56.1.2. Credit risk related to other financial receivables
The Group’s other financial receivables at 31 December 2022 and as at 31 December 2021 mainly relate to institutional customers (share of 99.44% and 94.34%, respectively).
As at 31 December 2022, a significant item of other financial receivables are receivables for compensation for trading companies in the amount of PLN 465 million, due under the Act of 27 October 2022 on emergency measures aimed at limiting the amount of electricity prices and supporting certain consumers in 2023, which is discussed in more detail in Note 12 to consolidated financial statements.
Within other financial receivables the Group presents initial and variation margin deposits resulting as well as other collaterals resulting from transactions entered into on stock exchange markets. In the opinion of the Group, the mechanisms of functioning of the stock exchange and the collateral used eliminate the credit risk. In addition to stock exchange collaterals, there is no significant concentration of credit risk associated with other financial receivables.
With respect to other financial receivables measured at amortised cost at the balance sheet date, the Group estimates the impairment loss.
Ageing of other financial receivables measured at amortised cost as at 31 December 2022
| Not past due | Past due | Total | |||||
| < 30 days | 30-90 days | 90-180 days | 180-360 days | > 360 days | |||
| Value of item before allowance/write-down | 533 | 4 | 2 | 3 | 6 | 169 | 717 |
| Allowance/write-down | (3) | (4) | (2) | (3) | (6) | (169) | (187) |
| Net Value | 530 | − | − | − | − | − | 530 |
Ageing of other financial receivables measured at amortised cost as at 31 December 2021
| Not past due | Past due | Total | |||||
| < 30 days | 30-90 days | 90-180 days | 180-360 days | > 360 days | |||
| Value of item before allowance/write-down | 41 | 1 | 76 | 2 | 2 | 90 | 212 |
| Allowance/write-down | (4) | (1) | (76) | (2) | (2) | (90) | (175) |
| Net Value | 37 | − | − | − | − | − | 37 |
Change in allowances/write-downs on other financial receivables measured at amortised cost
|
Year ended 31 December 2022 |
Year ended 31 December 2021 |
|
| Opening balance | (175) | (112) |
| Recognised | (13) | (73) |
| Utilized | − | 3 |
| Reversed | 1 | 7 |
| Closing balance | (187) | (175) |