Grupa LOTOS S.A. - Integrated Annual Report 2012
32. Financial instruments
32.1 Carrying amount
Categories of financial instruments | ||||||
---|---|---|---|---|---|---|
Dec 31 2012 PLN '000 |
Note | 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 | Total |
Classes of financial instruments | ||||||
Financial assets | 121,334 | 2,162,373 | 9,756 | - | 2,293,463 | |
Derivative financial instruments | 29 | 121,334 | - | - | - | 121,334 |
Trade receivables | 18 | - | 1,640,360 | - | - | 1,640,360 |
Cash and cash equivalents | 20 | - | 268,333 | - | - | 268,333 |
Other financial assets | 18 | - | 253,680 | 9,756 | - | 263,436 |
Financial liabilities | (179,325) | - | - | (9,023,399) | (9,202,724) | |
Borrowings, other debt instruments and finance lease liabilities |
28 | - | - | - | (6,556,700) | (6,556,700) |
Derivative financial instruments | 29 | (179,325) | - | - | - | (179,325) |
Trade and other payables | 31 | - | - | - | (2,178,760) | (2,178,760) |
Other financial liabilities | 31 | - | - | - | (287,939) | (287,939) |
Total | (57,991) | 2,162,373 | 9,756 | (9,023,399) | (6,909,261) |
Categories of financial instruments | ||||||
---|---|---|---|---|---|---|
Dec 31 2011 PLN '000 |
Note | 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 | Total |
Classes of financial instruments | ||||||
Financial assets | 49,300 | 2,686,689 | 9,746 | - | 2,745,735 | |
Derivative financial instruments | 29 | 49,300 | - | - | - | 49,300 |
Trade receivables | 18 | - | 2,075,562 | - | - | 2,075,562 |
Cash and cash equivalents | 20 | - | 383,680 | - | - | 383,680 |
Other financial assets | 18 | - | 227,447 | 9,746 | - | 237,193 |
Financial liabilities | (267,778) | - | - | (10,649,878) | (10,917,656) | |
Borrowings, other debt instruments and finance lease liabilities |
28 | - | - | - | (7,588,629) | (7,588,629) |
Derivative financial instruments | 29 | (267,778) | - | - | - | (267,778) |
Trade and other payables | 31 | - | - | - | (2,821,742) | (2,821,742) |
Other financial liabilities | 31 | - | - | - | (239,507) | (239,507) |
Total | (218,478) | 2,686,689 | 9,746 | (10,649,878) | (8,171,921) |
(1) As at December 31st 2012 and December 31st 2011, the Group had equity interests in other entities, measured at historical cost less impairment losses (presented in Note 18).
As at December 31st 2012 and December 31st 2012, the fair value of financial assets and liabilities did not materially differ from their carrying amounts.
32.2 Fair value hierarchy
PLN '000 | Dec 31 2012 | Dec 31 2011 | ||
---|---|---|---|---|
Level 1 | Level 2 | Level 1 | Level 2 | |
Financial assets | - | 132,858 | 8,304 | 40,996 |
Commodity swap | - | 45 | - | - |
Futures (CO2 emissions) | - | - | 8,304 | - |
Currency forward and spot contracts | - | 84,976 | - | 16,175 |
Interest rate swap (IRS) | - | 11,318 | - | 23,738 |
Currency swap | - | 36,519 | - | 1,083 |
Financial liabilities | (3,787) | (187,062) | (15,607) | (252,171) |
Commodity swap | - | (337) | - | - |
Futures (CO2 emissions) | (3,787) | - | (15,607) | - |
Currency forward and spot contracts | - | (20,685) | - | (51,889) |
Interest rate swap (IRS) | - | (148,007) | - | (172,134) |
Currency swap | - | (18,033) | - | (28,148) |
Total | (3,787) | (54,204) | (7,303) | (211,175) |
32.3 Items of income, expenses, gains and losses disclosed in the statements of comprehensive income by category of financial instrument
Categories of financial instruments | ||||||
---|---|---|---|---|---|---|
Year ended Dec 31 2012 PLN '000 |
Note | 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 | Total |
Classes of financial instruments | ||||||
Shares: | - | - | 150 | - | 150 | |
Gains/(losses) on sale recognised in finance income | - | - | 150 | - | 150 | |
Trade receivables: | - | (43,876) | - | - | (43,876) | |
Interest income recognised in finance income | - | 8,812 | - | - | 8,812 | |
Foreign exchange gains/(losses) recognised in cost of sales | - | (54,471) | - | - | (54,471) | |
Foreign exchange gains/(losses) recognised in finance income | - | (3,229) | - | - | (3,229) | |
Reversal/(recognition) of impairment losses recognised in other income/(expenses) | - | 5,012 | - | - | 5,012 | |
Cash and cash equivalents: | - | (27,085) | - | - | (27,085) | |
Interest income recognised in finance income | - | 1,309 | - | - | 1,309 | |
Foreign exchange gains/(losses) recognised in finance income |
- | (28,394) | - | - | (28,394) | |
Other financial assets: | - | (99,495) | - | - | (99,495) | |
Interest income recognised in finance income | - | 14,959 | - | - | 14,959 | |
Foreign exchange gains/(losses) recognised in finance income |
- | (114,454) | - | - | (114,454) | |
Derivative financial instruments (financial assets/liabilities): | 9.3 | 117,772 | - | - | - | 117,772 |
Gains/(losses) on fair value measurement of derivative financial instruments recognised in finance income | 159,096 | - | - | - | 159,096 | |
Gains/(losses) on realisation of derivative financial instruments recognised in finance income | (41,324) | - | - | - | (41,324) | |
Borrowings, other debt instruments and finance lease liabilities | - | - | - | 564,636 | 564,636 | |
Interest expenses recognised in finance costs | - | - | - | (191,754) | (191,754) | |
Foreign exchange gains/(losses) recognised in finance income | - | - | - | 284,193 | 284,193 | |
Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income (net) |
- | - | - | 472,197 | 472,197 | |
Trade and other payables | - | - | - | 24,202 | 24,202 | |
Interest expenses recognised in finance costs | - | - | - | (88) | (88) | |
Foreign exchange gains/(losses) recognised in cost of sales |
- | - | - | 23,275 | 23,275 | |
Foreign exchange gains/(losses) recognised in finance income |
- | - | - | 1,015 | 1,015 | |
Other financial liabilities: | - | - | - | (2,266) | (2,266) | |
Interest expenses recognised in finance costs | - | - | - | (19,247) | (19,247) | |
Foreign exchange gains/(losses) recognised in finance income |
- | - | - | 16,981 | 16,981 | |
Total | 117,772 | (170,456) | 150 | 586,572 | 534,038 |
Categories of financial instruments | ||||||
---|---|---|---|---|---|---|
Year ended Dec 31 2011 PLN '000 |
Note | 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 | Total |
Classes of financial instruments | ||||||
Shares: | - | - | 957 | - | 957 | |
Gains/(losses) on sale recognised in finance income/(costs) | - | - | 957 | - | 957 | |
Trade receivables: | - | 11,256 | - | - | 11,256 | |
Interest income recognised in finance income | - | 8,197 | - | - | 8,197 | |
Foreign exchange gains/(losses) recognised in cost of sales | - | 5,604 | - | - | 5,604 | |
Foreign exchange gains/(losses) recognised in finance costs | - | 4,357 | - | - | 4,357 | |
Reversal/(recognition) of impairment losses recognised in other income/(expenses) | - | (6,902) | - | - | (6,902) | |
Cash and cash equivalents: | - | 34,750 | - | - | 34,750 | |
Interest income recognised in finance income | - | 930 | - | - | 930 | |
Foreign exchange gains/(losses) recognised in finance costs | - | 33,820 | - | - | 33,820 | |
Other financial assets: | - | 150,553 | - | - | 150,553 | |
Interest income recognised in finance income | - | 11,075 | - | - | 11,075 | |
Foreign exchange gains/(losses) recognised in finance costs | - | 139,478 | - | - | 139,478 | |
Derivative financial instruments (financial assets/liabilities): | 9.7 | (130,430) | - | - | - | (130,430) |
Gains/(losses) on fair value measurement of derivative financial instruments recognised in finance costs | (9,769) | - | - | - | (9,769) | |
Gains/(losses) on realisation of derivative financial instruments recognised in finance costs | (120,661) | - | - | - | (120,661) | |
Borrowings, other debt instruments and finance lease liabilities | - | - | - | (1,061,121) | (1,061,121) | |
Interest expenses recognised in finance costs | - | - | - | (157,833) | (157,833) | |
Foreign exchange gains/(losses) recognised in finance costs | - | - | - | (386,396) | (386,396) | |
Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income(net) | - | - | - | (516,892) | (516,892) | |
Trade and other payables | - | - | - | (326,850) | (326,850) | |
Interest expenses recognised in finance costs | - | - | - | (323) | (323) | |
Foreign exchange (gains)/losses recognised in cost of sales | - | - | - | (324,970) | (324,970) | |
Foreign exchange gains/(losses) recognised in finance costs | - | - | - | (1,557) | (1,557) | |
Other financial liabilities: | - | - | - | (34,689) | (34,689) | |
Interest expenses recognised in finance costs | - | - | - | (10,200) | (10,200) | |
Foreign exchange gains/(losses) recognised in finance costs | - | - | - | (24,489) | (24,489) | |
Total | (130,430) | 196,559 | 957 | (1,422,660) | (1,355,574) |