55.1. Carrying amount and fair value of financial instrument classes and categories

Export to Excel

Categories and classes of financial assets As at 31 December 2022 As at 31 December 2021
Carrying amount Fair value Carrying amount Fair value
1 Financial assets measured at amortized cost 4 377 3 440
Receivables from buyers 3 819 3 819 3 322 3 322
Deposits 3 3 56 56
Loans granted 25 25 25 25
Other financial receivables 530 530 37 37
2 Financial assets measured at fair value through profit or loss (FVTPL) 2 362 1 726
Derivative instruments 257 257 626 626
Shares 211 211 141 141
Loans granted 181 181 74 74
Other financial receivables 35 35 70 70
Cash and cash equivalents 1 678 1 678 815 815
3 Derivative hedging instruments 592 592 371 371
4 Financial assets excluded from the scope of IFRS 9 Financial Instruments 682 597
Investments in joint ventures 682 597
Total financial assets, of which in the statement of financial position: 8 013   6 134
Non-current assets 1 579 1 443
Investments in joint ventures 682 597
Loans granted to joint ventures 206 99
Derivative instruments 390 532
Other financial assets 301 215
Current assets 6 434 4 691
Receivables from buyers 3 819 3 322
Derivative instruments 459 465
Other financial assets 478 89
Cash and cash equivalents 1 678 815
Export to Excel

Categories and classes of financial liabilities As at 31 December 2022 As at 31 December 2021
Carrying amount Fair value Carrying amount Fair value
1 Financial liabilities measured at amortized cost 18 818 15 290
Preferential loans and borrowings 8 8 15 15
Arm’s length loans and borrowings 8 001 7 928 4 520 4 471
Bank overdrafts 1 1 − −
Bonds issued 7 222 6 828 7 320 7 500
Liabilities to suppliers 2 246 2 246 1 242 1 242
Other financial liabilities 348 348 250 250
Liabilities due to the acquisition of non-controlling interests − − 1 061 1 061
Capital commitments 767 767 616 616
Salaries and wages 183 183 220 220
Insurance contracts 42 42 46 46
2 Financial liabilities measured at fair value through profit or loss (FVTPL) 341 495
Derivative instruments 341 341 495 495
3 Financial liabilities excluded from the scope of IFRS 9 Finanical Instruments 1 256 1 235
Liabilities under leases 1 256 1 235
Total financial liabilities, of which in the statement of financial position: 20 415   17 020
Non-current liabilities 16 088 11 096
Debt 15 959 10 947
Derivative instruments 10 116
Other financial liabilities 119 33
Current liabilities 4 327 5 924
Debt 528 2 143
Liabilities to suppliers 2 246 1 242
Liabilities due to the acquisition of non-controlling interests − 1 061
Capital commitments 707 616
Derivative instruments 331 379
Other financial liabilities 514 483
Liabilities associated with assets classified as held for sale 1 −

The fair value measurement methodology applied to financial instruments and fair value hierarchy levels assigned to these instruments are presented in the following tables.

Export to Excel

Financial asset/liability classes Fair value hierarchy level Fair value measurement methodology
Financial assets/liabilities measured at fair value
Derivatives, including: Derivatives have been measured in line with the methodology presented in Note 31 hereto.
IRS and CCIRS 2
Currency forwards 2
Commodity forwards and futures 1
Shares 3 The Group estimated the fair value of shares held in not listed companies using the adjusted net assets method, considering its share in the net assets and adjusting the value by relevant factors affecting the measurement, such as the non-controlling interest discount and the discount for the limited liquidity of the above instruments or using a mixed approach. As the key factors affecting the value of shares held had not changed at a given end of the reporting period compared to the initial recognition, in the case of other instruments the Group assumes that the historical cost is an acceptable approximation of the fair value.
Loans granted 2 The fair value was measured as the present value of future cash flows discounted with the current interest rate.
3 Fair value measurement of the loan had the form of the current value of future cash flows, including borrower’s credit risk.
Financial liabilities whose fair value is disclosed
Loans, borrowings and bonds issued 2 Liabilities arising from fixed interest debt are measured at fair value. The fair value measurement was carried out based on the present value of future cash flows discounted using an interest rate applicable to given bonds or loans, i.e. applying market interest rates.

The fair value of other financial instruments as at 31 December 2022 and 31 December 2021 (except from those excluded from the scope of IFRS 9 Financial Instruments) did not differ considerably from the amounts presented in the financial statements for individual periods for the following reasons:

  • the potential discounting effect relating to short-term instruments is not significant;
  • the instruments are related to arm’s length transactions.

Shares in jointly controlled entities excluded from the scope of IFRS 9 Financial Instruments are measured using the equity method.

Export to Excel

Change in the balance of financial assets whose measurement is classified at the 3rd level of the fair value hierarchy

Year ended 31 December 2022 Year ended 31 December 2021
Not quoted shares Loans granted Not quoted shares Loans granted
Opening balance 141 74 175 73
Gains/(losses) for the period recognized in financial revenue/expenses (25) − (4) 1
Purchased/in-kind contribution 101 − 20 −
Sold (liquidation)/repaid − − (53) −
Other changes (6) − 3 −
Closing balance 211 74 141 74

In the year ended 31 December 2022 and 31 December 2021, no reclassification occurred between the levels of the fair value hierarchy.

Previous page
55. Financial instruments
Next page
55.2. Revenue, expenses, gain and loss items included in the statement of comprehensive income by category of financial instruments

Search results