PKN ORLEN as Parent Company is a multi-segment entity, appropriately allocated to all operating segments and corporate functions.
Name of the entity | Parent company | Share in total voting rights | Consolidation method/Valuation method | Website | |
---|---|---|---|---|---|
31/12/2014 | 31/12/2013 | ||||
Downstream Segment | |||||
Production and trading | |||||
AB ORLEN Lietuva (ORLEN Lietuva) | PKN ORLEN S.A. | 100% | 100% | full | www.orlenlietuva.lt |
Anwil S.A. | PKN ORLEN S.A. | 100% | 100% | full | www.anwil.pl |
Basell ORLEN Polyolefins Sprzedaż Sp. z o.o. | Basell ORLEN Polyolefins Sp. z.o.o. | 100% | 100% | equity method | |
Chemopetrol a.s. | UNIPETROL RPA s.r.o. | 100% | 100% | full | |
Fabryka Parafin Naftowax Sp. z o.o. 1 | RAFINERIA TRZEBINIA S.A. 1 | 100% | 100% | full | www.naftowax.pl |
Inowrocławskie Kopalnie Soli "Solino" S.A. | PKN ORLEN S.A. | 100% | 100% | full | www.solino.pl |
Kopalnia Soli Lubień Sp. z o.o. | PKN ORLEN S.A. | 100% | - | full | |
Mogul Slowakia s.r.o. | PARAMO A.S. | 100% | 100% | full | |
ORLEN Asfalt Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlen-asfalt.pl |
ORLEN Gaz Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlengaz.pl |
Orlen Oil Cesko s.r.o. 3 | ORLEN OIL Sp. z o.o. | 100% | 100% | full | www.orlenoil.cz |
ORLEN Oil Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenoil.pl |
ORLEN Paliwa Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenpaliwa.com.pl |
ORLEN Petrotank Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenpetrotank.pl |
OU ORLEN Eesti (previously OU Mazeikiu | UAB Mezeikiu naftos prekybos namai | 100% | 100% | full | |
Paramo a.s. | UNIPETROL A.S. | 100% | 100% | full | www.paramo.cz |
ORLEN Asfalt Ceska Republika s.r.o. | ORLEN ASFALT Sp. z o.o. | 100% | 100% | full | www.paramoasfalt.cz |
Paramo Oil s.r.o. | PARAMO A.S. | 100% | 100% | full | |
Platinum Oil Sp. z o.o. | ORLEN OIL Sp. z o.o. | 100% | 100% | full | www.platinumoil.pl |
Rafineria Nafty Jedlicze S.A. 1 | PKN ORLEN S.A. | 100% | 100% | full | www.rnjsa.com.pl |
Spolana a.s. | ANWIL S.A. | 100% | 100% | full | www.spolana.cz |
SIA ORLEN Latvija (previously SIA Mazeikiu Nafta Tirdzniecibas nams) | UAB Mezeikiu naftos prekybos namai | 100% | 100% | full | |
UAB Mezeikiu naftos prekybos namai | AB ORLEN Lietuva | 100% | 100% | full | |
UNIPETROL Austria HmbH (in liquidation) | UNIPETROL A.S. | 100% | 100% | full | |
UNIPETROL Deutschland GmbH | UNIPETROL RPA s.r.o. | 100% | 100% | full | www.unipetrol.de |
UNIPETROL RPA s.r.o. | UNIPETROL A.S. | 100% | 100% | full | www.unipetrolrpa.cz |
UNIPETROL Rafinerie s.r.o | UNIPETROL A.S. | 100% | 100% | full | |
UNIPETROL Slovensko s.r.o. | UNIPETROL RPA s.r.o. | 100% | 100% | full | www.unipetrol.sk |
Rafineria Trzebinia S.A. 1 | PKN ORLEN S.A. | 99.46% | 86.35% | full | www.rafineria-trzebinia.pl |
Ceska Rafinerska a.s. | UNIPETROL A.S. | 67.56% | 51,22% | share in assets and liabilities | www.ceskarafinerska.cz |
Ship-Service S.A. | PKN ORLEN S.A. | 60.86% | 60,86% | full | www.ship-service.pl |
Butadien Kralupy a.s. | UNIPETROL A.S. | 51% | 51% | share in assets and liabilities | |
Basell ORLEN Polyolefins Sp. z o.o. Services | PKN ORLEN S.A. | 50% | 50% | equity method | www.basellorlen.pl |
EkoNaft Sp. z o.o. | RAFINERIA TRZEBINIA S.A. 1 | 100% | 100% | full | www.ekonaft.pl |
Energomedia Sp. z o.o. | RAFINERIA TRZEBINIA S.A. 1 | 100% | 100% | full | www.energomedia.pl |
Euronaft Trzebinia Sp. z o.o. | RAFINERIA TRZEBINIA S.A. 1 | 100% | 100% | full | www.euronaft-trzebinia.pl |
ORLEN Automatyka Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenautomatyka.pl |
ORLEN Eko Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orleneko.pl |
ORLEN Transport S.A. | PKN ORLEN S.A. | 100% | 100% | full | www.orlentransport.pl |
Petrolot Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.petrolot.pl |
Polymer Institute Brno s.r.o. | UNIPETROL RPA s.r.o. | 100% | 100% | full | |
Przedsiebiorstwo Inwestycyjno-Remontowe RemWil Sp. z o.o. | ANWIL S.A. | 100% | 100% | full | www.remwil.pl |
Przedsiębiorstwo Usług Specjalistycznych i Projektowych Chemeko Sp. z o.o. | ANWIL S.A. | - | 100% | full | www.chemeko.pl |
RAF- Służba Ratownicza Sp. z o.o. (in liquidation) | RAFINERIA NAFTY JEDLICZE S.A. 1 | 100% | 100% | full | |
RAF-Koltrans Sp. z o.o. (in liquidation) | RAFINERIA NAFTY JEDLICZE S.A. 1 | 100% | 100% | full | |
UAB Emas | AB ORLEN Lietuva | 100% | 100% | full | |
UAB Paslaugos TAU | AB ORLEN Lietuva | 100% | 100% | full | |
UNIPETROL Doprava s.r.o. | UNIPETROL RPA s.r.o. | 100% | 100% | full | |
Downstream Segment | |||||
Services | |||||
Vyzkumny Ustav Anorganicke Chemie a.s. | UNIPETROL A.S. | 100% | 100% | full | |
Zakładowa Straż Pożarna Sp. z o.o. 1 | RAFINERIA TRZEBINIA S.A. 1 | 100% | 100% | full | |
ORLEN KolTrans Sp. z o.o. | PKN ORLEN S.A. | 99.85% | 99.85% | full | www.orlenkoltrans.pl |
Przedsiebiorstwo Produkcyjno-Handlowo-Usługowe Pro-Lab Sp. z o.o. | ANWIL S.A. | 99.32% | 99.32% | full | www.prolab.pl |
Konsorcjum Olejów Przepracowanych - Organizacja Odzysku S.A. | RAFINERIA NAFTY JEDLICZE S.A. 1 | 81% | 81% | full | www.konsorcjum.jedlicze. |
ORLEN Wir Sp. z o.o. | PKN ORLEN S.A. | 76.59% | 76.59% | full | www.orlenwir.pl |
Power Engineering | |||||
Baltic Power Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.balticpower.eu |
Baltic Spark Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | |
Retail Segment | |||||
Trading | |||||
AB Ventus-Nafta | AB ORLEN Lietuva | - | 100% | full | |
AB Ventus-Nafta | PKN ORLEN S.A. | 100% | - | full | |
Benzina s.r.o. | UNIPETROL A.S. | 100% | 100% | full | |
ORLEN Deutschland GmbH | PKN ORLEN S.A. | 100% | 100% | full | www.orlen-deutschland.de |
Services | |||||
ORLEN Budonaft Sp .z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.budonaft.com.pl |
Petrotans s.r.o. | BENZINA s.r.o. | 100% | 100% | full | www.petrotrans.cz |
ORLEN Centrum Serwisowe Sp. z o.o. | PKN ORLEN S.A. | 99.33% | 99.33% | full | www.orlencs.pl |
Upstream Segment | |||||
Exploration and extraction | |||||
ORLEN Upstream Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenupstream.pl |
ORLEN International Exploration & Production Company BV | ORLEN UPSTREAM Sp. z o.o. | 100% | - | full | |
ORLEN International Exploration & Production Company BV | PKN ORLEN S.A. | - | 100% | full | |
ORLEN Upstream International BV | ORLEN UPSTREAM Sp. z o.o. | 100% | 100% | full | |
TriOilResources Ltd. 2 | ORLEN Upstream International BV | 100% | 100% | full | www.trioilresources.com |
1426628 Alberta Ltd. | TriOilResources Ltd. 2 | 100% | 100% | full | |
OneEx Operations Partnership | TriOilResources Ltd. 2 | 100% | 100% | full | |
SIA Balin Energy (in liquidation) | OIEP Co BV | 50% | 50% | share in assets and liabilities | |
Corporate Functions | |||||
Services | |||||
AB ORLEN Lietuva (ORLEN Lietuva) | PKN ORLEN S.A. | 100% | 100% | full | www.orlenlietuva.lt |
ORLEN Administracja Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenadministracja.pl |
ORLEN Capital AB | PKN ORLEN S.A. | 100% | - | full | |
ORLEN Centrum Usług Korporacyjnych Sp. z o.o. (until 31 December 2013 Orlen Księgowość Sp. z o.o.) | PKN ORLEN S.A. | 100% | 100% | full | www.orlencuk.pl |
ORLEN Finance AB | PKN ORLEN S.A. | 100% | 100% | full | |
ORLEN Holding Malta Ltd. | PKN ORLEN S.A. | 100% | 100% | full | |
Orlen Insurance Ltd. | ORLEN HOLDING MALTA Ltd. | 100% | 100% | full | |
ORLEN Ochrona Sp. z o.o. | PKN ORLEN S.A. | 100% | 100% | full | www.orlenochrona.pl |
ORLEN Serwis S.A. | PKN ORLEN S.A. | 100% | - | full | |
UAB Apsauga | ORLEN OCHRONA Sp. z o.o. | 100% | 100% | full | www.orlenapsauga.lt |
UNIPETROL RPA s.r.o. | UNIPETROL A.S. | 100% | 100% | full | www.unipetrolrpa.cz |
UNIPETROL Services s.r.o. | UNIPETROL A.S. | 100% | 100% | full | |
ORLEN Projekt S.A. | PKN ORLEN S.A. | 99.77% | 99.77% | full | www.orlenprojekt.pl |
ORLEN Laboratorium Sp. z o.o. | PKN ORLEN S.A. | 99.38% | 99.38% | full | www.orlenlaboratorium.pl |
HC Verva Litvinov a.s. | UNIPETROL RPA s.r.o. | 70.95% | 70.95% | full | |
Centrum Edukacji Sp. z o.o. | PPPT S.A. | 69.43% | 69.43% | equity method | www.centrumedukacji.pl |
UNIPETROL A.S. | PKN ORLEN S.A. | 62.99% | 62,99% | full | www.unipetrol.cz |
Płocki Park Przemysłowo-Technologiczny S.A. | PKN ORLEN S.A. | 50% | 50% | equity method | www.pppt.pl |
ORLEN Medica Sp. z o.o. | PKN ORLEN S.A. | - | 100% | full | www.orlenmedica.pl |
Sanatorium Uzdrowiskowe Krystynka Sp. z o.o. | ORLEN MEDICA Sp. z o.o. | - | 98.58% | full | www.sanatoriumkrystynka.pl |
1) from 05.01.2015 ORLEN Południe S.A.
2) from 10.03.2015 ORLEN Upstream Canada Ltd.
3) as of 14.02.2015 Orlen Oil Cesko s.r.o was removed from the Trade Register Share in total voting rights is equal to share in equity
ACTIVITY OF CORE COMPANIES BELONGING TO ORLEN GROUP
NAME OF THE ENTITY | HEADQUARTERS | PRINCIPAL ACTIVITY |
---|---|---|
UNIPETROL a.s. (including its own Capital Group) |
Czech Republic - Prague | crude oil processing as well as manufacture and distribution of refinery, petrochemical and chemical products |
AB ORLEN Lietuva (including its own Capital Group) |
Lithuania - Juodeikiai | crude oil processing, production of refining products and wholesale |
Anwil S.A. | Poland - Wloclawek | production of nitrogen fertilizers, plastic and chemicals |
ORLEN Upstream Sp. z o.o. (including its own Capital Group) |
Poland – Warsaw | exploration and prospecting of hydrocarbon deposits, extraction of crude oil and natural gas |
ORLEN Oil Sp. z o.o. | Poland – Cracow | production, distribution and sale of grease oils, maintenance liquids |
ORLEN Gaz Sp. z o.o. | Poland - Plock | wholesale of liquid gas, distribution of gas in cylinders |
ORLEN Asfalt Sp. z o.o. | Poland - Plock | manufacture and sale of road bitumens and specific bitumen products |
Rafineria Trzebinia S.A. 1 | Poland – Trzebinia | crude oil processing, production and sale of biofuels, oils |
ORLEN Paliwa Sp. z o.o. | Poland - Plock | liquid fuels trade |
Inowrocławskie Kopalnie Soli "SOLINO" S.A. | Poland – Inowroclaw | storage of crude oil, fuels and gases, extraction and supply of brine |
ORLEN Transport S.A. | Poland - Plock | transport services |
ORLEN KolTrans Sp. z o.o. | Poland - Plock | rail services |
1) from 05.01.2015 ORLEN Południe S.A.
Structured entities
ORLEN CAPITAL AB
The company’s business is to conduct financial activities aimed to raising funds through the issuance of bonds and other financial instruments for institutional and private investors. ORLEN Capital AB specializes in granting borrowings or loans to group companies and conduct any other activities related to the financial instruments.
On 30 June 2014 ORLEN Capital AB and PKN ORLEN issued eurobonds with 7-year redemption of approximately of PLN 2,080 million translated using exchange rate as at 30 June 2014 (representing EUR 500 million).The funds obtained by ORLEN Capital through the issue were transferred to PKN ORLEN under the borrowing agreement. PKN ORLEN is the guarantor of the issued bonds by an irrevocable and unconditional guarantee issued to the bondholders of PLN 4,262 million translated using exchange rate as at 31 December 2014 (equivalent of EUR 1 billion). The guarantee was granted for the time of the eurobond issue, until 30 June 2021.
ORLEN FINANCE AB
The company’s business is to conduct financial services trough transactions within the ORLEN Group, including intercompany borrowings and loans, as well as any other financial instruments.
As at 31 December 2014 the Group has issued the guarantee to ORLEN Finance for related parties of PLN 940 million and to the third parties of PLN 852 million.
5.1. Changes in the ORLEN Group’s structure from 1 January 2014 up to date of preparation of these report
5.1.1. Acquisitions under common control not affecting the financial data of the Group
2014
As a part of the centralization of environmental services within the ORLEN Group, on 26 June 2014, ORLEN Eko Sp. z o.o. acquired from both ANWIL S.A. and Przedsiębiorstwo Inwestycyjno – Remontowe RemWil Sp. z o.o. – subsidiary of ANWIL, a total of 100% shares of Chemeko Sp. z o.o. The transfer of ownership of shares took place on 1 July 2014. As at 31 October 2014, ORLEN Eko merged with the Chemeko company.
On 31 July 2014, PKN ORLEN acquired 100% of shares of AB Ventus Nafta from ORLEN Lietuva.
On 29 December 2014, a share capital of AB ORLEN Lietuva was increased through the issue of 10,379,678 new ordinary registered shares, a nominal value of LTL 1 each.
The value of the issue amounted to USD 300 million, i.e. LTL 847 million (calculated at the rate from 29 December 2014). The issue price of one share was USD 28.90 which represents approximately LTL 81.62.
The shares from the issue were acquired by PKN ORLEN. The stake of PKN ORLEN in the share capital remained unchanged and amounted to 100%.
Funds from this issue were used to repay debt to the ORLEN Group by AB ORLEN Lietuva.
-
On 5 January 2015, a merger between Rafineria Trzebinia S.A. and the acquired companies: Rafineria Nafty Jedlicze S.A., Fabryka Parafin Naftowax Sp. z o.o. and Zakładowa Straż Pożarna Sp. z o.o. The company operates under the new name ORLEN Południe S.A. since 5 January 2015;
-
On 19 March 2015 the merger of Baltic Power and Baltic Spark as acquired company.
-
On 20 February 2015 the merger of ORLEN Serwice S.A. with ORLEN Automatyka Sp. z o.o. and Przedsiębiorstwo Inwestycyjno-Remontowe RemWil Sp. z o.o. as an acquired companies;
-
On 22 January 2015 PKN ORLEN acquistition from Anwil S.A. shares of Przedsiębiorsto Inwestycyjno-Remontowe “RemWil” Sp. z o.o, headquarter in Wloclawek;
-
On 5 January 2015, a merger between ORLEN OIL Sp. z o.o and Platinum OIL Sp. z o.o. as the acquired company took place;
5.1.2. Changes in shareholder structure affecting the financial data of the Group
Acquisition of shares of Birchill Exploration Limited Partnership
On 5 June 2014 the ORLEN Group acquired 100% of Birchill Exploration Limited Partnership („Birchill”) shares.
Shares were acquired as an execution of provisions of agreement dated 7 May 2014 concluded between the ORLEN Group’s entity – TriOil Resources Ltd. (“TriOil”) and Bregal – Birchill Investments S.A.R.L. seated in Luxemburg. Acquired shares represented 100% of Birchill’s share capital and 100% votes on the company’s Shareholders Meeting. 5 June 2014 is assumed as a date of taking control (Polish time).
The core business of Birchill is exploration, prospecting and extraction of crude oil and natural gas in Canada. Concluding of the agreement is consistent with the ORLEN Group’s strategy aiming at the development of crude oil and natural gas resource base.
The amount paid for shares by TriOil of PLN 707.4 million was translated using the exchange rate as at 5 June 2014 (representing CAD 255.6 million).
Fair value of the identifiable assets and liabilities of Birchill as at the acquisition date is as follows:
Carrying amount as at the acquisition day | Adjustments to fair value | Fair value | |
Exploration and evaluation of mineral resources assets | 4 | 5 | 9 |
Assets related to development and extraction of mineral resources | 438 | 391 | 829 |
Trade and other receivables | 15 | - | 15 |
Assets (A) | 457 | 396 | 853 |
Trade and other liabilities | 16 | - | 16 |
Provision for decommissioning costs of drillings and supporting infrastructure | 7 | 10 | 17 |
Provision for deffered income tax | - | 113 | 113 |
Liabilities (B) | 23 | 123 | 146 |
Identifiable net assets at fair value (A-B) | 707 | ||
Fair value of transferred payment due to acquisition | 707 |
The settlement of executed transaction did not influence the consolidated statement of profit or loss and other comprehensive income due to fair value of net assets recognized in the ORLEN Group was equal to price paid. As a part of the settlement an assessment of completeness and accuracy of identified assets and liabilities acquired in the mentioned transaction as well as to determine fair value of identified assets and liabilities were conducted.
Simultaneously, on 5 June 2014 TriOil and Birchill merger took place. The merger took place by transfer of Birchill’s total assets to TriOil. Taking into account the fact that TriOil possessed 100% shares of Birchill’s share capital, the merger took place without an increase of share capital.
Other changes affecting the financial data of the Group
In the I quarter 2014, Unipetrol a.s acquired from Shell Overases Investments BV (Shell) 152,701 shares representating 16.335% of Česká Rafinérská share capital. The Group recognized a gain on bargain purchase in other operating income of PLN 180 million, calculated as the difference between the acquired share in equity of Ceska Rafinerska of PLN 263 million, and the purchase price of PLN 82 million. As a result of this transaction, Unipetrol share in the capital of Česká Rafinérská increased to 67.56 %
In May 2014 the ORLEN Group sold to PZU Group shares in ORLEN Medica and in Sanatorium Uzdrowiskowe „Krystynka” as well as in the PROF-MED from ANWIL Group
As a result of this transaction, the Group recognized a gain on these sales of PLN 33 million, in other operating income.
In 2014, PKN ORLEN made a repurchase of non-controlling interests and became the owner of 100 % of shares in: Rafineria Trzebinia – squeezed out of the remaining 13.65% of the shares attributable to the non-controlling interest, ORLEN OIL – acquisition of shares from Rafineria Jedlicze and Rafineria Trzebinia; ORLEN Asfalt - acquisition of shares from Rafineria Trzebinia.
As a result of these transactions, the Group recognized a decrease in equity attributable to non-controlling interest of PLN (72) million and increase of retained earnings by PLN 23 million.
Changes in the Group structure are part of the ORLEN Group strategy, assuming the focus on the core activities and allocating the released capital for development of the Group in the most prospective areas - upstream and energy sector.