
7.1. GROUP STRUCTURE
SELECTEDACCOUNTING PRINCIPLES
Basis of consolidation
The consolidated financial statements of the Group include assets, liabilities, equity, income, expenses and cash flows of the Parent Company and its subsidiaries that are presented as those of a single economic entity and are prepared as at the same reporting period as separate financial statements of the Parent Company and using uniform accounting principles in relation to similar transactions and other events in similar circumstances.
The subsidiaries are consolidated using full consolidation method, non-controlling interests shall be presented in the consolidated statement of financial position as non-controlling interest, separately from the equity of the owners of the Parent Company.
Joint operations are presented by recognition of respective share in assets, liabilities, revenues and cost.
The joint ventures as well as investments in associates are accounted for under equity method. The Group's share in net profit or loss of the investee is recognised in the Group's profit or loss as other operating activity. For investments in associates - the Group has a significant influence if it holds, directly or indirectly (i.e. through subsidiaries), from 20% to 49% of the voting rights of an entity, in which the Group invested, unless it can be clearly stated otherwise.
PROFESSIONALJUDGEMENT
Investments in subsidiaries and jointly controlled entities
The Group, regardless of the nature of its involvement in the entity (the entity in which it invested) defines its status by assessment, whether it controls the entity in which the investment was made, and whether it has a joint control in a joint venture, after consideration of all the facts and circumstances.
PKN ORLEN as the Parent Company is a multi-segment entity, appropriately allocated to all operating segments and corporate functions.
Activity of core companies belonging to ORLEN Group
Name of entity |
Headquarters |
Principal activity |
AB ORLEN Lietuva |
Lithuania - Juodeikiai |
crude oil processing, production of refining products and wholesale |
UNIPETROL a.s. |
Czech Republic - Prague |
crude oil processing as well as manufacture and distribution of refinery, petrochemical and chemical products |
Anwil S.A |
Poland - Włocławek |
production of nitrogen fertilizers, plastic and chemicals |
ORLEN Południe S.A. |
Poland - Trzebinia |
crude oil processing, production and sale of biofuels, oils |
ORLEN Oil Sp. z o.o. |
Poland - Cracow |
production, distribution and sale of grease oils, maintenance liquids |
ORLEN Asfalt Sp. z o.o. |
Poland - Płock |
manufacture and sale of road bitumens and specific bitumen products |
ORLEN Paliwa Sp. z o.o. |
Poland - Płock |
liquid fuels trade |
Inowrocławskie Kopalnie Soli "SOLINO" S.A. |
Poland - Inowrocław |
storage of crude oil, fuels , extraction of brine and packaging of salt |
ORLEN Upstream Sp. z o.o. |
Poland - Warsaw |
exploration and recognition of hydrocarbon deposits, extraction of crude oil and natural gas |
Energa S.A. |
Poland - Gdansk |
manufacturing, distribution, trade of electricity and heating energy and trade of gas |
RUCH S.A. |
Poland - Warsaw |
retail sale of newspapers and stationery in specialised stores |
ORLEN WIND1, ORLEN WIND2, ORLEN WIND3 |
Poland - Warsaw |
manufacturing, transmission, distribution and trade of electrical energy |