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2. Composition of the Group and its changes
The LOTOS Group comprises Grupa LOTOS S.A. (the Parent) and a number of production, service and trading companies which are direct or indirect subsidiaries of Grupa LOTOS S.A.
The Group also holds shares in equity-accounted joint ventures.
Contact data and brief description of the principal business activity of these entities, as well as the Group’s ownership interests and the applied consolidation method are presented below.
|Name||Registered office||Principal business activity||The Group's ownership interest|
|Dec 31 2015||Dec 31 2014|
|Grupa LOTOS S.A.||Gdańsk||Production and processing of refined petroleum products (mainly fuels) and their wholesale||Not applicable||Not applicable|
|Direct fully-consolidated subsidiaries|
|LOTOS Petrobaltic S.A. (parent of another group: LOTOS Petrobaltic Group)||Gdańsk||Acquisition of crude oil and natural gas deposits, extraction of hydrocarbons||99.99%||99.99%|
|LOTOS Paliwa Sp. z o.o.||Gdańsk||Wholesale and retail sale of fuels and light fuel oil, management of the LOTOS service station chain||100.00%||100.00%|
|LOTOS Oil Sp. z. o.o.||Gdańsk||Production and sale of lubricating oils and lubricants, and sale of base oils||100.00%||100.00%|
|LOTOS Asfalt Sp. z o.o.||Gdańsk||Production and sale of bitumens||100.00%||100.00%|
|LOTOS Kolej Sp. z o.o.||Gdańsk||Railway transport||100.00%||100.00%|
|LOTOS Serwis Sp. z o.o.||Gdańsk||Maintenance of mechanical and electric operations and controlling devices, overhaul and repair services||100.00%||100.00%|
|LOTOS Lab Sp. z o.o.||Gdańsk||Laboratory analyses||100.00%||100.00%|
|LOTOS Straż Sp. z o.o.||Gdańsk||Fire service activities||100.00%||100.00%|
|LOTOS Ochrona Sp. z o.o.||Gdańsk||Security services||100.00%||100.00%|
|LOTOS Terminale S.A. (parent of another group: LOTOS Terminale Group)||Czechowice-Dziedzice||Storage and distribution of fuels||100.00%||100.00%|
|LOTOS Infrastruktura S.A. (parent of another group: LOTOS Infrastruktura Group)||Jasło||Storage and distribution of fuels Renting and operating of own or leased real estate||100.00%||100.00%|
|LOTOS Gaz S.A. w likwidacji (in liquidation)||Kraków||Dormant||100.00%||100.00%|
|LOTOS Park Technologiczny Sp. z o.o. w likwidacji (in liquidation) (1)||Jasło||Dormant||-||100.00%|
|Non-consolidated direct subsidiaries (2)|
|Infrastruktura Kolejowa Sp. z o.o.||Gdańsk||Dormant||100.00%||100.00%|
|LOTOS Foundation (3)||Gdańsk||Socially beneficial activity within the scope of public tasks defined in the Act on Public Benefit and Volunteer Work. The Foundation does not conduct any business activity.||100.00%||-|
|Indirect fully-consolidated subsidiaries|
|LOTOS Infrastruktura Group|
|RCEkoenergia Sp. z o.o.||Czechowice-Dziedzice||Production and distribution of electricity, heat and gas||100.00%||100.00%|
|LOTOS Terminale Group|
|LOTOS Biopaliwa Sp. z o.o.||Czechowice-Dziedzice||Production of fatty acid methyl esters (FAME)||100.00%||100.00%|
|LOTOS Petrobaltic Group|
|LOTOS Exploration and Production Norge AS||Norway, Stavanger||Oil exploration and production on the Norwegian Continental Shelf, provision of services incidental to oil and gas exploration and production||99.99%||99.99%|
|Aphrodite Offshore Services N.V.||Curaçao||Sea transport services (dormant)||99.99%||99.99%|
|B8 Sp. z o.o.||Gdańsk||Support activities for extraction and quarrying operations||99.99%||99.99%|
|B8 Spółka z ograniczoną odpowiedzialnością BALTIC S.K.A.||Gdańsk||Exploration for and production of crude oil and natural gas||99.99%||99.99%|
|Miliana Shipholding Company Ltd. (parent of another group: Miliana Shipholding Group)||Nicosia, Cyprus||Storage and transport of crude oil, other sea transport services||99.99%||99.99%|
|Technical Ship Management Sp. z o.o. (parent of another group: Technical Ship Management Group)||Gdańsk||Sea transport support activities, ship operation advisory services||99.99%||99.99%|
|SPV Baltic Sp. z o.o.||Gdańsk||Provision of sea transport and related services||99.99%||99.99%|
|Miliana Shipmanagement Ltd.||Nicosia, Cyprus||Provision of sea transport and related services||99.99%||99.99%|
|Miliana Shipping Group Ltd. (parent of another group: Miliana Shipping Group Group)||Nicosia, Cyprus||Management of own assets||99.99%||99.99%|
|Bazalt Navigation Co. Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|Granit Navigation Company Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|Kambr Navigation Company Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|St. Barbara Navigation Company Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|Petro Icarus Company Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|Petro Aphrodite Company Ltd.||Nicosia, Cyprus||Ship chartering||99.99%||99.99%|
|AB LOTOS Geonafta (parent of another group: AB LOTOS Geonafta Group)||Lithuania, Gargždai||Crude oil exploration and production, drilling services, and purchase and sale of crude oil||99.99%||99.99%|
|UAB Genciu Nafta||Lithuania, Gargždai||Crude oil exploration and production||99.99%||99.99%|
|UAB Manifoldas||Lithuania, Gargždai||Crude oil exploration and production||99.99%||99.99%|
|LOTOS Petrobaltic Group|
|Energobaltic Sp. z o.o.||Władysławowo||Production of electricity, heat, LPG and natural gas condensate||99.99%||99.99%|
|Equity-accounted joint ventures|
|LOTOS - Air BP Polska Sp. z o.o. (4)||Gdańsk||Sale of aviation fuel and logistics services||50.00%||50.00%|
|LOTOS Petrobaltic Group|
|Baltic Gas Sp. z o.o. (5)||Gdańsk||Oil and gas production (support activities for oil and gas production)||49.99%||49.99%|
|Baltic Gas spółka z ograniczoną odpowiedzialnością i wspólnicy sp.k. (5)||Gdańsk||Crude oil and gas production||43.96%||62.40%|
|AB LOTOS Geonafta Group|
|UAB Minijos Nafta (6)||Lithuania, Gargždai||Crude oil exploration and production||49.99%||49.99%|
(1) On March 12th 2015, LOTOS Park Technologiczny Sp. z o.o. w likwidacji (in liquidation) was deleted from the National Court Register. The liquidation proceedings were opened to achieve one of the objectives of the 2013−2015 Efficiency and Growth Programme, which is to streamline the structure of the LOTOS Group.
(2) The companies were excluded from consolidation because the figures reported in their financial statements as at December 31st 2015 were immaterial to fulfilling the obligation provided for in IFRS 10 Consolidated Financial Statements.
(3) On June 1st 2015, Grupa LOTOS S.A. established the LOTOS Foundation. The Foundation’s mission is the wide-ranging social activity to make a positive contribution to its social and natural environment. The LOTOS Foundation’s activities focus mainly on projects in the area of environmental protection, science, education, and social development.
(4) Joint venture agreement between Grupa LOTOS S.A. and BP Europe SE on joint operations related to supply of aviation fuel through LOTOS - Air BP Polska Sp. z o.o.
(5) Agreement on cooperation between LOTOS Petrobaltic S.A. and CalEnergy Resources Poland Sp. z o.o. with respect to development and production of gas and condensate reserves from the B-4 and B-6 fields in the Baltic Sea, performed through special purpose vehicles Baltic Gas spółka z ograniczoną odpowiedzialnością i wspólnicy sp.k. and Baltic Gas Sp. z o.o. (general partner).
For IFRS purposes, Baltic Gas Sp. z o.o. i wspólnicy sp.k. and Baltic Gas Sp. z o.o. are the Group’s equity-accounted joint ventures (IFRS 11).
In 2015, Cal Energy Resources Poland Sp. z o.o. and LOTOS Petrobaltic S.A. made cash contributions to Baltic Gas spółka z ograniczoną odpowiedzialnością i wspólnicy sp. k. of PLN 40,176 thousand and PLN 3,877 thousand, respectively, which changed the Group’s ownership interest in the company. Furthermore, in Q2 2015, those shareholders acquired new shares in the increased (by PLN 40 thousand) share capital of Baltic Gas Sp. z o.o. The expenditure of PLN 3,898 thousand, representing the cash contributions made by LOTOS Petrobaltic S.A. to the abovementioned companies, was disclosed in the consolidated statement of cash flows under Cash contributions − equity-accounted joint ventures. See Note 16.1.
(6) Joint venture set up for the purpose of oil exploration and production operations in Lithuania, operated in the form of UAB Minijos Nafta.
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)