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36. Related parties
36.1 Transactions with related entities in which the Group holds shares
| PLN '000 | Year ended Dec 31 2015 |
Year ended Dec 31 2014 |
|---|---|---|
| Equity-accounted joint ventures | ||
| Sale | 200,263 | 456,244 |
| Purchases | 117 | 510 |
| PLN '000 | Note | Dec 31 2015 | Dec 31 2014 |
|---|---|---|---|
| Equity-accounted joint ventures | |||
| Receivables | 18 | 12,219 | 23,318 |
In 2015 and 2014, the Group traded primarily with LOTOS-Air BP Polska Sp. z o.o. The transactions involved sale of aviation fuel. The aggregate value of these transactions executed in 2015 was PLN 198,816 thousand (2014: PLN 455,578 thousand). As at December 31st 2015, the balance of outstanding receivables under these transactions was PLN 12,219 thousand (December 31st 2014: PLN 23,291 thousand).
For general information on joint ventures in which the Group holds interests see Note 2, and for key information on equity-accounted joint ventures, see Note 16.
36.2 Entity having control of the Group
As at December 31st 2015 and December 31st 2014, the State Treasury held a 53.19% interest in Grupa LOTOS S.A. In 2014 and 2015, no transactions were concluded between Grupa LOTOS S.A. and the State Treasury.
36.2.1 Transactions with related entities of which the State Treasury has control, joint control or significant influence
In 2015, the Group executed transactions with parties related to it through the State Treasury. The aggregate value of the transactions was material. They were concluded at arm’s length in the course of the Group’s regular business activities and involved mainly sale of fuels, sale and purchase of storage services, sale and purchase of transport services, purchase of electricity, natural gas and other fuels.
| PLN '000 | Year ended Dec 31 2015 |
Year ended Dec 31 2014 |
|---|---|---|
| Sale | 335,843 | 640,112 |
| Purchases | 1,757,779 | 1,447,552 |
| PLN '000 | Dec 31 2015 | Dec 31 2014 |
|---|---|---|
| Receivables | 27,859 | 27,205 |
| Liabilities | 130,356 | 134,198 |
36.3 Remuneration of members of the Management and Supervisory Boards, along with information on loans and other similar benefits granted to members of the management and supervisory staff
The remuneration paid to members of the Company’s Management and Supervisory Boards was as follows:
| PLN '000 | Year ended Dec 31 2015 |
Year ended Dec 31 2014 |
|---|---|---|
| Management Board | ||
| Short-term employee benefits (salaries), including: | 1,183 | 1,346 |
| - length-of-service awards (jubilee benefits) | - | 57 |
| Management Board - subsidiaries (1) | ||
| Short-term employee benefits (salaries and wages) | 3,631 | 3,646 |
| Supervisory Board | ||
| Short-term employee benefits (salaries and wages) | 252 | 228 |
| Total (2) | 5,066 | 5,220 |
(1) Remuneration paid to members of the Company’s Management Board for serving in corporate bodies of direct and indirect subsidiaries.
(2) The amount reflects changes in the composition of the Company’s Supervisory Board.
Other employee benefits
| PLN '000 | Dec 31 2015 | Dec 31 2014 |
|---|---|---|
| Management Board | ||
| Post-employment benefits, length-of-service awards and other benefits | 654 | 631 |
| Current liabilities under annual bonus (1) | 311 | 156 |
| Total | 965 | 787 |
(1) Pursuant to the Act on Remunerating Persons Who Manage Certain Legal Entities (the Public Sector Salary Cap Act).
In 2015 and 2014, the Group did not enter into any material transactions with any members of the Management Board or Supervisory Board of the Company, did not advance any loans, make any advance payments, issue any guarantees to or conclude any other agreements with any Management Board or Supervisory Board members which would be advanced, made, issued or concluded otherwise than on an arm’s length basis or which would have a material bearing on these consolidated financial statements.
Based on representations submitted by members of the Company’s Management and Supervisory Boards, in 2014−2015 Grupa LOTOS S.A. was not aware of any transactions concluded with the Company or a company of the LOTOS Group by the spouses, relatives, or relatives by affinity in the direct line up to the second degree, of the members of the Management and Supervisory Boards or persons related to them through guardianship or adoption or other persons with whom they have personal relationships.
36.4 Remuneration paid or payable to other members of key management staff
Remuneration paid to members of key management staff (other than members of the Management Board of Grupa LOTOS S.A.)
| PLN '000 | Year ended Dec 31 2015 |
Year ended Dec 31 2014 |
|---|---|---|
| Short-term employee benefits (salaries), including: | 26,032 | 26,918 |
| - annual bonus paid | 3,339 (1) | 3,331 (2) |
| - length-of-service award paid | 777 | - |
(1) Remuneration paid in 2015 on account of annual bonus for 2014.
(2) Remuneration paid in 2014 on account of annual bonus for 2013.
Other employee benefits
| PLN '000 | Dec 31 2015 | Dec 31 2014 |
|---|---|---|
| Post-employment benefits, length-of-service awards and other benefits | 11,903 | 12,190 |
| Current liabilities under annual bonus | 7,171 | 3,875 |
| Loans and other similar benefits | 26 | 31 |
| Total | 19,100 | 16,096 |
In 2015, Grupa LOTOS S.A. did not advance any loans to its key management personnel (2014: PLN 30 thousand).
36.5 Transactions with related parties of members of the Management Board and the Supervisory Board
In 2015, the Group did not execute any material transactions with parties related to it through members of the Supervisory Board of Grupa LOTOS S.A. (2014: PLN 160,176 thousand).
In 2014 and 2015, the Group did not execute any material transactions with parties related to it through members of the Management Board of Grupa LOTOS S.A.
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)
