19. Inventories
PLN ’000 | Dec 31 2013 | Dec 31 2012 (restated) |
---|---|---|
Finished products | 1,755,650 | 1,800,849 |
Semi-finished products and work in progress |
671,636 | 751,935 |
Merchandise | 284,497 | 256,875 |
Raw material and consumables |
3,020,068 | 3,156,544 |
Total | 5,731,851 | 5,966,203 |
including inventories measured: | ||
at cost | 5,725,835 | 5,960,708 |
at net realisable value | 6,016 | 5,495 |
As at December 31st 2013, the value of inventories serving as collateral for the Parent's liabilities under the inventory refinancing and financing facility discussed in Note 27.1 was PLN 5,032,009 thousand (December 31st 2012: PLN 4,983,260 thousand).
19.1 Change in impairment losses on inventories
PLN ’000 | Year ended Dec 31 2013 |
Year ended Dec 31 2012 |
---|---|---|
At beginning of the period | 2,293 | 11,437 |
Recognised | 3,319 | 1,336 |
Exchange differences on translating foreign operations |
3 | (85) |
Used | (265) | (5,269) |
Reversed | (874) | (5,126) |
At end of the period | 4,476 | 2,293 |
including: | ||
Finished products | 311 | 332 |
Semi-finished products and work in progress |
2 | 40 |
Merchandise | 68 | 29 |
Raw material and consumables | 4,095 | 1,892 |
The effect of revaluation of inventories is taken to cost of sales.
19.2 Mandatory stocks
The Group maintains mandatory stocks as required by the following acts:
- Act on Stocks of Crude Oil, Petroleum Products and Natural Gas, and on the Rules to be Followed in the Event of Threat to National Fuel Security or Disruptions on the Petroleum Market of February 16th 2007 (Dz.U. of 2007, No. 52, item 343, dated March 23rd 2007, as amended).
- Regulation of the Minister of Economy, Labour and Social Policy, on fuel stocks at power utility companies, dated February 12th 2003 (Dz.U. No. 39, item 338, as amended).
These regulations define the rules for creating, maintaining and financing stocks of crude oil, petroleum products and fuels at power utility companies.
The Group's mandatory stocks include crude oil, petroleum products (liquid fuels), LPG and coal. As at December 31st 2013, the gross value of mandatory stocks was PLN 4,250,530 thousand (December 31st 2012: PLN 4,353,207 thousand).