16. Investments accounted for under equity method

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 201420132014201320142013
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

In 2014 and 2013, there were no significant restrictions in associates and joint ventures resulting from loans agreements, regulatory requirements and other contractual agreements that would restrict access to assets and settlement of liabilities of the Group.