Consolidated Financial Statements

Sales revenues

11, 13.1, 13.2, 13.3

 131,341

Gross profit on sales

 20,552

Distribution expenses

 (8,507)

Administrative expenses

 (2,615)

Other operating income, incl.:

13.10

 7,911

   gain on bargain purchase of the LOTOS Group and of the PGNiG Group

7.3

 -

Other operating expensesOther operating expenses

13.11

 (3,998)

(Loss) due to impairment of trade receivables

13.13

 (86)

Profit from operations

 13,870

Finance income

13.12.1

 789

Other comprehensive income:

which will not be reclassified subsequently into profit or loss

 119

   air value measurement of investment property
as at the date of reclassification

 16

   actuarial gains and losses

14.11.2

 124

   gains and losses on investments in equity instruments at fair
value through other comprehensive income

 6

   deferred tax

 (27)

which will be reclassified into profit or loss

 353

   cash flow hedging instruments

16.4

 137

   hedging costs

16.4

 (650)

   exchange differences on translating foreign operations

 766

   share in other comprehensive income of investments
accounted for using the equity method

 1

   equity owners of the parent

 11,122

   non-controlling interest

 66

Total net comprehensive income attributable to

 11,660

   equity owners of the parent

 11,587

   non-controlling interest

 73

Net profit per share attributable to equity owners of the parent (in PLN per share)

   basic

 26,00

   diluted

 26,00

ASSETS

Non-current assets

Property, plant and equipment

14.1

 55,379

Intangible assets and goodwill

14.2

 4,829

Right-of-use asset

17.2.1

 5,586

Investments accounted for using the equity method

14.3

 1,125

Deferred tax assets

13.14.2

 718

Derivatives

14.10.1

 343

Current assets

Inventories

14.5.1

 18,410

Trade and other receivables

14.5.2

 15,041

Current tax assets

 129

Cash

14.6

 2,896

Derivatives

14.10.1

 1,149

Assets classified as held for sale

 -

EQUITY AND LIABILITIES

EQUITY

Share capital

14.9.1

 1,058

Share premium

14.9.2

 1,227

Own shares

14.9.3

 -

Hedging reserve

16.4

 (430)

Revaluation reserve

 (20)

Exchange differences on translating foreign operations

 2,111

LIABILITIES

Non-current liabilities

Loans, borrowings and bonds

14.7

 13,742

Provisions

14.11

 1,905

Deferred tax liabilities

13.14.2

 2,060

Derivatives

14.10.2

 705

Lease liabilities

17.2.1

 4,876

Current liabilities

Trade and other liabilities

14.5.3

 19,811

Lease liabilities

17.2.1

 679

Liabilities from contracts with customers

14.5.4

 719

Loans, borrowings and bonds

14.7

 1,429

Provisions

14.11

 6,201

Current tax liabilities

 855

Derivatives

14.10.2

 461

01/01/2022

 1,058

 1,227

 -

 (430)

 (20)

 2,111

 47,761

 51,707

 871

Net profit

 -

 -

 -

 -

 -

 -

 33,488

 33,488

 142

Components of other comprehensive income

 -

 -

 -

 5,435

 15

 573

 130

 6,153

 4

Total net comprehensive income

 -

 -

 -

 5,435

 15

 573

 33,618

 39,641

 146

Change in share structure

 -

 -

 -

 -

 -

 -

 5

 5

 (5)

Dividends

 -

 -

 -

 -

 -

 -

 (1,497)

 (1,497)

 (3)

Issue of merger shares

 916

 45,178

 (2)

 -

 -

 -

 -

 46,092

 -

01/01/2021

 1,058

 1,227

 -

 (16)

 (37)

 1,328

 38,036

 41,596

 793

 42,389

Net profit

 -

 -

 -

 -

 -

 -

 11,122

 11,122

 66

 11,188

Components of other comprehensive income

 -

 -

 -

 (414)

 17

 766

 96

 465

 7

 472

Total net comprehensive income

 -

 -

 -

 (414)

 17

 766

 11,218

 11,587

 73

 11,660

Liquidation of company

 -

 -

 -

 -

 -

 17

 -

 17

 (3)

 14

Acquisition of company

 -

 -

 -

 -

 -

 -

 -

 -

 9

 9

Expiration of liabilities for payment of dividends to minority shareholders of ORLEN Unipetrol

 -

 -

 -

 -

 -

 -

 4

 4

 -

 4

Adjustments for:

         Share in profit from investments accounted for using the equity method

14.3

 (613)

         Depreciation and amortisation

13.9.2

 5,341

         Foreign exchange (profit)

15.1

 (152)

         Net interest

15.2

 431

         Dividends

13.12.1

 (3)

         (Profit) on investing activities

15.3

 (995)

            inventories

 (5,769)

            receivables

 (3,790)

            liabilities

 5,117

Other adjustments

15.5

 (3,076)

Cash flows from investing activities

Acquisition of property, plant and equipment,
intangible assets and right-of-use asset

 (11,225)

Acquisition of shares lowered by cash

 (772)

Proceeds from the sale of shares in connection with the implementation of REMEDIES and sale of 30% of shares in Rafineria Gdańska

15.7

 -

Acquisition of financial assets in ORLEN VC

 -

Disposal of property, plant and equipment,
intangible assets and right-of-use asset

 95

Change in the ownership structure in Baltic Power

 (35)

Dividends received

 325

Proceeds net cash from loans

 2

Cash as at the date of establishing the joint operation in Rafineria Gdańska

 -

Cash in the acquired LOTOS Group companies as at the merger date

 -

Cash flows from financing activities

Proceeds from loans and borrowings received

14.8.1

 14,392

Bonds issued

14.8.1

 3,225

Repayment of loans and borrowings

14.8.1

 (14,705)

Redemption of bonds

14.8.1

 (2,452)

Interest paid from loans, borrowings and bonds

15.2, 14.8.1

 (318)

Interest paid on lease

15.2, 14.8.1

 (151)

Dividends paid

15.8

 (1,498)

Payments of liabilities under lease agreements

14.8.1

 (701)

Grants received

 243