DOCSLIB.ORG

Public Company ORLEN Lietuva

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Public Company ORLEN Lietuva Public Company ORLEN Lietuva 2 0 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 1 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY EUROPEAN UNION 5 Public Company ORLEN Lietuva Consolidated financial statements for the year 2015 (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 ........................................................................................ 6 Consolidated statement of profit or loss and other comprehensive income ................................ 7 Consolidated statement of cash flows .................................................................................................... 8 Statement of changes in consolidated equity ....................................................................................... 9 Accounting principles and other explanatory information .............................................................. 11 1. Reporting entity ................................................................................................................................................... 11 2. Accounting principles ......................................................................................................................................... 11 2.1. Principles of preparation of financial statements ......................................................................................... 11 2.2. Basis of measurement ..................................................................................................................................... 12 2.3. Impact of IFRS amendments and interpretations on consolidated financial statements of the Group 12 2.4. Applied accounting policies ............................................................................................................................ 15 3. The Management estimates and assumptions .............................................................................................. 38 4. Operating segments ........................................................................................................................................... 39 4.1. Revenue and financial results by operating segments ............................................................................... 40 4.2. Other segment data ......................................................................................................................................... 42 4.3. Revenues from sales of core products and services .................................................................................. 43 4.4. Information about major customers ............................................................................................................... 44 5. Discontinued operation ...................................................................................................................................... 44 5.1. Results of discontinued operation .................................................................................................................. 44 5.2. Cash flows generated in discontinued operation ......................................................................................... 44 5.3. Effect on disposal on the financial position of the Group ........................................................................... 45 6. Property, plant and equipment ......................................................................................................................... 45 7. Intangible assets ................................................................................................................................................. 49 8. Investments in equity-accounted investees .................................................................................................... 53 9. Other non-current assets ................................................................................................................................... 54 10. Impairment of non-current assets .................................................................................................................. 54 11. Inventories ......................................................................................................................................................... 55 12. Trade and other receivables ........................................................................................................................... 56 13. Other financial assets ...................................................................................................................................... 57 14. Cash and cash equivalents ............................................................................................................................. 57 15. Non-current assets classified as held for sale ............................................................................................. 58 16. Share capital ..................................................................................................................................................... 58 17. Loans and borrowings ..................................................................................................................................... 58 18. Provisions .......................................................................................................................................................... 59 18.1. Environmental provision ............................................................................................................................... 61 18.2. Provision for jubilee bonuses and post-employment benefits ................................................................ 61 18.3. Business risk provision ................................................................................................................................. 65 18.4. Restructuring provision ................................................................................................................................. 66 18.5. Provision for CO2 emission .......................................................................................................................... 66 19. Trade and other liabilities ................................................................................................................................ 66 2 Public Company ORLEN Lietuva Consolidated financial statements for the year 2015 (all tabular amounts are in USD’000 and EUR’000 unless otherwise stated) 20. Other financial liabilities ................................................................................................................................... 66 21. Sales revenues ................................................................................................................................................. 67 22. Operating costs................................................................................................................................................. 67 23. Other operating income and expenses ......................................................................................................... 69 23.1. Other operating income ................................................................................................................................ 69 23.2. Other operating expenses ............................................................................................................................ 69 24. Financial income and expenses ..................................................................................................................... 70 24.1. Financial income ............................................................................................................................................ 70 24.2. Financial expenses........................................................................................................................................ 70 25. Tax expenses .................................................................................................................................................... 70 25.1. The differences between income tax expense recognized in profit or loss and the amount calculated based on profit before tax ..................................................................................................................... 71 25.2. Deferred tax .................................................................................................................................................... 71 25.3. Change in deferred tax asset and liability, net .......................................................................................... 72 26. Financial instruments ....................................................................................................................................... 73 26.1. Financial instruments by category and class ............................................................................................ 73 26.2. Income and expense, profit and loss in the consolidated statement of profit or loss and other comprehensive income ............................................................................................................................................ 76 26.3. Hedge accounting ........................................................................................................................................
Load more

Recommended publications
  • ORLEN Fact Book Contents
    ORLEN Fact Book Contents Who we are ..................................................................................................................................................................................................................................................................... 4 PKN ORLEN in the region. Main refinery assets in the region .......................................................................................................................................................................................... 5 Financial highlights 2001–2011; IFRS basis ..................................................................................................................................................................................................................... 6 Financial ratios ................................................................................................................................................................................................................................................................. 8 Financial highlights 2004–2011 in EUR and USD; IFRS basis .......................................................................................................................................................................................... 9 Segmental financial highlights 2008–2011 ....................................................................................................................................................................................................................
    [Show full text]
  • Metinė Ataskaita 2007 AB Mažeikių Nafta Annual Report 2007
    AB „MAŽEIKIŲ NAFTA” metinė ataskaita 2007 AB MAŽEIKIŲ NAFTA Annual Report 2007 1 AB „MAŽEIKIŲ NAFTA” metinė ataskaita 2007 AB MAŽEIKIŲ NAFTA Annual Report 2007 TuRINys CoNTENTs KAs MEs EsAME 5 Who WE ARE 5 ThE yEAR 2007 – ovERvIEW 11 2007-IEjI vIENu ŽvIlgsNIu 11 WITh NEW ENERgy To ThE FuTuRE 21 Į ateitį – su NAujA ENERgIjA 21 pRoduCTs oF BEsT quAlITy 27 KoKyBIška pRodukcijA 27 FoR dIFFERENT MARKETs ĮvAIRIoMs RINKoMs oNE TEAM – CoMMoN suCCEss 33 vIENA KoMANdA – vIENAs TIKslAs 33 NEW sTIMulus FoR ThE lIThuANIAN MARKET 39 NAujAs IMpulsAs lIETuvos rinkaI 39 us ANd soCIETy: 45 MEs IR vIsuoMENė: 45 REspoNsIBlE To ouR EMployEEs, atsAKINgI sAvo dARBuoTojAMs, ToWN ANd CouNTRy MIEsTuI IR šAlIAI ThE yEAR 2008: 53 2008-IEjI – 53 EFFICIENT, ACTIvE ANd pRofitablE EFEKTyvūs, ENERgINgI IR pElNINgI INdEpENdENT AudIToR’s REpoRT 59 NEpRIKlAusoMo AudIToRIAus IšvAdA 59 ANd pART oF FINANCIAl StateMENTs IR FINANsINės atskaitoMyBės dAlIs 3 KAs mes esame Who We Are 5 MEs EsAME svARBIAusIA BENzINo IR dyzElINo TIEKėjA BAlTIjos vAlsTyBėsE. WE ARE ThE MAIN supplIER oF gAsolINE ANd dIEsEl FuEl FoR ThE BAlTIC States. 7 Mes esame naftos perdirbimo įmonė, valdanti vienin - We are the crude oil refining company operating the telę Baltijos šalyse naftos produktų gamyklą, naftotie- only refinery in the Baltic states, crude oil and petro- kių ir produktotiekio tinklą bei jūrinį naftos terminalą. leum product pipelines and the sea terminal. since the Nuo 2006-ųjų pabaigos esame vienos didžiausių naf- end of the year 2006 we are a part of the group of pol- tos pra mo nės kompanijų vidurio ir Rytų Europoje – ish Company pKN oRlEN, one of the largest oil com- lenkijos naftos koncerno „pKN orlen“ – grupės dalis.
    [Show full text]
  • The Mineral Industry of Lithuania in 2014
    2014 Minerals Yearbook LITHUANIA U.S. Department of the Interior December 2017 U.S. Geological Survey THE MINERAL INDUSTRY OF LITHUANIA By Lin Shi In 2014, the nominal gross domestic product (GDP) of Mineral Trade Lithuania was valued at about $48.2 billion. The country’s real GDP increased by 2.9% in 2014 compared with that of 2013. In 2014, Lithuania’s total exports, including mineral fuels, The share of mining and quarrying in the GDP was about 21% were valued at about $32 billion, and total imports, including in 2014. The gross value added from mining and quarrying metals, crude oil, and natural gas, were valued at about production increased by 1.1% compared with that of 2013, $35 billion. The country’s major export destinations were whereas the gross value added from industrial production Russia, which accounted for about 20% of the total value of increased by 2.3%. The country’s inflation rate was about 0.3% exports; Latvia, about 10%; Estonia and Poland, about 8% each; compared with 1% (revised) in 2013, and the unemployment Germany, about 7%; and Belarus and the United Kingdom, rate was 11.1% compared with 11.8% (revised) in 2013. The about 5% each. The country’s imports came mainly from country’s mining sector employed about 4,000 people compared Russia, which accounted for about 29% of the total value of with about 3,700 (revised) people in 2013. Lithuania was a imports; Germany and Poland, about 10% each; Latvia, about member of the European Union (EU), the North Atlantic Treaty 6%; and the Netherlands, about 5%.
    [Show full text]
  • PKN ORLEN Consolidated Financial Results 4Q20
    PKN ORLEN consolidated financial results 4Q20 4 February 2021 #ORLEN4Q20@PKN_ORLEN Agenda Key facts and figures Macro environment Financial and operating results Liquidity and investments Outlook 2 Key facts and figures 2020 . EBITDA LIFO: PLN 12,1 bn* . Macro worsening: downstream margin decreased by (-) 3,4 USD/bbl (y/y) i.e. (-) 32% . Crude oil throughput: 29,5 mt, i.e. 84% capacity utilization . Sales: 38,3 mt, i.e. decrease by (-) 12% (y/y) . Cash flow from operations: PLN 7,6 bn / CAPEX: PLN 9,0 bn . Net debt: PLN 13,1 bn / Net debt/EBITDA: 1,32x . Dividend: PLN 0,4 bn (1,00 PLN/share) paid for 2019 . Moody's upgraded rating outlook from negative to positive and maintaining rating at Baa2 . Securing financing of current operations and growth projects by signing a revolving credit facility agreement up to EUR 1,75 bn and issue 5-year corporate bonds associated with ESG rating of PLN 1,0 bn. M&A: LOTOS Group - obtaining a conditional approval of EC for takeover. Ongoing talks with potential partners and internal work on separating LOTOS Group assets as part of remedies / ENERGA Group - acquisition of 90.92% of shares / PGNiG Group - signing a letter of intent with the State Treasury. Ongoing due diligence process and works on concentration application to the EC / RUCH - acquisition of 65% of shares and gaining control . Investments: Building of Visbreaking unit in Płock / Building of a propylene glycol unit in ORLEN Południe / Project of Hydrocracking and HDS Units modernization in Płock / Signing an agreement for the purchase of a license and base project for modernization of H-Oil unit and for the expansion of phenol production capacity / Completion of Polyethylene unit in the Czech Rep.
    [Show full text]
  • ORLEN Capital Group – Company Overview
    ORLEN Capital Group – company overview November 2011 1 Agenda Company overview Key segments New businesses entry Summary 2 Leading refining & petchem company operating in the biggest market in CEE PKN ORLEN – POLISH KEY PLAYER IN CEE LEADING DOWNSTREAM COMPANY Strategically located on key pipeline network. Access to the crude oil terminals in Gdańsk (Poland) and Butinge (Lithuania). Operates 7 refineries in Poland, Lithuania and the Czech Republic, including the largest and highly advanced one. Capable to process any kind of crude oil in all refineries. Currently the most economic is REBCO processing. Petrochemical assets fully integrated with the refining part. Operates ca. 2 700 retail sites in Poland, the Czech Republic, Germany and Lithuania. SHAREHOLDERS STRUCTURE KEY FACTS State Treasury PRODUCTION: Refining ca. 31.0 mt/y 27,52% Petrochemical ca. 4.1 mt/y FINANCIALS IN YEAR 2010: 72,48% Revenues PLN 83.5 bn Free float EBITDA PLN 5.5 bn Net profit PLN 2.5 bn 3 The strategy for 2009-2013 assumes further core business development, divestment of non-core assets and entry into new segements MAIN OBJECTIVES OF PKN ORLEN GROUP PRIORITIES Debt Release of capital employed through reduction working capital optimisation, assets 2009 – 2010 disinvestment in chemical segment, solving the issue of obligatory reserves Preparation for further growth : actions to improve financial performance, increase Efficiency Efficiency improvement as well as efficiency, reduce debt 2011 – 2013 improvement development and extension of the and finalize
    [Show full text]
  • Contents Mažeikių Nafta AB Annual Report
    1999 Maþeikiø Nafta AB annual report contents 1 contents 2 board 3 general directors review 4crude oil supply 5 feedstock processing 6 changes in production 7 transportation 7 activities of the Birþai Division 8 activities of the Bûtingë Division 9 marketing 12 process improvements 14personnel 14employee education 15 employee qualifications 16 health and safety at work 17 environmental safety 18 trading in the companys shares 21 Consolidated Statements of Operations, 1999 & 1998 (LTL 000) 22 Consolidated Balance Sheets, 1999 & 1998 (LTL 000) 24Consolidated Statements of Shareholder Equity, 1999 & 1998 (LTL 000) 26 Consolidated Statements of Cash Flows, 1999 & 1998 (LTL 000) 28 Head Office and Representative Offices 1 board J. Scheel Managing Director, Williams International V. Valys Senior Economist, Economy Sectors Division, Company, Chairman of the Board Ministry of Finance G. Vaièiunas Advisor to the State and Municipal Economy Department of the Office of the Government V. Petroðienë Finance Director, Maþeikiø Nafta AB of the Republic of Lithuania K. Balkevièius Head of Fuel Strategy Division, Ministry of Economy R. Majors General Director, UAB Williams Lietuva 2 general directors review 1999 was a year of significant events for our Company. The privatization process, The newly privatized Company was also successful in restoring investor confidence. Be- which had been developing for nearly two years, was successfully completed. On 29 cause of the lack of working capital and continuity of crude supplies the Companys share October 1999 an agreement was signed between the Government of Lithuania, Maþeikiø price on the Lithuanian National Stock Exchange (NVPB) at the beginning of 1999 struggled Nafta AB and Williams International Company, resulting in Williams International be- to reach 0.42 LTL.
    [Show full text]
  • ORLEN Group Presentation ORLEN
    PKN ORLEN ORLEN Group presentation ORLEN. Fuelling the future. Responsibly. August 2021 ORLEN Group – the largest multiutility concern in CEE (1/2) Refining . Refineries located in Poland, Lithuania and the Czech Rep. with total max. crude oil throughput of 35,2 mt/y. Strategic location with an access to crude oil, product pipelines and sea terminals. REBCO crude oil processing allows to benefit from Brent/Ural differential. Diversification of crude oil supplies. Petchem . Petrochemical assets fully integrated with refining. New production installations. Energy . Installed capacity: 6,1 GWt (heat) / 3,4 GWe (electricity). 70% of electricity production comes from zero and low-emission sources (RES and modern CCGT blocks located in Włocławek and Płock). Offshore wind farm project on the Baltic Sea with a maximum power of 1,2 GWe. Retail . 2854 fuel stations – the largest retail network in CEE. 2239 Stop Cafe / Star Connect coffee corners. 278 alternative fuel points. ORLEN – the most recognizable and valuable Polish brand worth PLN 10 bn. ORLEN brand present on foreign fuel stations within the Group (cobranding). Upstream . 174 m boe 2P crude oil and gas reserves in Canada and Poland. Average production 17,0 th. boe/d. 2 ORLEN Group – the largest multiutility concern in CEE (2/2) SHAREHOLDERS STRUCTURE KEY DATA 2020 State Treasury 12,4* 3,4 3,2 27,52% PLN bn PLN bn PLN bn Others 43,15% EBITDA LIFO Rekordowy wynik Record-high Detalu Record-high energy result retail result 29,33% Polish Pension Funds 38,3 29,5 mt mt Sales Crude oil volumes throughput PKN ORLEN listed on Warsaw Stock Exchange since 1999.
    [Show full text]
  • ORLEN CAPITAL AB (PUBL) (Incorporated in the Kingdom of Sweden with Registered Number 556974-3114) €750,000,000 2.500 Per Cent
    ORLEN CAPITAL AB (PUBL) (incorporated in the Kingdom of Sweden with registered number 556974-3114) €750,000,000 2.500 per cent. Guaranteed Bonds due 2023 guaranteed by Polski Koncern Naftowy ORLEN Spółka Akcyjna (a joint stock company incorporated in the Republic of Poland) Issue Price 98.727 per cent. The €750,000,000 2.500 per cent. Guaranteed Bonds due 2023 (the "Bonds") will be issued by ORLEN Capital AB (publ) (the "Issuer") and irrevocably and, subject to a maximum amount of €1,100,000,000, unconditionally guaranteed by Polski Koncern Naftowy ORLEN Spółka Akcyjna ("PKN ORLEN" or the "Guarantor"). Interest on the Bonds is payable annually in arrear on 7 June in each year commencing on 7 June 2017. Payments on the Bonds will be made without deduction for or on account of taxes of Sweden or Poland to the extent described under "Terms and Conditions of the Bonds – Taxation". The Bonds mature on 7 June 2023. The Bonds are subject to redemption in whole, at their principal amount, together with accrued interest, at the option of the Issuer at any time in the event of certain changes affecting taxes of Sweden and Poland and at the option of the relevant holder at any time while any of the Bonds remain outstanding if a Put Event (as defined in the Terms and Conditions of the Bonds) occurs, at their principal amount or at 101 per cent. of their principal amount in the circumstances set out in Condition 7.3, in each case, together with accrued interest to the date fixed for redemption.
    [Show full text]
  • 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 ............................................................................................................................
    [Show full text]
  • The Mineral Industry of Lithuania in 2013
    2013 Minerals Yearbook LITHUANIA U.S. Department of the Interior December 2016 U.S. Geological Survey THE MINERAL INDUSTRY OF LITHUANIA By Lin Shi In 2013, Lithuania’s real gross domestic product (GDP) rate which accounted for about 29% of the total value of imports; of growth was 3.3% and the nominal GDP was valued at about Germany, about 10%; Poland, about 9%; and Latvia, about $46 billion. The services sector accounted for about 68% of 6%. In 2013, Lithuania’s total exports to the United States the GDP; the industrial sector, about 28%; and the agriculture were valued at about $1.55 billion compared with $1.18 billion sector, about 4%. The country’s inflation rate was 1.2%, and the in 2012 and included aluminum and bauxite valued at about unemployment rate was 12.4%. The country’s mining sector $236,000; chemical fertilizers, about $62 million; coal and employed 2,589 people. Lithuania was a member of the World related fuels, about $350,000; copper, about $282,000; iron and Trade Organization and of the European Union (EU), and it was steel products, about $354,000; and petroleum products, about a significant trading partner with Central and Eastern European $1.25 billion. Lithuania’s total imports from the United States countries, especially Russia. The domestic employment were valued at about $853 million compared with $757 million minimum wage was increased by 25% in 2013 from that of in 2012, and included fuel oil valued at about $39 million; iron 2012, and the Government was expecting to meet the criteria set and steel mill products, about $168,000; manufactured mineral forth in the Treaty of Maastricht to join the euro area by 2015 supplies, about $1 million; nonferrous metals, about $383,000; (Statistics Lithuania, 2014; U.S.
    [Show full text]
  • PKN ORLEN Group – Company Overview
    PKN ORLEN Group – company overview March 2011 1 Agenda Company overview Key segments New businesses entry Summary 2 Leading refining & petchem company operating in the biggest market in CEE PKN ORLEN – POLISH KEY PLAYER IN CEE LEADING DOWNSTREAM COMPANY Strategically located on key pipeline network. Access to the crude oil terminals in Gdańsk (Poland) and Butinge (Lithuania). Operates 7 refineries in Poland, Lithuania and the Czech Republic, including the largest and highly advanced one. Capable of processing in all refineries any kind of crude oil . Currently the most economic is REBCO. Petrochemical assets fully integrated with the refining operations. Operates ca. 2 600 retail sites in Poland, Czech Republic, Germany and Lithuania. SHAREHOLDERS STRUCTURE KEY FACTS State Treasury PRODUCTION: Refining ca. 30.0 mt/y 27,52% Petrochemical ca. 3.5 mt/y FINANCIALS IN YEAR 2010: 72,48% Revenues PLN 83.5 bn Free float EBITDA PLN 5.5 bn Net profit PLN 2.5 bn 3 The strategy for 2009-2013 assumes further core business development, divestment of non-core assets and entry into new attractive business areas Main objectives of PKN ORLEN Group Priorities Debt Release of capital employed through reduction working capital optimisation, assets 2009 – 2010 disinvestment in chemical and telecom segments, solving the issue of obligatory Preparation for further reserves growth : actions to improve financial performance, increase Efficiency Efficiency improvement as well as efficiency, reduce debt 2011 – 2013 improvement development and extension
    [Show full text]
  • AB MAŽEIKIŲ NAFTA Annual Prospectus-Report for Year 2006
    AB MAŽEIKIŲ NAFTA Annual Prospectus-Report for Year 2006 (prepared in accordance with the Rules on Periodic Disclosure of Information about Issuer’s Activities and Their Securities approved by Lithuanian Securities Commission) ANNUAL PROSPEKTUS-REPORT FOR YEAR 2006 TABLE OF CONTENTS I. GENERAL....................................................................................................................................................... 5 1. ACCOUNTABLE PERIOD FOR WHICH THE ANNUAL PROSPECTUS-REPORT HAS BEEN PREPARED ........................................................................................................................................................ 5 2. MAIN DATA ON THE ISSUER................................................................................................................... 5 3. NATURE OF THE ISSUER’S PRINCIPAL ACTIVITIES....................................................................... 5 4. INFORMATION ABOUT WHERE AND HOW ONE CAN GET ACQUAINTED WITH THE REPORT AND THE DOCUMENTS ON THE BASIS OF WHICH IT WAS PREPARED (FINANCIAL STATEMENTS, THE AUDITORS’ REPORTS, ETC.) AND THE NAME OF THE MEANS OF MASS MEDIA ................................................................................................................................................................ 5 5. PERSONS RESPONSIBLE FOR THE ACCURACY OF INFORMATION IN THE REPORT:......... 5 5.1. MEMBERS OF MANAGING BODIES, EMPLOYEES AND HEAD OF ADMINISTRATION OF THE ISSUER RESPONSIBLE FOR THE REPORT:..............................................................................................................................................
    [Show full text]