As at December 31st 2008 and December 31st 2007, the Group discloses investments in the following associated undertakings:
| Company name | Registered office | Business area | Dec 31 2008 | Dec 31 2007 |
|---|---|---|---|---|
| Energobaltic Sp. z o.o. | Gdańsk | Production activities | 32.16% | 32.16% |
| AB Naftos Gavyba (parent undertaking of another group) | Klaipeda i Lithuania | Services | 29.46% | 29.46% |
Investments in associated undertakings are recognised with the equity method. The balance-sheet value of investments in associated undertakings is as follows:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 73,488 | 48,519 |
| Energobaltic Sp. z o.o.(1) | - | - |
| Total investments in associated undertakings | 73,488 | 48,519 |
(1) The value of shares in Energobaltic Sp. z o.o. is fully covered by an impairment charge (see Note 21).
On April 25th 2008, the General Shareholders Meeting of AB Naftos Gavyba, an associated undertaking, approved the financial statements for 2007 and resolved to allocate the profit generated in 2007 in the amount of LTL 68m to dividend payment. Petrobaltic S.A. will receive for 2007 dividend in the amount of LTL 29,036 thousand (PLN 28,746 thousand). On May 15th 2008, Petrobaltic S.A. received a part of the dividend due, in the amount of LTL 15,077 thousand (PLN 14,383 thousand). On August 8th 2008, Petrobaltic S.A. received another instalment of the due dividend, in the amount of LTL 9,554 thousand (PLN 8,859 thousand), and on December 18th 2008 – another instalment of the due dividend, in the amount of LTL 3,047 thousand (PLN 3,017 thousand). As at December 31st 2008, Petrobaltic S.A. recognises dividend receivable of LTL 1,356 thousand (PLN 1,830 thousand).
Net assets of material undertakings valued with equity method:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 172,103 | 113,628 |
| Energobaltic Sp. z o.o. | 17,893 | 27,288 |
Liabilities and provisions for liabilities of material undertakings valued with equity method:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 93,452 | 151,857 |
| Energobaltic Sp. z o.o. | 97,976 | 105,319 |
Sales revenue of material undertakings valued with equity method:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 170,343 | 148,812 |
| Energobaltic Sp. z o.o. | 26,686 | 31,133 |
Net profit/(loss) of material undertakings valued with equity method:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 72,019 | 52,197 |
| Energobaltic Sp. z o.o. | (9,321) | 3,170 |
Share in net profit (loss) of undertakings valued with equity method, recognised in the Group’s income statement:
| PLN ‘000 | Dec 31 2008 | Dec 31 2007 |
|---|---|---|
| (audited) | (audited) | |
| Grupa AB „Naftos Gavyba” | 26,033 | 22,288 |
| Pozostałe spółki wyceniane metodą praw własności | - | (12) |
| Razem | 26,033 | 22,276 |
In the statement of changes in equity for the year ended December 31st 2008, the Group recognised
PLN 18,815 thousand on account of changes in the equity of the AB Naftos Gavyba Group.