8. Material values based on professional judgement and estimates

In the process of applying the accounting policy, professional judgement of the management, along with accounting estimates, has been of key importance; it has an impact on the figures disclosed in consolidated financial statements. The assumptions underlying these estimates are based on the best knowledge of the Management Board related to the current and future actions and events in individual areas. In the period covered by consolidated financial statements, no significant changes occurred in the estimates or estimation methods applied, which could affect the current or future periods, other than those described hereinafter in consolidated financial statements.

The items of the consolidated financial statements which are exposed to the risk of material adjustment of the carrying amounts of assets and liabilities have been presented in individual notes to consolidated financial statements. Significant estimates relate to write-downs on non-financial assets recognized as a result of impairment tests (note 14) and provisions created (notes 42–45).

Besides the foregoing, the Group makes significant estimates as regards the contingent liabilities recognized, in particular in the scope of legal proceedings where the Group companies are parties (note 58).