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Grupa LOTOS S.A. - Integrated Annual Report 2012
29. Derivative financial instruments
| PLN '000 | Dec 31 2012 |
Dec 31 2011 (restated) |
Jan 1 2011 (restated) |
|---|---|---|---|
| Financial assets | |||
| Non-current financial assets | |||
| - Futures (CO2 emissions) | - | - | 580 |
| - Interest rate swap (IRS) | - | 12,098 | 18,828 |
| Total | - | 12,098 | 19,408 |
| Current financial assets | |||
| - Commodity swaps (raw materials and petroleum products) | 45 | - | 1,472 |
| - Futures (CO2 emissions) | - | 8,304 | 35 |
| - Currency forward and spot contracts | 73,452 | 16,175 | 13,181 |
| - Forward rate agreements (FRAs) | - | - | 655 |
| - Interest rate swap (IRS) | 11,318 | 11,640 | 10,259 |
| - Currency swap | 36,519 | 1,083 | 24,360 |
| Total | 121,334 | 37,202 | 49,962 |
| Total financial assets | 121,334 | 49,300 | 69,370 |
| Financial liabilities | |||
| Non-current financial liabilities | |||
| - Futures (CO2 emissions) | 1,293 | - | 463 |
| - Interest rate swap (IRS) | 87,032 | 127,364 | 79,644 |
| Total | 88,325 | 127,364 | 80,107 |
| Current financial liabilities | |||
| - Commodity swaps (raw materials and petroleum products) | 337 | - | 3,517 |
| - Futures (CO2 emissions) | 2,494 | 15,607 | - |
| - Currency forward and spot contracts | 9,161 | 51,889 | 24,709 |
| - Forward rate agreements (FRAs) | - | - | 340 |
| - Interest rate swap (IRS) | 60,975 | 44,770 | 148,253 |
| - Currency swap | 18,033 | 28,148 | 22,881 |
| Total | 91,000 | 140,414 | 199,700 |
| Total financial liabilities | 179,325 | 267,778 | 279,807 |
For a description of derivative financial instruments see Note 7.23. The financial risk management objectives and policies are described in Note 33.
For sensitivity analysis of derivative financial instruments with respect to market risk related to fluctuations in prices of carbon dioxide (CO2) emission allowances as at December 31st 2012 and December 31st 2011, see Note 33.2.1.
For sensitivity analysis of derivative financial instruments with respect to currency risk as at December 31st 2012 and December 31st 2011, see Note 33.3.1.
For sensitivity analysis of derivative financial instruments with respect to interest rate risk as at December 31st 2012 and December 31st 2011, see Note 33.4.1.
For maturity analysis of derivative financial instruments as at December 31st 2012 and December 31st 2011, see Note 35.5.
Maximum exposure to credit risk arising from financial assets (derivative financial instruments) as at December 31st 2012 and December 31st 2011 has been presented in Note 33.6.
