24. Cash and Cash Equivalents


PLN ‘000 Dec 31 2009 Dec 31 2008
Cash at bank 361,188 711,132
Cash in hand 243 194
Other cash 647 1,475
Total 362,078 712,801

Cash at banks bears interest at variable rates set according to the short-term interbank interest rates. Short-term deposits are placed for various periods, ranging from one day to one month, depending on the Group’s current demand for cash, and bear interest at the interest rates set for them.

As at December 31st 2009, the amount of undrawn funds available to the Group under working capital loans in respect of which all conditions precedent had been fulfilled (including the working capital loan contracted with Bank Consortium (4); see Note 30) was PLN 323,857 thousand (PLN 832,128 thousand as at December 31st 2008).

As at December 31st 2009, restricted cash amounted to PLN 20,420 thousand (PLN 84,160 thousand as at December 31st 2008) and included chiefly the following cash components of the Parent Undertaking:

  • a deposit of PLN 5,819 thousand, serving as security for the repayment of interest on the loan contracted to finance inventories,
  • a margin of PLN 1,205 thousand, which was transferred to Grupa LOTOS S.A.’s account held with brokerage firm Marex Financial in connection with transactions made on the ICE Futures Internet platform,
  • funds of PLN 9,929 thousand, held in the account dedicated to repayments of principal amounts of and interest on the loans/credit facilities contracted to finance the implementation of the 10+ Programme.

In the balance sheet, restricted cash is disclosed under “Cash in hand and cash at banks” and “Other cash“.

As at December 31st 2009, cash in bank accounts serving as security for the repayment of Grupa LOTOS S.A.’s liabilities amounted to PLN 540 thousand (PLN 71,363 thousand as at December 31st 2008).

This is a translation of a document originally issued in Polish

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