17. Assets held for sale

A A A
PLN ’000 Dec 31 2013 Dec 31 2012
Upstream segment 794 1,658
Downstream segment - 770
Total 794 2,428

In 2013, the Group recognised assets held for sale:

  • On July 1st 2013, LOTOS Asfalt Sp. z o.o. (downstream segment) sold assets associated with the Waterproofing Materials Production Plant of Jasło for PLN 8,000 thousand. Proceeds from the sale in the amount of PLN 3,050 thousand were presented in the statement of cash flows under Sale of organised part of business. As at December 31st 2013, the outstanding balance of the amount due under the transaction was disclosed in the statement of financial position as Current investment receivables under Other assets.
  • On October 15th 2013, an agreement was signed with Wenergy LTD PTE of Singapore for the sale of drilling equipment (WOU) from the YME field platform. The total selling price was USD 15.5m, with USD 3.1m (20%, pro rata to the interest in the consortium) of that amount due to LOTOS Exploration and Production Norge AS (upstream segment). Cash proceeds of PLN 912 thousand (NOK 1,842 thousand) from the sale was presented in the statement of cash flows under Sale of property, plant and equipment and other intangible assets. As at December 31st 2013, the outstanding balance of the amount due under the transaction, i.e. PLN 8,211 thousand (NOK 16,579 thousand), was disclosed in the statement of financial position as Current investment receivables under Other assets.
  • LOTOS Kolej Sp. z o.o. (downstream segment) sold PLN 870 thousand worth of rolling stock. Cash proceeds from the sale were presented in the statement of cash flows under Sale of property, plant and equipment and other intangible assets.

As at December 31st 2013, property, plant and equipment disclosed by the Group as held for sale comprised two residential units with the attached interest in land (December 31st 2012: boats, residential unit with the attached land, as well as plant and equipment for plastics processing).