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Directors Report on LOTOS Group Operations

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Directors Report on LOTOS Group Operations THE LOTOS GROUP DIRECTORS REPORT ON THE LOTOS GROUP OPERATIONS IN 2007 THE LOTOS GROUP DIRECTORS’ REPORT ON THE LOTOS GROUP OPERATIONS IN 2007 The following document is a translation of ‘Directors’ Report on The LOTOS Group Operations in 2007’, originally prepared in the Polish language, which is the only legally binding document. 1 THE LOTOS GROUP DIRECTORS REPORT ON THE LOTOS GROUP OPERATIONS IN 2007 CONTENTS INTRODUCTION .................................................................................................................................................. 5 1. ORGANISATIONAL STRUCTURE OF THE LOTOS GROUP................................................................... 5 1.1. STRUCTURE OF THE LOTOS GROUP AS AT DECEMBER 31ST 2007 .......................................... 5 1.2. CONSOLIDATED UNDERTAKINGS OF THE LOTOS GROUP ........................................................ 8 2. CHANGES IN ORGANISATION AND MANAGEMENT OF THE LOTOS GROUP .............................. 25 2.1. CHANGES IN THE KEY MANAGEMENT RULES OF GRUPA LOTOS S.A.................................. 25 2.2. CHANGES IN THE ORGANISATION AND MANAGEMENT OF THE LOTOS GROUP .............. 27 3. OWNERSHIP CHANGES IN THE LOTOS GROUP IN 2007 .................................................................... 32 3.1. STRUCTURE OF GRUPA LOTOS S.A.’S SHARE CAPITAL ........................................................... 32 3.2. CHANGES IN THE SHAREHOLDER STRUCTURE OF GRUPA LOTOS S.A. IN 2007................. 32 3.3. CHANGES IN THE SHAREHOLDER STRUCTURE WITHIN THE GROUP................................... 33 3.4. PRICE OF GRUPA LOTOS S.A. SHARES ON THE WARSAW STOCK EXCHANGE IN 2007..... 33 3.5. ASSIMILATION OF SHARES AFTER THE BALANCE-SHEET DATE .......................................... 35 4. PAYMENT OF DIVIDEND FOR 2006........................................................................................................ 35 5. DESCRIPTION OF THE LOTOS GROUP’S DEVELOPMENT POLICY ................................................. 36 5.1. EXTERNAL AND INTERNAL FACTORS MATERIAL FOR THE DEVELOPMENT OF THE LOTOS GROUP..................................................................................................................................... 36 5.2. DEVELOPMENT PROSPECTS OF THE LOTOS GROUP................................................................. 36 6. KEY PRODUCTS, GOODS AND SERVICES OF THE LOTOS GROUP ................................................. 38 7. CHANGES IN SALES MARKETS AND SOURCES OF SUPPLY OF MATERIALS, GOODS AND SERVICES..................................................................................................................................................... 40 8. KEY FINANCIAL AND ECONOMIC DATA DISCLOSED IN THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS AND NON-RECURRING FACTORS AND EVENTS WITH A BEARING ON THE GROUP’S PERFORMANCE......................................................................................................... 42 8.1. INCOME STATEMENT........................................................................................................................ 42 8.2. BALANCE SHEET................................................................................................................................42 8.3. CASH FLOWS ....................................................................................................................................... 45 8.4. NON-RECURRING EVENTS WITH AN IMPACT ON THE COMPANY’S PERFORMANCE....... 45 9. CONTRACTED LOANS (INCLUDING LOAN MATURITY DATES) AND SURETIES AND GUARANTEES GRANTED TO LOTOS GROUP ...................................................................................... 46 9.1. CONTRACTED LOANS AND LOAN AGREEMENTS...................................................................... 46 9.2. GUARANTEES GRANTED TO LOTOS GROUP ............................................................................... 49 10. ASSESSMENT OF FINANCIAL RESOURCES MANAGEMENT............................................................ 51 11. KEY RISKS AND THREATS AND THE EXTENT OF THE GROUP’S EXPOSURE TO SUCH RISKS AND THREATS............................................................................................................................................ 52 11.1. EXTERNAL RISKS AND THREATS RELATED TO THE GROUP’S MARKET ENVIRONMENT: ................................................................................................................................................................ 52 11.2. INTERNAL RISKS AND THREATS RELATED TO THE COMPANY’S BUSINESS ..................... 52 The following document is a translation of ‘Directors’ Report on The LOTOS Group Operations in 2007’, originally prepared in the Polish language, which is the only legally binding document. 2 THE LOTOS GROUP DIRECTORS REPORT ON THE LOTOS GROUP OPERATIONS IN 2007 12. SIGNIFICANT AGREEMENTS CONNECTED WITH THE OPERATIONS OF GRUPA LOTOS S.A., INCLUDING AGREEMENTS BETWEEN SHAREHOLDERS, INSURANCE AGREEMENTS, AND COOPERATION AGREEMENTS................................................................................................................ 54 12.1. SIGNIFICANT AGREEMENTS EXECUTED BY GRUPA LOTOS S.A. IN 2007............................. 54 12.2. SIGNIFICANT AGREEMENTS CONCLUDED BY GRUPA LOTOS S.A. SUBSEQUENT TO THE BALANCE-SHEET DATE .................................................................................................................... 58 12.3. SIGNIFICANT AGREEMENTS CONCLUDED BY THE OTHER COMPANIES OF THE LOTOS GROUP IN 2007..................................................................................................................................... 58 13. CHANGES IN ORGANISATIONAL OR EQUITY LINKS BETWEEN THE PARENT UNDERTAKING AND OTHER ENTITIES, SPECIFICATION OF KEY DOMESTIC AND FOREIGN INVESTMENTS.. 60 13.1. CHANGES IN ORGANISATIONAL OR CAPITAL LINKS............................................................... 60 13.2. KEY DOMESTIC AND FOREIGN INVESTMENTS OF THE GROUP – INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS .......................................................................................... 62 14. TRANSACTIONS WITH RELATED UNDERTAKINGS........................................................................... 64 15. LOANS ADVANCED, INCLUDING LOANS, SURETIES AND GUARANTEES GRANTED TO RELATED UNDERTAKINGS OF GRUPA LOTOS S.A............................................................................ 66 15.1. LOANS ADVANCED............................................................................................................................ 66 15.2. MATERIAL SURETIES ........................................................................................................................ 67 15.3. MATERIAL LIABILITIES UNDER PROMISSORY NOTES ............................................................. 68 15.4. OTHER MATERIAL CONTINGENT AND OFF-BALANACE-SHEET LIABILITIES..................... 70 16. USE OF ISSUE PROCEEDS TO IMPLEMENT THE ISSUE OBJECTIVES............................................. 72 17. EXPLANATION OF DIFFERENCES BETWEEN ACTUAL FINANCIAL RESULTS AND PREVIOUSLY PUBLISHED FORECASTS OF 2007 FINANCIAL RESULTS......................................... 72 18. DESCRIPTION OF MATERIAL OFF-BALANCE-SHEET ITEMS........................................................... 74 19. MAJOR RESEARCH AND TECHNICAL DEVELOPMENT ACHIEVEMENTS OF THE LOTOS GROUP.......................................................................................................................................................... 74 20. ASSESSMENT OF FEASIBILITY OF PLANNED INVESTMENTS, INCLUDING EQUITY INVESTMENTS, IN VIEW OF AVAILABLE FUNDS .............................................................................. 74 21. MATERIAL EVENTS WHICH OCCURRED DURING THE FINANCIAL YEAR AND AFTER ITS END, PRIOR TO THE RELEASE OF ANNUAL REPORT ........................................................................ 75 22. EXTERNAL AND INTERNAL FACTORS MATERIAL FOR THE DEVELOPMENT OF THE LOTOS GROUP; DEVELOPMENT PROSPECTS OF THE GROUP ...................................................................... 82 22.1. EXTERNAL AND INTERNAL FACTORS MATERIAL TO THE DEVELOPMENT OF THE LOTOS GROUP................................................................................................................................................... 82 22.2. DEVELOPMENT PROSPECTS FOR THE GROUP’S BUSINESS..................................................... 83 23. CHANGES IN THE COMPOSITION OF THE MANAGEMENT AND SUPERVISORY BOARDS OF THE LOTOS GROUP COMPANIES ........................................................................................................... 84 23.1. CHANGES IN THE COMPOSITION OF THE MANAGEMENT BOARDS OF GRUPA LOTOS S.A. ................................................................................................................................................................ 84 23.2. CHANGES IN THE COMPOSITION OF THE SUPERVISORY BOARD OF GRUPA LOTOS S.A. 85 The following document is a translation of ‘Directors’ Report on The LOTOS Group Operations in 2007’, originally prepared in the Polish language, which is the only legally binding document. 3 THE LOTOS GROUP DIRECTORS REPORT ON THE LOTOS GROUP OPERATIONS IN 2007 23.3. RULES OF APPOINTMENT AND REMOVAL OF MANAGEMENT STAFF; SCOPE OF POWERS OF THE MANAGEMENT STAFF:....................................................................................................... 85 23.4. CHANGES IN THE COMPOSITION OF THE MANAGEMENT
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