31. Financial instruments
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 |
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 |
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 |