31. Financial instruments

A A A

31.1    Carrying amount

Dec 31 2013




 

PLN ’000

 Note Categories of financial instruments Total
Financial assets
/liabilities at fair
value through
profit or loss
– held for trading		 Loans and
receivables		 Financial assets available for sale (1) Financial liabilities at amortised cost
Classes of financial
instruments		            
Financial assets            
Derivative financial
instruments		 28 73,935 - - - 73,935
Trade receivables 18 - 1,594,746 - - 1,594,746
Cash and cash
equivalents		 20 - 503,686 - - 503,686
Other financial assets: 18 - 369,632 9,746 - 379,378
Total   73,935 2,468,064 9,746 - 2,551,745
Financial liabilities            
Borrowings, other
debt instruments
and finance lease
liabilities		 27 - - - 6,211,386 6,211,386
Derivative financial
instruments		 28 74,153 - - - 74,153
Trade payables 30 - - - 2,396,086 2,396,086
Other financial
liabilities		 30 - - - 200,690 200,690
Total   74,153 - - 8,808,162 8,882,315
Dec 31 2012
(restated)





PLN ’000		 Note Categories of financial instruments Total
Financial assets
/liabilities at fair
value through
profit or loss
– held for trading		 Loans and
receivables		 Financial assets available
for sale (1)		 Financial liabilities at amortised cost
Classes of financial
instruments		            
Financial assets            
Derivative financial
instruments		 28 121,334 - - - 121,334
Trade receivables 18 - 1,632,837 - - 1,632,837
Cash and cash
equivalents		 20 - 268,333 - - 268,333
Other financial assets: 18 - 249,917 9,756 - 259,673
Total   121,334 2,151,087 9,756 - 2,282,177
Financial liabilities            
Borrowings, other
debt instruments
and finance lease
liabilities		 27 - - - 6,556,700 6,556,700
Derivative financial
instruments		 28 179,325 - - - 179,325
Trade payables 30 - - - 2,174,451 2,174,451
Other financial
liabilities		 30 - - - 254,436 254,436
Total   179,325 - - 8,985,587 9,164,912

(1) As at December 31st 2013 and December 31st 2012, the Group held shares in other undertakings measured at historical cost less impairment.

As at December 31st 2013 and December 31st 2012, the fair value of financial assets and liabilities did not materially differ from their carrying amounts.

31.2 Fair value hierarchy

PLN ’000 Dec 31 2013 Dec 31 2012
Level 1 Level 2 Level 1 Level 2
Financial assets        
Commodity swap - 736 - 45
Currency forward and
spot contracts		 - 34,924 - 73,452
Interest rate swap (IRS) - - - 11,318
Currency swap - 38,275 - 36,519
Total - 73,935 - 121,334
Financial liabilities        
Commodity swap - - - 337
Futures (CO2 emissions) - - 3,787 -
Currency forward and
spot contracts		 - 1,017 - 9,161
Interest rate swap (IRS) - 72,263 - 148,007
Currency swap - 873 - 18,033
Total - 74,153 3,787 175,538

31.3 Items of income. expenses, gains and losses disclosed in the statements of comprehensive income by category of financial instrument

 

Year ended
Dec 31 2013






PLN ’000		 Note Categories of financial instruments Total
Financial assets
/liabilities at fair
value through
profit or loss
– held for trading		 Loans and
receivables		 Financial
assets
available
for sale		 Financial
liabilities
at amortised
cost
Classes of
financial
instruments		            
Trade receivables:   - 1,111 - - 1,111
Interest income 9.5 - 5,995 - - 5,995

Foreign exchange
gains/(losses)
recognised in
cost of sales

 9.1 - 766 - - 766
Foreign exchange
gains/(losses)		 9.6 - 362 - - 362
Impairment losses 9.4 - (6,012) - - (6,012)
Cash and cash
equivalents:		   - (2,249) - - (2,249)
Interest income 9.5 - 1,267 - - 1,267

Foreign exchange

gains/(losses)

 9.6 - (3,516) - - (3,516)
Other financial
assets:		   - (26,237) - - (26,237)
Interest income 9.5 - 8,606 - - 8,606
Foreign exchange
gains/(losses)		 9.6 - (34,843) - - (34,843)
Derivative financial
instruments
(financial assets
/liabilities):		   112,861 - - - 112,861
Gains/(losses)
on fair value
measurement
of derivative
financial
instruments		 9.5 55,148 - - - 55,148
Gains/(losses)
on realisation
of derivative
financial
instruments		 9.5 57,713 - - - 57,713
Borrowings,
other debt
instruments
and finance
lease liabilities		   - - - (132,506) (132,506)
Interest expenses 9.6 - - - (169,005) (169,005)
Foreign exchange
gains/(losses)		 9.6 - - - (84,266) (84,266)
Gains/(losses)
on measurement
of cash flow hedges		 23 - - - 120,765 120,765
Trade payables   - - - 75,800 75,800
Interest expenses 9.6 - - - (53) (53)
Foreign exchange
gains/(losses)
recognised in
cost of sales		 9.1 - - - 75,928 75,928
Foreign exchange
gains/(losses)		 9.6 - - - (75) (75)
Other financial
liabilities:		   - - - 6,672 6,672
Interest expenses
recognised in
finance costs		 9.6 - - - (125) (125)
Foreign exchange
gains/(losses)
recognised in
finance costs		 9.6 - - - 6,797 6,797
Total   112,861 (27,375) - (50,034) 35,452

Year ended
Dec 31 2012






PLN '000

 Note Categories of financial instruments Total
Financial assets
/liabilities at fair
value through
profit or loss
– held for trading		 Loans and
receivables		 Financial
assets
available
for sale		 Financial
liabilities
at amortised
cost
Classes of
financial
instruments		            
Shares:   - - 150 - 150
Gains/(losses)
on sale		 9.5 - - 150 - 150
Trade receivables:   - (43,884) - - (43,884)
Interest income 9.5 - 8,804 - - 8,804
Foreign exchange gains/(losses)
recognised in
cost of sales		 9.1 - (54,471) - - (54,471)
Foreign exchange gains/(losses) 9.5 - (3,229) - - (3,229)
Reversal of
impairment losses		 9.3 - 5,012 - - 5,012
Cash and cash
equivalents:		   - (28,835) - - (28,835)
Interest income 9.5 - 1,309 - - 1,309
Foreign exchange
gains/(losses)		 9.5 - (30,144) - - (30,144)
Other financial
assets:		   - (99,575) - - (99,575)
Interest income 9.5 - 14,879 - - 14,879
Foreign exchange
gains/(losses)		 9.5 - (114,454) - - (114,454)
Derivative financial
instruments
(financial assets
/liabilities):		   117,772 - - - 117,772
Gains/(losses)
on fair value
measurement
of derivative
financial
instruments		 9.5 159,096 - - - 159,096
Gains/(losses)
on realisation
of derivative
financial
instruments		 9.5 (41,324) - - - (41,324)
Borrowings,
other debt
instruments
and finance
lease liabilities		   - - - 566,386 566,386
Interest expenses 9.6 - - - (191,754) (191,754)

Foreign exchange

gains/(losses)

 9.5 - - - 285,943 285,943
Gains/(losses)
on measurement
of cash flow hedges		 23 - - - 472,197 472,197
Trade payables   - - - 24,202 24,202
Interest expenses
recognised in
finance costs		 9.6 - - - (88) (88)
Foreign exchange
gains/(losses)
recognised in
cost of sales		 9.1 - - - 23,275 23,275
Foreign exchange
gains/(losses)		 9.5 - - - 1,015 1,015
Other financial
liabilities:		   - - - 16,601 16,601
Interest expenses 9.6 - - - (380) (380)
Foreign exchange
gains/(losses)		 9.5 - - - 16,981 16,981
Total   117,772 (172,294) 150 607,189 552,817