Shares in entities accounted for under equity method
31/12/2014 | 31/12/2013 | |
---|---|---|
Associates | 13 | 12 |
Joint ventures | 659 | 603 |
672 | 615 |
Share in profit from investments accounted for under equity method
31/12/2014 | 31/12/2013 | |
---|---|---|
Associates | 2 | - |
Joint ventures | 55 | 40 |
57 | 40 |
16.1. Investments in associates
In the ORLEN Group a significant influence over associates is exerted on the basis of the voting rights corresponding to the proportion of held ownership shares.
Place of business | Carrying amount as at | Group's share in share capital/voting rights as at | Principal activity | ||||
---|---|---|---|---|---|---|---|
31/12/2014 | 31/12/2013 | 31/12/2014 | 31/12/2013 | ||||
Naftelf | Vilnius | 6 | 6 | 0.34 | 0.34 | distribution of aviation fuels and construction of storage warehouses | |
Wircom | Wloclawek | 7 | 6 | 49.02% | 49.02% | power equipment repair services for chemical, food, energy industry |
|
13 | 12 |
16.1.1. Condensed finacial data of associates
The Group does not present any of selected financial data of associates due to their immateriality.
16.2. Investments in joint ventures
16.2.1. The nature of investment in joint ventures
Carrying amount as at | Group's share in share capital/voting rights as at | |||
---|---|---|---|---|
31/12/2014 | 31/12/2013 | 31/12/2014 | 31/12/2013 | |
BOP | 629 | 571 | 0.5 | 0.5 |
PPPT | 30 | 32 | 0.5 | 0.5 |
659 | 603 |
16.2.2. Condensed financial information of joint ventures
Selected data from the statement of financial position
BOP | PPPT | Total | |||||
---|---|---|---|---|---|---|---|
NOTE | 31/12/2014 | 31/12/2013 | 31/12/2014 | 31/12/2013 | 31/12/2014 | 31/12/2013 | |
Non-current assets | 960 | 1,024 | 81 | 35 | 1,041 | 1,059 | |
Current assets | 1,255 | 1,321 | 23 | 39 | 1,278 | 1,360 | |
::Cash | 233 | 372 | 18 | 36 | 251 | 408 | |
::Other current assets | 1,022 | 949 | 5 | 3 | 1,027 | 952 | |
Total assets | 2,215 | 2,345 | 104 | 74 | 2,319 | 2,419 | |
Non-current liabilities | 20 | 204 | 40 | - | 60 | 204 | |
::Loans | - | 192 | 40 | - | 40 | 192 | |
::Provisions | 1 | 1 | - | - | 1 | 1 | |
::Other non-current liabilities | 19 | 11 | - | - | 19 | 11 | |
Current liabilities | 908 | 969 | 4 | 10 | 912 | 979 | |
::Trade and other liabilities | 845 | 843 | 2 | 9 | 847 | 852 | |
::Loans | 50 | 123 | - | - | 50 | 123 | |
::Provisions | 10 | 1 | 1 | 1 | 11 | 2 | |
::Other current liabilities | 3 | 2 | 1 | - | 4 | 2 | |
Total liabilities | 928 | 1,173 | 44 | 10 | 972 | 1,183 | |
Net debt | (183) | (57) | 22 | (36) | (161) | (93) | |
Net assets | 1,287 | 1,172 | 60 | 64 | 1,347 | 1,236 | |
Group’s share in joint ventures (50%) | 644 | 586 | 30 | 32 | 674 | 618 | |
Consolidation adjustments | (15) | (15) | - | - | (15) | (15) | |
Investments accounted for under equity method | 16.2.1 | 629 | 571 | 30 | 32 | 659 | 603 |
Selected data from the statement of profit and loss and other comprehensive income and the statement of cash flows
BOP | PPPT | Total | |||||
---|---|---|---|---|---|---|---|
NOTE | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |
Sales revenues | 3,477 | 3,621 | 8 | 6 | 3,485 | 3,627 | |
Cost of sales | (3,205) | (3,378) | (7) | (4) | (3,212) | (3,382) | |
depreciation and amortisation | (98) | (119) | (1) | (1) | (99) | (120) | |
Gross profit on sales | 272 | 243 | 1 | 2 | 273 | 245 | |
Distribution expenses | (94) | (103) | - | - | (94) | (103) | |
Administrative expenses | (23) | (22) | (5) | (5) | (28) | (27) | |
Net other operating income and expenses | (7) | 4 | - | 1 | (7) | 5 | |
Profit/(Loss) from operations | 148 | 122 | (4) | (2) | 144 | 120 | |
Finance income | 18 | 28 | 1 | 1 | 19 | 29 | |
interests | 5 | 4 | 1 | - | 6 | 4 | |
Finance costs | (21) | (39) | (1) | - | (22) | (39) | |
interests | (12) | (14) | - | - | (12) | (14) | |
Profit/ (Loss) before tax | 145 | 111 | (4) | (1) | 141 | 110 | |
Tax expense | (31) | (39) | - | - | (31) | (39) | |
Net profit/(loss) | 114 | 72 | (4) | (1) | 110 | 71 | |
Items of other comprehensive income | 2 | 2 | - | - | 2 | 2 | |
Total net comprehensive income | 116 | 74 | (4) | (1) | 112 | 73 | |
Net cash provided by/(used in) operating activities | 182 | 248 | (5) | (2) | 177 | 246 | |
Net cash (used) in investing activities | (34) | (20) | (53) | (3) | (87) | (23) | |
Net cash provided by/(used in) financing activities | (287) | (181) | 40 | - | (247) | (181) | |
Dividends received from joint ventures | - | 40 | - | - | - | 40 | |
Net profit/(loss) | 114 | 72 | (4) | (1) | 110 | 71 | |
Group’s share in joint ventures (50%) | 57 | 36 | (2) | (1) | 55 | 35 | |
Consolidation adjustments | - | 5 | - | - | - | 5 | |
Group’s share in result of joint ventures accounted for under equity method | 16 | 57 | 41 | (2) | (1) | 55 | 40 |
16.3 Significant restrictions