ORLEN Group 2022 Integrated Report
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Glossary
A
ACETONE
An organic compound, the simplest aliphatic ketone; a popular solvent widely used for industrial and household applications, including the production of pharmaceuticals, colourings, paints, varnishes, and cleaning products; it is also often used as an ingredient in nail polish remover.
Act on Special Rights Vested in the Minister Competent for the State Treasury
the Act on Special Rights Vested in the Minister Competent for the State Treasury and How Those Rights Should Be Exercised at Certain Companies or Groups of Companies Operating in the Power, Crude Oil and Gas Fuels Sectors, dated March 18th 2010 (Dz.U. No. 65, item 404).
ADR
American Depository Receipt = certificate issued by an American bank representing a share of a foreign stock that the bank holds in trust but that is traded on an American stock exchange.
AGM
the Annual General Meeting.
Alkylation
refinery process in PKN ORLEN, namely that olefin and paraffin fractions are merged in order to produce high-octane gasoline component (alkylate). The process is run on alkylation installation in the presence of hydrofluoric acid.
Ambient concentration
the amount of windborne dust or gaseous substances, often transported over large distances, in a given volume of air. Such pollutants are mostly products of fuel combustion or industrial processes.
Ammonium nitrate
an inorganic chemical compound and universal nitrogen fertiliser.
Assets turnover
net revenues/average balance of assets.
B
BARREL
Unit of liquid measure used mainly in crude oil trading and in the oil industry 1 barrel of oil (1 bbl) = 42 US gallons = 158.96832 litres
Benzene
an organic chemical compound and the simplest aromatic hydrocarbon; used in the chemical and pharmaceutical industries to produce plastics, synthetic fibres, colourings, pharmaceuticals, detergents, and pesticides, and in the synthesis of such important chemical compounds as aniline, phenol and acetone.
Big data
this tool provides advanced analytics of available data to enable us to tailor our offering, prepare effective promotional campaigns, and segment service stations more practically (in terms of price and offering).
Biochemical Oxygen Demand (BOD)
a conventional measure indicating the quantity of oxygen needed during the oxidation of organic and/or inorganic compounds by microorganisms (aerobic bacteria). Water and effluent samples are tested for five days in the temperature of 20°C to measure how much oxygen is consumed in the process. The test indirectly indicates the content of biodegradable organic matter in the sample. BOD is used to measure the quality of water and treated wastewater.
Bioesters
methyl esters of higher fatty acids produced from vegetable oils or animal fats. Used as a biocomponent for diesel fuel or as a fuel for cars with diesel engines. Meets the quality standards set for the biofuel in the PN EN 14214. applicable both in Poland and other European Union markets.
Bioethanol
ethanol derived from biomass or biodegradable waste.
Biofuel and biocomponent NIT
(National Indicative Target) – a minimum share of biofuels and biocomponents in fuels in a given year to be ensured by relevant entities, chiefly oil companies supplying fuels on the market.
BOE
Barrel of oil equivalent
Brent/Urals differential
the difference between the price of the two crudes calculated according to the following formula: Med Strip – Ural Rdam (Ural CIF Rotterdam).
Butadiene
a gaseous organic compound. used in the production of synthetic rubber. Butadiene is used in the production of various kinds of synthetic rubber and latex, polybutadiene rubber, liquid polybutadiene, and ABS thermoplastics.
C
C1 and C3 heavy fuel oils
C1 heavy fuel oil is a mixture of heavy and light components obtained by way of secondary and straight-run processing of crude oil. C1 heavy fuel oil is burned in central heating boilers, steam generators, industrial furnaces and used in industrial processes. C3 heavy fuel oil is a mixture of hydrocarbons obtained through straight-run and secondary refining of crude oil. It is burned in central heating boilers, steam generators, industrial furnaces and used in industrial processes.
CAPEX
increase of property, plant and equipment, intangible assets, investment property and perpetual usufruct of land together with the capitalisation of borrowing costs.
CATALYST
Catalytic cracking of hydrocarbon feedstocks in the presence of hydrogen The process improves yields of light petroleum products
Catalyst market
the bond market of the Warsaw Stock Exchange operated on the WSE and BondSpot trading platforms.
CCGT plant in Płock
a 600 MWe Combined Cycle Gas Turbine plant to be constructed in Płock. A key part of the project will be deployment of an advanced gas turbine technology with one of the highest efficiency ratings available on the market (H-Class).
CEE
Central and Eastern Europe.
Chemical Oxygen Demand (COD)
a conventional measure indicating the quantity of oxygen (expressed in mg/L) consumed from the oxidising agent (potassium dichromate, K2Cr2O7) during the oxidation of organic and some inorganic (e.g. sulfites, sulfides, iron (II), ammonia) compounds found in wastewater to the highest level of oxidation possible under given conditions. COD is used as a measure of water and wastewater pollution.
CO2 emission allowances
Property rights recognised as intangible assets, which are not subject to amortisation (due to high residual value) but are tested for impairment.
CODO / COCO
Company Owned Dealer Operated service station / Company Owned Company Operated service station
CONCAWE
an association established by a group of leading oil companies to carry out research on environmental issues relevant to the oil industry. CONCAWE’s activities cover fuels quality and emissions, air quality, water quality, soil contamination, waste, occupational health and safety, and petroleum product stewardship (www.concawe.eu).
CRACKING
Process of removing sulfur compounds by adding hydrogen to petroleum fractions at elevated temperature and pressure in catalytic beds
Credit rating
an evaluation of an entity’s relative ability to meet its financial obligations, including the payment of interest and preferred dividends, repayment of principal, satisfaction of insurance claims, and performance of obligations towards trading partners. Credit ratings enable investors to assess the likelihood of receiving returns due on their investments.
CSR
corporate social responsibility is understood as a management strategy and approach to business which aims to build positive long-term relations rooted in mutual understanding of expectations and respect towards the broad business environment.
Current liquidity
current assets/short-term liabilities.
D
DeNOx flue gas denitrification unit/technology
the selective catalytic reduction technology used at the CHP plant to reduce nitrogen oxides in flue gas to molecular nitrogen in order to meet the required emission standards.
Differential Brent/Ural
difference between the quotations of two kinds of crude oil. calculated as: Med Strip – Ural Rdam (Ural CIF Rotterdam).
DISTILLATION
Company Owned Company Operated service station
Dividend
the portion of a company’s net profit paid to its shareholders per each share.
Dividend payment date
the date on which dividend is paid to a company’s shareholders.
Dividend record date
the date as at which the list of shareholders entitled to receive dividend for a given financial year is determined. Only those holding shares on that date are entitled to receive dividend for a given financial year.
DOFO / DODO
The price difference between the two types of oil, calculated according to the following formula: Med Strip - Ural Rdam (Ural CIF Rotterdam)
E
E&P
exploration and production.
EBI System
the Electronic Information Base administered by the Warsaw Stock Exchange.
EBIT
Operating profit/(loss)
EBITDA
Operating profit before depreciation and amortisation
EII (Energy Intensity Index) according to Solomon’s methodology
a benchmark for comparing the energy efficiency of refineries.
Enterprise Risk management System
a key tool providing information on risks and effectiveness of their management to implement strategic and operational objectives.
EPCA
(European Petrochemical Association) – an international non-commercial organisation based in Brussels which caters to the global community of petrochemical producers, including their suppliers, customers and service providers. In the oil industry, EPCA provides a platform to meet, exchange ideas, transfer learning, and serves as a think tank challenging the status quo. EPCA operates for more than 700 member companies from 53 different countries.
ERT
(European Round Table of Industrialists) – an organisation consisting of over 50 CEOs of European industrial companies, founded in 1983.
ESG criteria
(Environmental, Social, Governance) – factors used to evaluate the non-financial performance of companies, states and other organisations. The criteria are composed of three elements: E – Environmental, S – Social responsibility and G – Governance. Their main function is to enable investors to compare alternative investment opportunities through analysis of the three parameters.
Ethylene
(IUPAC name: ethene) is a hydrocarbon which has the formula C2H4 or H2C=CH2. It is a colorless flammable gas with a faint „sweet and musky” odour when pure. It is the simplest alkene (a hydrocarbon with carbon-carbon double bonds). Ethylene is widely used in the chemical industry, and its worldwide production (over 150 million tonnes in 2016) exceeds that of any other organic compound. Much of this production goes toward polyethylene, a widely used plastic containing polymer chains of ethylene units in various chain lengths. Ethylene is also an important natural plant hormone, and is used in agriculture to force the ripening of fruits. Ethylene’s hydrate is ethanol.
ETS system
Enterprise Risk Management System a key tool providing information on risks and effectiveness of their management to implement strategic and operational objectives.
EU ETS
the EU emissions trading system, a community market for trading in CO2 emission allowances.
EURIBOR
(Euro Interbank Offered Rate) – an interest rate for interbank loans offered on the interbank market in the Eurozone.
F
Fertilizers Europe
an association of Europe’s largest fertiliser manufacturers.
Financial gearing
net debt/equity x 100%.
Financial leverage
net debt/equity x 100%.
G
G7 turbine generator set
a 70 MWe pass-out and condensing turbine generator set installed in the CHP plant’s existing structure to increase its generation potential.
GDR
Global Depositary Receipt = security issued outside of Poland by the Depositary Bank in relation to shares.
General Directorate for Environmental Protection
(Generalna Dyrekcja Ochrony Środowiska, GDOŚ) – an institution responsible for the implementation of the environmental protection policy within the scope of the management of environmental protection activities (including Natura 2000 sites) and control of investment projects. It also carries out tasks designed to prevent and repair damage to the natural environment.
Glycols
the simplest dihydroxy aliphatic alcohols. Ethylene glycol is used in the production of polyesters (plastics, fibres and resins) and antifreezing formulations (as a 40-62% aqueous solution). Glycols are also used as solvents, plasticisers and ingredients of explosive materials.
Gross margin in sales
profit before tax / sales revenues x 100%.
Gross profit margin
profit before tax / revenue x 100%.
Gudron Hydrodesulphurisation Unit (GHO)
a refining unit where the vacuum residue from the fractional distillation unit is processed into lighter fractions and where the vacuum residue is prepared, through hydrodesulfurization, for combustion at the CHP plant.
H
HIGH-EFFICIENCY COGENERATION
Generation of electricity (or mechanical energy) and useful heat in a process of cogeneration which, when compared with the separate generation of electricity and heat, provides savings of primary energy used by the cogeneration plant of no less than 10% or, for plants with an installed capacity of less than 1 MW, provides savings of primary energy used by the cogeneration plant
High-performance cogeneration
the production of electricity or mechanical energy and heat in cogeneration what allows savings of primary energy used in cogeneration unit in amount not lower than 10% in comparison to production of electricity and heat in separated systems or in cogeneration unit of installed electric capacity below 1 MW in comparison to production of electricity and heat in separated systems.
HYDROCARBONS
Urals crude quotations in Rotterdam
HYDROCRACKING
Dealer Owned Franchisee Operated service station
HYDRODESULFURISATION
Dealer Owned Dealer Operated service station
I
Impairment losses
impairment losses on non-current assets recognised in accordance with IAS 36 Impairment of assets.
Inactive employees
employees inactive due to long-term absence, i.e. on unpaid leaves, maternity leaves, childcare leaves, and parental leaves, or receiving rehabilitation benefits or absent due to military service.
Industrial Emission Directive (IED)
Directive 2010/75/EU of the European Parliament and of the Council on industrial emissions.
INVENTORY MEASUREMENT (THE LIFO EFFECT)
For the purpose of the financial statements, the ORLEN Group measures its inventory at weighted average cost, in accordance with International Financial Reporting Standards. As IFRSs prohibit the use of the LIFO method of inventory valuation, it is not used as part of the accounting policies applied at the ORLEN Group and, consequently, in the Group's financial statements. As a result, an increase in oil prices has a positive effect on the reported results, and a decrease in oil price has a negative effect on the reported results. For this reason, this Report includes additional information on the ORLEN Group operating results determined with the use of the LIFO method of inventory valuation, which makes it possible to eliminate the above effect of changes in crude oil prices on the ORLEN Group’s results. LIFO-based operating profit or loss is calculated mainly for the refining companies, including: ORLEN, the ORLEN Unipetrol Group, the ORLEN Lietuva Group, the ORLEN Południe Group and the ORLEN Oil Group.
Inventory turnover
average amount of inventories/net revenues x 365 days.
Inventory valuation
LIFO adjustment.
K
KPI
(Key Performance Indicators) – financial and non-financial (e.g. downstream) indicators used to measure the progress of objectives in an organisation.
L
Liabilities turnover
average amount of trade liabilities. gross /cost of goods sold x 365 days.
LIBOR
(London Interbank Offered Rate) – an interest rate for interbank loans offered on the interbank market in London.
LIFO-based EBITDA
reported 2014 EBITDA + inventory valuation.
Light fuel oils
mixtures of petroleum-based hydrocarbons containing 9-25 coal atoms per molecule. Light fuel oil can be used to power vehicles and for heating purposes.
LOTO
the lockout-tagout safety procedure, based on locks and tags that are used to isolate hazardous energy sources, which includes securing machines, equipment and systems in the place where work is performed to prevent their accidental startup.
LPG
(Liquefied Petroleum Gas) – a mixture of liquefied hydrocarbons, consisting primarily of propane and butane, and containing a small amount of propene, butene and C5 hydrocarbons. LPG is used as cooking, heating and engine fuel.
M
Mandatory stocks
legal regulations on mandatory stocks of crude oil or fuels (excluding LPG) that have to be observed by companies and traders operating on the Polish market.
MED STRIP
A substance that accelerates (initiates) an expected chemical reaction
Metathesis unit
a unit designed to increase annual propylene production at the Płock plant to 550,000 tonnes.
Model Downstream Margin
calculated according to the following formula: revenue (90.7% Products = 22.8% Gasoline + 44.2% Diesel oil + 15.3% Heavy fuel oil + 1.0% SN 150 + 2.9% Ethylene + 2.1% Propylene + 1.2% Benzene + 1.2% PX) minus costs (100% of feed = 6.5% Brent crude + 91.1% URALS crude + 2.4% Natural gas).
MODEL OLEFIN MARGIN
Margin calculated based on the following formula: revenue (100% Products = 0.85*Ethylene*54% + 0.92*Propylene *28%+ 0.84 *Glycols *9%+0.81 * Butadiene*6%+0.8 * Ethylene oxide * 3%) minus costs (100% feedstock = 100% Naphtha); product prices based on market quotations
MODEL PETROCHEMICAL MARGIN
Margin calculated based on the following formula: (98% Products = 44% HDPE + 7% LDPE + 35% PP Homo + 12% PP Copo) minus costs (100% feedstock = 75% Naphtha + 25% LS VGO) Contract market quotations
MODEL REFINING MARGIN
Margin calculated based on the following formula: revenue from sale of products (93.5% Products = 36% Gasoline + 43% Diesel oil + 14.5% Heavy fuel oil) minus costs (100% feedstock: crude oil and other raw materials) total feedstock calculated based on Brent price Spot market quotations
MONOMERS
Molecules of the same chemical compound or different chemical compounds, with a relatively small molecular weight, from which polymers are created through polymerization; ethylene and propylene
MWIG40
a stock index comprising 40 medium-sized companies listed of the WSE Main Market.
N
Natural Gas Liquids
hydrocarbons in the liquid state, derivated from natural gas and produced during processing (in the separation process).
Net debt
non-current loans, borrowings and bonds + short-term loans and borrowing – cash and cash equivalents.
Net drillings
the number of drillings corrected with the share of other partners.
Net margin on sales
net profit / sales revenues x 100%.
Net profit margin
net profit / revenue x 100%.
NET WELLS
Number of wells adjusted for other partners' interests
Net working capital
trade receivables + inventories – trade liabilities net profit / equity x 100%.
O
OPEC
the Organization of the Petroleum Exporting Countries headquartered in Vienna, which aims to coordinate and unify the petroleum policies of its members. OPEC comprises the following members: Algieria, Angola, Saudi Arabia, Ecuador, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Venezuela, and United Arab Emirates.
Orthoxylene
an organic chemical compound and aromatic hydrocarbon, a derivative of benzene. It is used as an intermediate product in the production of phthalic anhydride and motor gasolines, and as a paint and varnish solvent and thinner.
OSHA 1910
Occupational Safety and Administration Standard No. 1910, setting out rules and methods that should be applied and respected to protect employees from hazards. The standard refers to process safety.
P
Phenol
an organic chemical compound used in the production of polyamide fibres, phenoplasts, colourings, pharmaceuticals, and plant protection products. It also has antiseptic and preservative properties.
Polish Power Exchange
(Towarowa Giełda Energii, TGE) – an exchange where electricity, liquid and gas fuels, and emission allowances are traded. The Polish Power Exchange began operations on June 30th 2000, which is when the first electricity supply contracts were executed on its Day-Ahead Market. It currently operates the Day-Ahead Market, Commodity Forward Instruments Marketwith Physical Delivery, and the RES and CoGeneration Property Rights Market. The Polish Power Exchange also maintains a register of certificates of origin for electricity produced from RES and high-efficiency co-generation, and operates a CO2 emission allowance market.
Polyethylene
a polymer obtained through the polymerisation of ethylene (ethene). Polyethyelene is used in the production of prostheses, electrical insulation, films, pipes, tubing, containers, hockey sticks, skis, sails, ropes, bulletproof vests, toys, and packaging.
POLYMERS
Chemical substances of very high molecular weight, composed of many repeat units called mers; polyethylene and polypropylene
Polymers
chemicals of very high molecular weight. which consist of many repeated units called mers polyethylene and polypropylene.
Polypropylene
a polymer obtained through the stereospecific polymerization of propene, used to produce fibres, films, and technical-grade products.
PRIBOR
Prague Interbank Offered Rate.
Propylene
an organic compound, unsaturated hydrocarbon. Propylene is used to produce various organic compounds, such as polypropylene, isopropyl alcohol, glycerin, and isopropylbenzene.
PTA
terephthalic acid (a portmanteau of the turpentine-producing tree terebinthus, and phthalic acid)is the organic compound with formula C6H4 (CO2H)2.
PVC
polyvinyl chloride, a plastic polymer typically used in the production of flooring, window and door frames, accessories (various types of edge banding), piping and fittings for indoor installations, sidings, films, and electrical insulation (for wires and cables).
Q
Quick liquidity
(current assets– inventories – prepayments)/ short-term liabilities.
R
REACH
under the REACH regulation, the MSDS documents form the key tool used in order to ensure information flow along the supply chain. Pursuant to Art. 31 of REACH, the supplier of a substance or mixture is required to deliver to the customer an MSDS document in the official language of the member state in whose territory a given substance or mixture is marketed.
Receiveables turnover
average amount of trade receivables. net/ net revenues x 365 days.
RESPECT Index
an index comprising socially responsible companies listed on the Main Market of the Warsaw Stock Exchange. Corporate social responsibility is understood as a management strategy and approach to business which aims to build positive long-term relations rooted in mutual understanding of expectations and respect towards the broad business environment.
Responsible Care
the ‘Responsible Care’ programme has operated in Poland for 22 years under the auspices of the Polish Chamber of Chemical Industry. It is a global pro-environmental initiative of the chemical industry, implemented in Poland by 31 companies from the chemical and related sectors, which engage on a voluntary basis in environmental protection, health protection, and process safety enhancement projects.
Responsible Care Framework Management System Certificate
a document certifying that PKN ORLEN operates in compliance with the highest management standards in the areas of health, safety and environmental protection and in accordance with the principle of sustainable development and corporate social responsibility, as well as legally prescribed environmental standards. All work is carried out in a professional manner, with due consideration to current and future environmental impacts.
ROA
net profit/ total assets x 100%.
ROACE
operating profit after tax and before write-down the value of assets / average capital employed (shareholders’ equity + net debt).
ROACE LIFO
LIFO operating profit after tax and before write-down the value of assets / average capital employed (shareholders’ equity + net debt).
ROE
net profit / equity x 100%.
S
SAFETY CULTURE INDICATOR
The Safety Culture Indicator is calculated as the sum of: the product of the percentage showing achievement of the target for the combined TRR (company and contractors) by a company and 0.7 (injury rate weight in the Safety Culture Indicator);
SCR
(Selective Catalytic Reduction) unit – a flue gas denitrification unit which uses selective catalytic reduction to treat the flue gas from steam generators. The SCR unit installed on boilers is part of the PKN ORLEN ‘Green Energy’ Investment Programme launched in 2010, which aims to bring the CHP plant in Płock in compliance with the requirements effective as of 2016.
Soda lye
an aqueous solution of sodium hydroxide (NaOH).It is used in many industries as a chemical base in the production of organic and inorganic chemicals, pulp, aluminium and other metals, textiles, as well as in the production of food and treatment of water.
Sodium hydroxide, lye, caustic soda, NaOH
inorganic chemical compound from the group of hydroxides, one of the strongest alkali It is used for the production of soaps, detergents, cellulose, viscose rayon, dyestuffs, paper and waterglass. It is also used in oil refining, and can be used as absorbent and reagent.
T
T1 PSER
Tier 1 Process Safety Events Rate – number of events of greater consequence related to substance release into the atmosphere x 1,000,000/number of man-hours.
T2 PSER
Number of events of lesser consequence related to substance release into the atmosphere x 1,000,000/ number of man-hours
Terephthalic acid
an organic chemical compound and aromatic acid. Purified terephthalic acid (PTA) is used primarily in the production of polyethylene terephthalate (PET), polyester fibres and polyamide fibres with a high tensile strength.
The AEO
Authorised Economic Operator (AEO) certificate found in the Community Customs Code, the concept of the Authorised Economic Operator was introduced into the European Union’s legal framework on January 1st 2008 to create a secure supply chain and combat terrorism. Entities awarded the Authorised Economic Operator status enjoy multiple benefits in conducting their trade activities. AEO status awarded in one EU member state is recognised across the entire Community The Minister of the Environment’s Regulation of August 24th 2012 concerning the concentration of certain substances in the air (Dz.U. of 2012, No. 177, item 1031).
The Employee Support System
is a behavioural programme aimed at encouraging safe and eliminating unsafe behaviours. Its implementation is one of the multi-directional measures to improve the Company’s safety culture.
The Lockout – Tagout (LOTO) system
is a scheduled activity which consists in cutting off power supply to industrial equipment and machinery whenever maintenance or repair work is performed.Lockout prevents employees from switching on the machine until it is disabled. Tagout refers to a tag which informs and warns that a given machine is locked out while maintenance work is being performed, and may not be switched on until the tag is taken off. The system has been implemented to eliminate accidental and uncontrolled switching on of machines or hazardous energy releases during operation, development, repair and maintenance works, and thus prevent accidents and incidents resulting from inadvertent start-up or re-energising of machines, devices or installations.
TOE
Tonne Oil Equivalent (toe) – energy equivalent of one metric ton of crude oil with a calorific value equal to 10 000 kcal/kg.
Toluene
an organic chemical compound and aromatic hydrocarbon. High-purity toluene is typically used as an intermediate product in the production of organic intermediate products, colourings, detergents, solvents, adhesives, explosive materials, and motor fuels.
TRR
Total Recordable Rate = an internationally recognised metric of a company’s rate of workplace accidents, determined as follows: (number of workplace accidents in a period of time / number of hours worked in the same period) x 1,000,000.
TRR
Total Recordable Rate – an internationally recognised metric of a company’s rate of workplace accidents calculated as follows: (number of workplace accidents in a period of time / number of hours worked in the same period) x 1,000,000
TSR (Total Shareholder Return)
an economic measure indicating returns to investors holding shares in a company in a given period.
U
UPSTREAM
the product of the percentage showing achievement of the target for the Risk Notification and Handling Indicator by a company and 0.3 (risk notification weight in the Safety Culture Indicator).
URAL RDAM (URAL CIF ROTTERDAM)
Hydrocarbon exploration and production activities
V
VILIBOR
(Vilnius Inter Bank Offered Rate) – an interest rate for interbank loans offered on the Lithuanian interbank market.
W
Waste Management Procedure
an internal document of the Company regulating its waste management procedures, prepared in accordance with applicable laws.
White product yield
the yield of gasoline, diesel and heating fuel, fuel fractions, dry and liquefied petroleum gas compared to the amount of processed crude oil.
WIBOR
Warsaw Interbank Offered Rate – an interest rate used on the Polish interbank market for interbank loans
WIG-Paliwa
an industry index comprising WIG index companies operating in the fuel sector.
WIG-Poland
a stock index comprising only the shares of Polish companies traded on the WSE Main Market which satisfy the basic eligibility criteria.
WIG20
a stock index calculated based on the value of the 20 largest and most liquid stocks traded on the WSE Main Market.
WIG30
a stock index calculated based on the value of the 30 largest and most liquid stocks traded on the WSE Main Market.
WORKING CAPITAL
trade receivables + inventories – trade payables.
WORKING CAPITAL (IN THE STATEMENT OF FINANCIAL POSITION)
inventories + trade and other receivables - trade and other payables
