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ORLEN Lietuva 2017 Consolidated V2 Without Track

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ORLEN Lietuva 2017 Consolidated V2 Without Track Public Company ORLEN Lietuva 2 0 CONSOLIDATED FINANCIAL STATEMENTS 1 FOR THE YEAR ENDED 31 DECEMBER 2017 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY EUROPEAN UNION 7 Public Company ORLEN Lietuva Address: Mažeiki ų St. 75, Juodeikiai village, Mažeikiai District, Republic of Lithuania LT-89467 Legal entity code: 166451720. Data about Parent Company is collected and stored in the Centre of Registers Consolidated financial statements for the year ended 31 December 2017 (all tabular amounts are in USD’000 and EUR’000 unless otherwise stated) Table of contents: Independent auditor’s report to the shareholder of AB ORLEN Lietuva ................................... 4 Consolidated statement of financial position.............................................................................. 7 Consolidated statement of profit or loss and other comprehensive income ............................ 8 Consolidated statement of cash flows ........................................................................................ 9 Statement of changes in consolidated equity ........................................................................... 10 Accounting principles and other explanatory information ....................................................... 12 1. Reporting entity ...................................................................................................................................... 12 2. Accounting principles ............................................................................................................................. 13 2.1. Principles of preparation of financial statements .............................................................................. 13 2.2. Impact of IFRS amendments and interpretations on consolidated financial statements of the Group . .......................................................................................................................................................... 13 2.3. Presentation changes ....................................................................................................................... 15 2.4. Functional and presentation currency of financial statements and methods applied to translation of financial data for consolidation purposes .................................................................................................. 16 2.5. Description of significant accounting principles ................................................................................ 17 3. The Management estimates and assumptions ...................................................................................... 25 4. Property, plant and equipment .............................................................................................................. 26 5. Intangible assets .................................................................................................................................... 30 6. Investments in equity-accounted investees ........................................................................................... 33 7. Other non-current assets ....................................................................................................................... 33 8. Impairment of non-current assets .......................................................................................................... 34 9. Inventories ............................................................................................................................................. 34 10. Trade and other receivables .............................................................................................................. 35 11. Other financial assets......................................................................................................................... 36 12. Cash and cash equivalents ................................................................................................................ 36 13. Share capital ...................................................................................................................................... 37 14. Provisions ........................................................................................................................................... 37 14.1. Environmental provision .................................................................................................................... 38 14.2. Provision for jubilee bonuses and post-employment benefits........................................................... 38 14.3. Business risk provision...................................................................................................................... 42 14.4. Provision for CO 2 emission ............................................................................................................... 43 15. Trade and other liabilities ................................................................................................................... 43 16. Other financial liabilities ..................................................................................................................... 43 17. Sales revenues .................................................................................................................................. 44 18. Operating expenses ........................................................................................................................... 45 19. Other operating income and expenses .............................................................................................. 47 19.1. Other operating income..................................................................................................................... 47 19.2. Other operating expenses ................................................................................................................. 47 20. Financial income and expenses ......................................................................................................... 47 20.1. Financial income ............................................................................................................................... 47 20.2. Financial expenses ........................................................................................................................... 48 2 Public Company ORLEN Lietuva Address: Mažeiki ų St. 75, Juodeikiai village, Mažeikiai District, Republic of Lithuania LT-89467 Legal entity code: 166451720. Data about Parent Company is collected and stored in the Centre of Registers Consolidated financial statements for the year ended 31 December 2017 (all tabular amounts are in USD’000 and EUR’000 unless otherwise stated) 21. Tax expenses ..................................................................................................................................... 48 21.1. The differences between income tax expense recognized in profit or loss and the amount calculated based on profit before tax ........................................................................................................ 48 21.2. Deferred tax ...................................................................................................................................... 49 22. Financial instruments and financial risks ........................................................................................... 50 22.1. Financial instruments by category and class .................................................................................... 50 22.2. Income and expense, profit and loss in the consolidated statement of profit or loss and other comprehensive income ............................................................................................................................. 53 22.3. Fair value measurement ................................................................................................................... 54 22.4. Hedge accounting ............................................................................................................................. 54 22.5. Financial risk management ............................................................................................................... 55 23. Other explanatory notes ..................................................................................................................... 62 23.1. Leases ............................................................................................................................................... 62 23.2. Capital commitments ......................................................................................................................... 62 23.3. Contingencies ................................................................................................................................... 63 23.4. Guarantees ....................................................................................................................................... 63 23.5. Related party transactions ................................................................................................................ 63 23.6. Remuneration together with profit-sharing paid and due or potentially due to the members of Management Board, Supervisory Board and other members of key executive personnel of Parent company and the Group companies ......................................................................................................... 64 23.7. Remuneration arising from the
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