....................................................................................................................................... 14 2.1. ‘Stability and Sustainable Growth’ − LOTOS Group Strategy 2017−2022 .......................................................... 14 2.2. Macroeconomic environment versus strategic assumptions .............................................................................. 14 2.3. Strategy implementation in 2017 – key metrics .................................................................................................. 16 2.4. Implementation of strategic objectives ............................................................................................................... 17 3. Macroeconomic environment of Grupa LOTOS S.A. and the LOTOS Group in 2017 ................................................ 21 3.1. Drivers of crude oil and gas prices ..................................................................................................................... 21 3.1.1. World population ....................................................................................................................................... 21 3.1.2. The global economic situation in 2017 ...................................................................................................... 22 3.1.3. Global and regional changes in oil supply and demand in 2017 ................................................................ 22 3.1.4. PLN/USD exchange rate ........................................................................................................................... 25 3.2. Crude oil and gas prices in 2017 ....................................................................................................................... 26 3.3. Drivers of profitability in the upstream business and current industry trends ...................................................... 28 3.4. Drivers of profitability in the refining business and current industry trends ......................................................... 28 4. Operations of Grupa LOTOS S.A. and the LOTOS Group ........................................................................................... 38 4.1 Upstream segment ............................................................................................................................................ 38 4.1.1. Overview of production assets, products and markets .............................................................................. 38 4.1.2. Upstream segment's logistics ................................................................................................................... 43 4.1.3. Competition for the upstream business ..................................................................................................... 44 4.1.4. Growth directions for the Upstream segment ............................................................................................ 45 4.1.5. Summary of threats and opportunities in the Upstream segment .............................................................. 47 4.2. Downstream segment – crude oil refining .......................................................................................................... 49 4.2.1. Competition for the refining business ........................................................................................................ 49 4.2.2. Key products, merchandise and services .................................................................................................. 51 4.2.3. Segment’s logistics (rail and sea transport) .............................................................................................. 53 4.2.4. Logistics – procurement and supply .......................................................................................................... 56 4.2.5. Summary of key threats and opportunities ................................................................................................ 58 4.3. Downstream – wholesale and retail sale ............................................................................................................ 59 4.3.1. Competition for the marketing business .................................................................................................... 59 4.3.1. Grey market for fuel in Poland ....................................................................................................................... 60 4.3.2. Distribution channels, products, markets .................................................................................................. 60 4.3.3. Overview of the retail business in Poland ................................................................................................. 66 4.3.4. LOTOS service station network and its competitive position ..................................................................... 68 5. Financial condition of Grupa LOTOS S.A. and its Group ............................................................................................ 72 5.1. Discussion of key financial and economic data and assessment of material factors and non-recurring events .. 72 5.1.1. Macroeconomic environment .................................................................................................................... 72 5.1.2. Consolidated statement of comprehensive income ................................................................................... 72 5.1.3. Consolidated statement of financial position ............................................................................................. 78 5.1.4. Consolidated statement of cash flows ....................................................................................................... 80 2 Directors’ Report on the operations of Grupa LOTOS S.A. and the LOTOS Group in 2017 5.1.5. Off-balance sheet items by entity, type and value ..................................................................................... 80 5.1.6. Non-recurring factors and events affecting financial performance ............................................................. 81 5.1.7. Ratio analysis ........................................................................................................................................... 81 5.1.8. Use of share issue proceeds to implement the issue objectives ............................................................... 85 5.1.9. Explanation of differences between actual financial performance and previously published forecasts for 2017 ..................................................................................................................... 85 5.1.10. Separate results and financial position of Grupa LOTOS S.A. .................................................................. 86 5.2. Key capital expenditure and equity investments in Poland and abroad .............................................................. 89 5.2.1. Expenditure on property, plant and equipment .......................................................................................... 89 5.2.2. Equity investments .................................................................................................................................... 90 5.3. Financing .......................................................................................................................................................... 91 5.3.1. Bank and non-bank borrowings ......................................................................................................................... 91 5.3.1. Other financing agreements ...................................................................................................................... 98 5.3.2. Intercompany loans................................................................................................................................... 99 LOTOS Group’s intercompany loans as at December 31st 2017:..................................................................................... 99 5.3.3. Financial resources management ........................................................................................................... 103 5.4. Management Board's representations ............................................................................................................. 103 5.4.1. On compliance of the full-year financial statements and the Directors’ Report on the Operations of Grupa LOTOS S.A. and the LOTOS Group ........................................................................................ 103 5.4.2. On selecting a qualified auditor of financial statements ..........................................................................
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