Integrated Annual Report 2020

Notes to the financial statements

1. General information

2. Composition of the Group and its changes

2.1. Planned merger with Polski Koncern Naftowy Orlen S.A.

3. Basis of preparation

4. New standards and interpretations

5. Impact of the COVID-19 pandemic on the Group’s performance

6. Use of accounting assumptions, estimates and judgements

7. Accounting policies

7.1. Consolidation

7.2. Revenue

7.3. Dividend income

7.4. Interest income

7.5. Income tax

7.6. Value-added tax, excise duty, fuel charge and emission charge

7.7. Functional currency, presentation currency and foreign currency translation

7.8. Foreign currency transactions

7.9. Property, plant and equipment and intangible assets

7.10. Impairment losses on non-financial non-current assets

7.11. Non-current assets comprising production infrastructure used in crude oil and natural gas extraction

7.12. Leases

7.13. Inventories

7.14. Emergency stocks

7.15. Cash and cash equivalents

7.16. Equity

7.17. Bank and non-bank borrowings and notes

7.18. Employee benefit obligations

7.19. Borrowing costs

7.20. Financial assets and liabilities

7.21. Impairment of financial assets

7.22. Derivative financial instruments

7.23. Hedge accounting

7.24. Provisions

7.25. Trade and other payables, and accrued expenses and deferred income

7.26. Grants

7.27. Joint arrangements

7.28. Segment reporting

7.29. Contingent liabilities and assets

7.30. Carbon dioxide (CO2) emission allowances

7.31. Carbon dioxide (CO2) emission allowances

8. Business segments

8.1. Revenue

9. Income and expenses

9.1. Costs by nature of expense

9.2. Employee benefits expense

9.3. Other income

9.4. Other expenses

9.5. Finance income

9.6. Finance costs

9.7. (Impairment losses)/reversal of impairment losses on financial instruments

10. Income tax

10.1. Income tax

10.2. Corporate income tax calculated at effective tax rate and reconciliation of profit before tax to taxable income

10.3. Deferred income tax

11. Earnings/(loss) per share

12. Dividends

13. Property, plant and equipment and intangible assets

13.1. Non-current assets – Refining & Marketing

13.2. Non-current assets – Exploration & Production

13.3. Right-of-use assets

13.4. Other information on property, plant and equipment and intangible assets

14. Equity-accounted joint ventures

14.1. Condensed financial information on equity-accounted joint ventures

14.2. Transactions with equity-accounted joint ventures

15. Trade receivables and other assets

15.1. Change in impairment losses on receivables

15.2. Finance lease receivables

16. Inventories

16.1. Change in inventory write-downs

17. Cash and cash equivalents

18. Share capital

19. Share premium

20. Cash flow hedging reserve capital

21. Retained earnings

21.1. Restricted ability of subsidiaries to transfer funds to the Parent in the form of dividends

22. Bank and non-bank borrowings, notes and leases

22.1. Bank borrowings

22.2. Non-bank borrowings

22.3. Notes

22.4. Leases

23. Derivative financial instruments

24. Employee benefit obligations

24.1. Obligations under length-of-service awards and post-employment benefits

24.2. Total cost of future employee benefit payments charged to profit or loss

24.3. Actuarial assumptions

24.4. Termination benefits

24.5. Sensitivity analysis

25. Trade payables, other liabilities and provisions

25.1. Provisions

25.2. Grants

26. Financial instruments

26.1. Carrying amount

26.2. Fair value measurement

26.3. Items of income, expenses, gains and losses disclosed in the statement of comprehensive income by category of financial instrument

27. Objectives and policies of financial risk management

27.1. Risk of movements in commodity and petroleum product prices

27.2. Risk of movements in prices of carbon dioxide (CO2) emission allowances

27.3. Currency risk

27.4. Interest rate risk

27.5. Liquidity risk

27.6. Credit risk

28. Capital management

29. Contingent liabilities and assets

29.1. Material court, arbitration and administrative proceedings and other risks to the Parent or its subsidiaries

29.2. Other contingent liabilities

30. Related parties

30.1. Entity having control of the Group

30.2. Remuneration of members of the Company’s governing bodies and its key management staff

30.3. Remuneration paid or payable to other members of key management staff

30.4. Transactions with related parties of members of the Management Board and the Supervisory Board

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