13. Explanatory notes to the Statement of profit or loss and other comprehensive income
13.1. Sales revenues
13.2. Sales revenues by operating segments in division on assortments
13.3. Sales revenues geographical division - disclosed by customer’s premises countries
13.4. Revenue from contracts with customers by type of contract
13.5. Revenue from contracts with customers by date of transfer
13.6. Revenue from contracts with customers by duration of contract
13.7. Refining Segment
13.8. Costs
13.8.1. Cost of sales
13.8.2. Cost by nature
13.9. Other operating income
13.10. Other operating expenses
13.11. Finance income and costs
13.11.1. Finance income
13.11.2. Finance costs
13.12. (Loss)/reversal of loss due to impairment of trade receivables and of loans and interest on trade receivables
13.13. Tax expense
13.13.1. Reconciliation of effective tax rate
13.13.2. Deferred tax
14. Explanatory notes to the statement of financial position
14.1. Property, plant and equipment
14.2. Intangible assets and goodwill
14.2.1. Goodwill
14.2.2. Rights
14.3. Investments in jointly controlled entities and associates
14.4. Impairment of property, plant and equipment, intangible assets, goodwill and right-of-use assets
14.4.1. Discount rate
14.4.2. The main assumptions used in the impairment tests of assets as at 31 December 2021
14.4.3. Recognition and Reversal of impairment allowances of property, plant and equipment, intangible assets, goodwill and rights-of-use assets as at 31 December 2021
14.5. Net working capital
14.5.1. Inventories
14.5.2. Trade and other receivables
14.5.2.1. Change in expected credit loss of trade receivables
14.5.2.2. Ageing analysis of trade receivables and expected credit loss as at 31 December 2021
14.5.3. Trade and other liabilities
14.5.4. Change in liabilities from contracts with customers
14.6. Cash
14.7. Loans, borrowings and bonds
14.7.1. Loans
14.7.2. Borrowings
14.7.3. Bonds
14.8. Net debt and equity management
14.8.1. Changes in liabilities from financing activities and net debt
14.8.2. Equity management policy
14.9. Equity
14.9.1. Share capital
14.9.2. Share premium
14.9.3. Retained earnings
14.9.4. Equity attributable to non-controlling interest
14.9.5. Proposal for distribution of the Parent Company’s profit for 2021 and the dividend payment in 2022
14.9.6. Coverage Parent Company’s net loss for 2020 and the dividend payment in 2021
14.9.7. Profit per share
14.10. Derivatives and other assets and liabilities
14.10.1. Derivatives and other assets
14.10.1.1. Financial assets measured at fair value through other comprehensive income
14.10.2. Derivatives and other liabilities
14.10.2.1. Deferred income
14.11. Provisions
14.11.1. Environmental provision
14.11.2. Provision for jubilee bonuses and post-employment benefits
14.11.3. Provision for CO2 emissions, energy certificates
14.11.4. Other provisions
15. Explanatory notes to the statement of cash flows
15.1. Foreign exchange gain/(loss)
15.2. Interest, net
15.3. (Profit)/Loss on investing activities
15.4. Change in provisions
15.5. Other adjustments
15.6. Income tax (paid)
15.7. Acquisition of shares lowered by cash
15.8. Dividends
16. Explanatory notes to the financial instruments and financial risk
16.1. Financial instruments by category and class
16.2. Income, expenses, profit or loss and other comprehensive income
16.3. Fair value measurement
16.3.1. Methods applied in determining fair value (fair value hierarchy)
16.4. Hedge accounting
16.5. Risk identification
16.5.1. Commodity risk
16.5.1.1. Risk of changes in the prices of refinery and petrochemical products and raw materials
16.5.1.2. Risk of changes in CO2 emission allowances prices
16.5.2. The risk of exchange rates changes
16.5.3. The risk of interest rates changes
16.5.4. Liquidity and credit risk
17. Other explanatory notes
17.1. Concessions held
17.2. Leases
17.2.1. Group as a lessee
17.2.2. Group as a lessor
17.3. Investment expenditures incurred and future commitments resulting from signed investment contracts
17.4. Contingent assets and liabilities
17.4.1. Contingent assets
17.4.2. Contingent liabilities
17.5. Excise tax guarantees
17.6. Related party transactions
17.6.1. Remuneration paid and due or potentially due to the members of the Management Board, the Supervisory Board of the Parent Company and other members of key executive personnel of the Parent Company and the ORLEN Group companies
17.6.2. ORLEN Group companies’ transactions and balances of settlements with related parties
17.6.3. Transactions with entities related to the State Treasury
17.7. Remuneration arising from the agreement with the entity authorized to conduct audit of the financial statements
18. Events after the end of the reporting period
18.1. LOTOS S.A. incorporation
18.2. The impact of the military conflict in Ukraine on Group’s operating and financing activities
18.3. The Polish Office of Competition and Consumer Protection conditional consent regarding concentration between PKN ORLEN and PGNiG S.A.
Financial capital
Summary of Strategy implementation in 2021
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