30. Loans to joint ventures
SELECTED ACCOUNTING PRINCIPLES
Loans granted to a joint venture do not satisfy the criteria to be recognised as a net investment in a joint venture. Loans are classified as financial assets measured at amortized cost or at fair value through profit or loss.
PROFESSIONAL JUDGEMENT AND ESTIMATES
In accordance with the requirements of IFRS 9 Financial Instruments, in case of loans measured at amortised cost, the Company estimates the amount of impairment losses on loans, as described in detail below and in Note 56.1.4 of consolidated financial statements. The Company estimates the fair value of loans classified as measured at a fair value. The measurement methodology is described in Note 55.1 to consolidated financial statements.
As at balance sheet date the Group granted loans to Elektrociepłownia Stalowa Wola S.A., a joint venture.
| As at 31 December 2022 | As at 31 December 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Repayable principal amount and interest contractually accrued | Gross value | Impairment loss | Carrying amount | Repayable principal amount and interest contractually accrued | Gross value | Impairment loss | Carrying amount | Maturity date |
Interest rate |
|
| Loans measured at fair value | 562 | 181 | n.d. | 181 | 409 | 74 | n.d. | 74 |
30.06. 2033 |
fixed |
| Loans measured at amortized cost | 123 | 30 | (5) | 25 | 116 | 28 | (3) | 25 | ||
| Total, of which: | 685 | 211 | (5) | 206 | 525 | 102 | (3) | 99 | ||
| Non-current | 211 | (5) | 206 | 102 | (3) | 99 | ||||
On 2 March 2022, the Company concluded a loan agreement with Elektrociepłownia Stalowa Wola S.A. up to the amount of PLN 120 million, for the purpose of settlement by Elektrociepłownia Stalowa Wola S.A. of the liability resulting from the settlement agreement with Abener Energia S.A. concluded on 31 December 2021. On 8 March 2022, the Company paid the full amount of the loan to the borrower. A loan was classified as measured at fair value, and its fair value as at balance sheet date amounted to PLN 107 milllion.