20. Current Financial Assets

PLN ‘000	Dec 31 2008	Dec 31 2007
	(audited)	(audited)
Positive valuation of derivative financial instruments, including:	302,304	96,099
- commodity swap (raw materials and petroleum products)	113,334	8,011
- futures (CO2 emissions)	15	388
- currency forwards and spots	159,985	87,700
- currency options	6,122	-
- IRS	22,848	-
Other, including:	26,456	23,243
- prepayments for shares (1)	25,332	23,117
- current loans	-	41
- shares	1,124	85
Total	328,760	119,342

(1)As at December 31st 2008, the Group recognised assets invested in AB Naftos Gavyba, its associated undertaking, in the total amount of PLN  25.3m (PLN 23.1m as at December 31st 2007). The recognised amount is the funds provided to UAB Naftos Gavyba (currently AB Naftos Gavyba) by Petrobaltic S.A. in 2000 to finance the purchase of AB Geonafta shares, subject to a condition precedent (Conditional Agreement on Purchase of Ownership Rights to Shares, dated July 18th 2000; the Agreement). Transfer of the shares was conditional upon AB Naftos Gavyba performing its investment commitments towards AB Geonafta, as specified in the privatisation agreement of AB Geonafta. In 2001–2005, UAB Naftos Gavyba performed all of its investment commitments, which consumed LTL 56m, and acquired 41 million AB Geonafta shares. The most recent increase in AB Geonafta’s share capital took place on April 25th 2005. Performance of these obligations was financed in full with UAB Naftos Gavyba’s own funds sourced from dividends paid out in consecutive years by AB Geonafta. With the condition precedent fulfilled on April 25th 2005, Petrobaltic S.A. could take over the shares in AB Geonafta specified in the Agreement.

On March 24th 2006, an agreement supplementary to the Agreement of July 18th 2000 was signed by Petrobaltic S.A. and UAB Naftos Gavyba to postpone the deadline for transferring the ownership rights to the shares in AB Geonafta to August 31st 2007. On December 19th 2007, AB Naftos Gavyba and Petrobaltic S.A. concluded another supplementary agreement to the Agreement of July 18th 2000 between Petrobaltic S.A. and UAB Naftos Gavyba, under which the deadline for the transfer of the ownership rights to AB Geonafta shares was postponed until June 30th 2008. Under one more supplementary agreement which took effect on June 30th 2008, the parties to the Agreement postponed the deadline for the transfer of the ownership rights to AB Geonafta shares until December 31st 2008. On February 11th 2009, yet another agreement supplementary to the Agreement of July 18th 2000 was concluded by Petrobaltic S.A. and AB Naftos Gavyba to postpone the deadline for transferring the ownership rights to the shares in AB Geonafta to April 15th 2009.

On April 15th 2009, the supplementary agreement postponing the deadline for direct acquisition of the shares in AB Geonafta by UAB Meditus and Petrobaltic S.A. expired. Until the date of approval of the consolidated financial statements, the supplementary agreement was not extended again because the parties intend to perform the Agreement of July 18th 2000.
Under the supplementary agreements mentioned above, by the date of these financial statements, AB Naftos Gavyba had not made a constitutive entry in the share register of AB Geonafta, which is necessary in order to transfer the ownership rights to the shares purchased by Petrobaltic S.A. under the Agreement of July 18th 2000.