| 27.1 Risk related to raw material and petroleum product prices | |||||
|---|---|---|---|---|---|
| Open commodity swaps as at December 31st 2017: | |||||
| Type of contract | Underlying index | Valuation period | Amount in tonnes in the valuation period | Fair value measurement | |
| Financial assets | Financial liabilities | ||||
| Commodity swap | 3.5 PCT Barges FOB Rotterdam | III’2018 – VI’2019 | 111877 | 34.7 | - |
| Commodity swap | Gasoil 0.1 pct Crg CIF NWE_ARA | III’2018 – VI’2019 | (10 339) | - | -3.8 |
| Total | 34.7 | -3.8 | |||
| Open commodity swaps as at December 31st 2016 | |||||
| Type of contract | Underlying index | Valuation period | Amount in tonnes in the valuation period | Fair value measurement | |
| Financial assets | Financial liabilities | ||||
| Commodity swap | 3.5 PCT Barges FOB Rotterdam | III 2017 - XI 2018 | 181526 | 58.5 | -4.8 |
| Commodity swap | Gasoil 0.1 pct Crg CIF NWE_ARA | III 2017 - XI 2018 | -16201 | 0.2 | -6.6 |
| Commodity swap | ULSD 10 ppm CIF NWE | IV 2017 | -16050 | - | -7 |
| Total | 58.7 | -18.4 | |||
| As at December 31st 2017, the Group had no open commodity options. | |||||
| Open commodity options as at December 31st 2016 | |||||
| Type of contract | Underlying index | Valuation period | Amount in tonnes in the valuation period | Fair value measurement | |
| Financial assets | Financial liabilities | ||||
| Commodity options | 3.5 PCT Barges FOB Rotterdam | III ’2017 – X 2017 | 10646 | 0.4 | - |
| 27.1.1 Sensitivity analysis: market risk related to raw material and petroleum product price movements | ||||||
|---|---|---|---|---|---|---|
| Below is presented an analysis of the sensitivity of the Group’s financial transactions to the risk of fluctuations in prices of raw materials and petroleum products as at December 31st 2017 and 2016, assuming price increase/decrease corresponding to the implied annual volatility of the underlying index: | ||||||
| December 31st 2017 | December 31st 2016 | |||||
| Carrying amount | Change* | Carrying amount | Change** | |||
| +implied volatility | - implied volatility | +implied volatility | -implied volatility | |||
| Financial assets (1) | 34.7 | 37.3 | -37.3 | 59.1 | 75 | -72.9 |
| Financial liabilities (1) | 3.8 | 4.3 | -4.3 | 18.4 | 4.6 | -4.6 |
| Effect on profit/loss | 33 | -33 | 70.4 | -68.3 | ||
| (1) Total commodity swaps and options. |
(1) Total commodity swaps and options.
* With respect to instruments held as at December 31st 2017, the above deviations of underlying index prices were calculated based on the implied annual volatility of the underlying index for December 31st 2017, as published by SuperDerivatives. The volatility was +/- 27.39% for the 3.5 PCT Barges FOB Rotterdam index and +/- 21.23% for the Gasoil 0.1 pct Crg CIF NWE_ARA index.
** With respect to instruments held as at December 31st 2016, the above deviations of underlying index prices were calculated based on the implied annual volatility of the underlying index for December 31st 2016, as published on the SuperDerivatives website. The volatility was +/- 34.85% for the 3.5 PCT Barges FOB Rotterdam index, +/- 27.44% for the Gasoil 0.1 pct Crg CIF NWE_ARA index, and +/- 29.18% for the Brent (Dtd) index.
| 27.2 Risk related to prices of carbon dioxide (CO2) emission allowances | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Number of free CO2 emission allowances for 2013–2020 and actual CO2 emissions: | |||||||||
| in million tonnes | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Total |
| Allowances allocated under the National Allocation Plan(1) | 1.8 | 1.7 | 1.6 | 1.6 | 1.6 | 1.5 | 1.5 | 1.5 | 12.8 |
| Actual CO2 emissions (2) | 1.7 | 1.9 | 1.9 | 2 | 1.8 | - | - | - | 9.3 |
| Open CO2 allowances contracts as at December 31st 2017: | |||||||||
| Type of contract | Contract settlement period | Contract volume (in tonnes) | Phase | Fair value measurement | |||||
| Financial assets | Financial liabilities | ||||||||
| EUA Futures | XII 2018 - XII 2020 | 1554000 | III phase | 8.7 | -0.1 | ||||
| Open CO2 allowances contracts as at December 31st 2016: | |||||||||
| Type of contract | Contract settlement period | Contract volume (in tonnes) | Phase | Fair value measurement | |||||
| Financial assets | Financial liabilities | ||||||||
| EUA Futures | XII 2017 - XII 2019 | 1752000 | III phase | 5.6 | -5.3 |
(1) Number of free CO2 allowances in 2013–2020 as per the National Allocation Plan (NAP), based on the Regulation of the Polish Council of Ministers of March 31st 2014 (Dz.U. of 2014, item 439) and the Regulation of the Polish Council of Ministers of April 8th 2014 (Dz.U. of 2014, item 472), containing a list of installations covered by the greenhouse gas emission allowance trading scheme along with the number of allowances allocated to them. The figures also account for additional free emission allowances from the European Commission reserve, allocated in connection with the expansion of the refinery’s production capacities following from the use of natural gas in hydrogen production.
(2) CO2 emissions, calculated based on the production data for the installations covered by the emissions trading scheme. The data for 2017 was verified in accordance with Art. 59 of the Act on Trading in Greenhouse Gas Emission Allowances of April 28th 2011.
*Off-balance-sheet value, used exclusively for statistical purposes and as part of monitoring in risk management.
| 27.3 Currency risk | ||||||
|---|---|---|---|---|---|---|
| Open currency contracts as at December 31st 2017: | ||||||
| Type of contract | Purchase/sale | Contract settlement period | Currency pair (base/quote) | Amount in base currency (million) | Fair value measurement | |
| Financial assets | Financial liabilities | |||||
| Currency spot | Purchase | I ’2018 | USD/PLN | 54 | - | -0.6 |
| Currency spot | Purchase | I ’2018 | EUR/PLN | 0.1 | - | - |
| Currency forward | Purchase | I ’2018 | USD/PLN | 124 | - | -8.3 |
| Currency forward | Purchase | I-III ’2018 | EUR/PLN | 10 | - | -0.6 |
| Currency forward | Purchase | I – VI ‘2018 | EUR/USD | 25.8 | 5.8 | - |
| Currency forward | Sales | VI-X ’2018 | USD/PLN | -60 | 6.2 | - |
| Currency forward | Sales | III ’2018 | EUR/PLN | -10 | 1.1 | - |
| Currency swap | Purchase | I-VI ’2018 | USD/PLN | 162.6 | - | -38.3 |
| Currency swap | Purchase | I ‘2018 | EUR/USD | 14.3 | 1.1 | - |
| Currency swap | Sales | I-X ’2018 | USD/PLN | -565.7 | 106.3 | - |
| Total | 120.5 | -47.8 | ||||
| Open currency contracts as at December 31st 2016: | ||||||
| Type of contract | Purchase/sale | Contract settlement period | Currency pair (base/quote) | Amount in base currency (million) | Fair value measurement | |
| Financial assets | Financial liabilities | |||||
| Currency forward | Purchase | I -III 2017 | USD/PLN | 53 | 8.6 | -0.6 |
| Currency forward | Purchase | I 2017 -VI ’2018 | EUR/USD | 215.2 | - | -27.7 |
| Currency forward | Sales | IV - X 2017 | USD/PLN | -230 | - | -73.3 |
| Currency forward | Sales | I 2017 | EUR/PLN | -4.6 | 0.1 | - |
| Currency swap | Purchase | XII 2017 | USD/PLN | 70 | 26.2 | - |
| Currency swap | Purchase | I 2017 | EUR/USD | 2 | 0.1 | - |
| Currency swap | Sales | I - XII 2017 | USD/PLN | -267.1 | 3 | -33.2 |
| Currency swap | Sales | I – VII 2017 | EUR/PLN | -19.1 | 0.1 | -0.9 |
| Total | 38.1 | -135.7 |
| 27.3.1 Sensitivity analysis: market risk related to currency exchange movements | |||||||
|---|---|---|---|---|---|---|---|
| Currency structure of selected financial instruments as at December 31st 2017 | |||||||
| December 31st 2017 | Note | m | USD | m | EUR | Carrying amount in foreign currency translated into PLN | |
| USD | translated | EUR | translated | ||||
| into PLN | into PLN | ||||||
| Classes of financial instruments | |||||||
| Financial assets | |||||||
| Trade receivables | 88.4 | 307.9 | 4.3 | 18.3 | 326.2 | ||
| Cash and cash equivalents | 271.1 | 868.4 | 23.1 | 102 | 970.4 | ||
| Other financial assets: | 182.4 | 634.6 | 4.7 | 20 | 654.6 | ||
| Loans advanced to related entities | 157 | 546.3 | 4.7 | 19.8 | 566.1 | ||
| Deposits | 8.3 | 29 | - | - | 29 | ||
| Security deposit (margin) | - | - | - | 0.2 | 0.2 | ||
| Cash for removal of the MOPU from the YME field | 15 | 15.9 | 55.1 | - | - | 55.1 | |
| Other | 1.2 | 4.2 | - | - | 4.2 | ||
| Total | 541.9 | 1810.9 | 32.1 | 140.3 | 1951.2 | ||
| Financial liabilities | |||||||
| Borrowings | 1201.1 | 4116.2 | - | - | 4116.2 | ||
| Notes | 59 | 205.4 | - | - | 205.4 | ||
| Finance lease liabilities | - | - | 10.7 | 44.5 | 44.5 | ||
| Trade payables | 485.3 | 1689.3 | 5.3 | 21.9 | 1711.2 | ||
| Other financial liabilities | 4.5 | 15.6 | 6.4 | 26.5 | 42.1 | ||
| Total | 1749.9 | 6026.5 | 22.4 | 92.9 | 6119.4 | ||
| Currency structure of selected financial instruments as at December 31st 2016 | |||||||
| December 31st 2016 | Note | m | USD | m | EUR | Carrying amount in foreign currency translated into PLN | |
| USD | translated | EUR | translated | ||||
| into PLN | into PLN | ||||||
| Classes of financial instruments | |||||||
| Financial assets | |||||||
| Trade receivables | 87 | 363.5 | 5.1 | 22.7 | 386.2 | ||
| Cash and cash equivalents | 13 | 54.2 | 10.6 | 47.1 | 101.3 | ||
| Notes | 85.5 | 357.5 | - | - | 357.5 | ||
| Other financial assets: | 178.9 | 749.4 | 9.2 | 40.4 | 789.8 | ||
| Loans advanced to related entities | 152.7 | 639.5 | 4.7 | 20.6 | 660.1 | ||
| Deposits | 7.6 | 31.6 | - | - | 31.6 | ||
| Security deposit (margin) | - | - | 4.5 | 19.8 | 19.8 | ||
| Cash for removal of the MOPU from the YME field | 15 | 17.9 | 75.3 | - | - | 75.3 | |
| Other | 0.7 | 3 | - | - | 3 | ||
| Total | 364.4 | 1524.6 | 24.9 | 110.2 | 1634.8 | ||
| Financial liabilities | |||||||
| Borrowings | 1284.7 | 5325.1 | - | - | 5325.1 | ||
| Notes | 136.5 | 572 | - | - | 572 | ||
| Finance lease liabilities | - | - | 13.5 | 59.6 | 59.6 | ||
| Trade payables | 281.4 | 1176 | 12.9 | 57.1 | 1233.1 | ||
| Other financial liabilities | 4.7 | 19.7 | 17.8 | 78.8 | 98.5 | ||
| Total | 1707.3 | 7092.8 | 44.2 | 195.5 | 7288.3 | ||
| Analysis of the sensitivity to currency risk as at December 31st 2017, showing the effect of a +/- 9.087% change in the USD/PLN exchange rate and a +/- 5.950% change in the EUR/PLN exchange rate on net profit or loss | |||||||
| December 31st 2017 | Effect of exchange rate increase/decrease on net profit/loss for the year in 2017 | ||||||
| +9,087% | +5,950% | -0.09087 | -0.0595 | ||||
| USD | EUR | USD | EUR | ||||
| Classes of financial instruments | |||||||
| Financial assets | |||||||
| Derivative financial instruments | -206.7 | 6.7 | 206.7 | -6.7 | |||
| Trade receivables | 28 | 1.1 | -28 | -1.1 | |||
| Cash and cash equivalents | 78.9 | 6.1 | -78.9 | -6.1 | |||
| Other financial assets: | 57.6 | 1.2 | -57.6 | -1.2 | |||
| Loans advanced to related entities | 49.6 | 1.2 | -49.6 | -1.2 | |||
| Deposits | 2.6 | - | -2.6 | - | |||
| Cash for removal of the | 5 | - | -5 | - | |||
| MOPU from the YME field | |||||||
| Other | 0.4 | - | -0.4 | - | |||
| Total financial assets | -42.2 | 15.1 | 42.2 | -15.1 | |||
| Financial liabilities | |||||||
| Borrowings | 157.2 | -1 | - | -157.2 | -1 | - | |
| Notes | 18.7 | - | -18.7 | - | |||
| Finance lease liabilities | - | 2.6 | - | -2.6 | |||
| Derivative financial instruments | 95.5 | 2.5 | -95.5 | -2.5 | |||
| Trade payables | 153.5 | 1.3 | -153.5 | -1.3 | |||
| Other financial liabilities | 1.4 | 1.6 | -1.4 | -1.6 | |||
| Total financial liabilities | 426.3 | 8 | -426.3 | -8 | |||
| Total | -468.5 | 7.1 | 468.5 | -7.1 | |||
| (1)The calculation of the effect of an exchange rate movement on the balance-sheet item takes into account the effect of cash flow hedge accounting. Assuming a 9.087% change of the USD/PLN exchange rate, the effect of cash flow hedge accounting would potentially lead to a change of PLN (219.4)m/PLN 219.4m in the fair value of borrowings. Furthermore, the calculation takes into account the effect of paid upfront arrangement fees (measured at the exchange rate effective on the payment date), reducing financial liabilities under borrowings, which would potentially result in a change of PLN 2.6m/PLN (2.6)m in the fair value of borrowings, assuming a +/- 9.087% change of the USD/PLN exchange rate. | |||||||
| Analysis of the sensitivity to currency risk as at December 31st 2016, showing the effect of a +/- 12.9% change in the USD/PLN exchange rate and a +/- 7.375% change in the EUR/PLN exchange rate on net profit or loss | |||||||
| December 31st 2016 | Effect of exchange rate increase/decrease on net profit/loss for the year in 2016 | ||||||
| +12,9% | +7,375% | -0.129 | -0.07375 | ||||
| USD | EUR | USD | EUR | ||||
| Classes of financial instruments | |||||||
| Financial assets | |||||||
| Derivative financial instruments | 15.8 | -1.7 | -15.4 | 1.7 | |||
| Trade receivables | 46.9 | 1.7 | -46.9 | -1.7 | |||
| Cash and cash equivalents | 6.9 | 3.5 | -6.9 | -3.5 | |||
| Notes | 46.1 | - | -46.1 | - | |||
| Other financial assets: | 96.7 | 3 | -96.7 | -3 | |||
| Loans advanced to related entities | 82.5 | 1.5 | -82.5 | -1.5 | |||
| Deposits | 4.1 | - | -4.1 | - | |||
| Security deposits (margins) | - | 1.5 | - | -1.5 | |||
| Cash for removal of the | 9.7 | - | -9.7 | - | |||
| MOPU from the YME field | |||||||
| Other | 0.4 | - | -0.4 | - | |||
| Total financial assets | 212.4 | 6.5 | -212 | -6.5 | |||
| Financial liabilities | |||||||
| Borrowings | 202.2 | -1 | - | -202.2 | -1 | - | |
| Notes | 73.8 | - | -73.8 | - | |||
| Finance lease liabilities | - | 4.4 | - | -4.4 | |||
| Derivative financial instruments | 345.8 | -65.1 | -345.8 | 65.1 | |||
| Trade payables | 151.7 | 4.2 | -151.7 | -4.2 | |||
| Other financial liabilities | 2.5 | 5.8 | -2.5 | -5.8 | |||
| Total financial liabilities | 776 | -50.7 | -776 | 50.7 | |||
| Total | -563.6 | 57.2 | 564 | -57.2 | |||
| (1)The calculation of the effect of an exchange rate movement on the balance-sheet item takes into account the effect of cash flow hedge accounting. Assuming a 12.9% change of the USD/PLN exchange rate, the effect of cash flow hedge accounting would potentially lead to a change of PLN (489.5)m/PLN 489.5m in the fair value of borrowings. Furthermore, the calculation takes into account the effect of paid upfront arrangement fees (measured at the exchange rate effective on the payment date), reducing financial liabilities under borrowings, which would potentially result in a change of PLN 4.8m/PLN (4.8)m in the fair value of borrowings, assuming a 12.9% change of the USD/PLN exchange rate. |
| 27.4 Interest rate risk | |||||
|---|---|---|---|---|---|
| Open interest rate contracts as at December 31st 2017: | |||||
| Type of contract | Period | Notional amount (USD million) | Company receives | Financial assets | Financial liabilities |
| Interest rate swap (IRS) | VII 2011 - VI 2019 | 207.5 | LIBOR 6M | 0.1 | -19.8 |
| Interest rate swap (IRS) | I 2015 - XII 2021 | 494 | LIBOR 3M | 9.2 | -8 |
| Total | 9.3 | -27.8 | |||
| Open interest rate contracts as at December 31st 2016: | |||||
| Type of contract | Period | Notional amount (USD million) | Company receives | Financial assets | Financial liabilities |
| Interest rate swap (IRS) | VII 2011 - VI 2019 | 212.5 | LIBOR 6M | 0.1 | -43.7 |
| Interest rate swap (IRS) | I 2015 - XII 2021 | 494 | LIBOR 3M | 3.6 | -11.4 |
| Total | 3.7 | -55.1 |
| 27.4.1 Sensitivity analysis: market risk related to interest rate movements | ||||||
|---|---|---|---|---|---|---|
| Analysis of the Group’s sensitivity to interest rate risk as at December 31st 2017, assuming a +/- 0.30% change in interest rates | ||||||
| December 31st 2017 | Note | Carrying amount | Change | |||
| +0,30% | -0.003 | |||||
| Classes of financial instruments | ||||||
| Financial assets | ||||||
| Derivative financial instruments (2) | 23 | 9.3 | 7.3 | -7.4 | ||
| Cash and cash equivalents | 17 | 1920.7 | 5.8 | -5.8 | ||
| Other financial assets: | 334.1 | 1 | -1 | |||
| Oil and Gas Extraction Facility Decommissioning Fund | 15 | 34.1 | 0.1 | -0.1 | ||
| Deposits | 15 | 37 | 0.1 | -0.1 | ||
| Security deposits (margins) | 15 | - | - | - | ||
| Cash pledged as security for contractual obligations related to future asset decommissioning | 15 | 207.9 | 0.6 | -0.6 | ||
| Cash for removal of the MOPU from the YME field | 15 | 55.1 | 0.2 | -0.2 | ||
| Total | 2264.1 | 14.1 | -14.2 | |||
| Financial liabilities | ||||||
| Bank borrowings | 22.1 | 3903 | 10 | -1 | -10 | -1 |
| Non-bank borrowings | 22.2 | 68.3 | 0.2 | -0.2 | ||
| Notes | 22.3 | 313 | 0.9 | -0.9 | ||
| Finance lease liabilities | 22.4 | 141.6 | 0.4 | -0.4 | ||
| Derivative financial instruments (2) | 23 | 27.8 | -0.9 | 0.9 | ||
| Total | 4453.7 | 10.6 | -10.6 | |||
| Analysis of the Company’s sensitivity to interest rate risk as at December 31st 2016, assuming a +/- 0.35% change in interest rates | ||||||
| December 31st 2016 | Note | Carrying amount | Change | |||
| +0,35% | -0.0035 | |||||
| Classes of financial instruments | ||||||
| Financial assets | ||||||
| Derivative financial instruments (2) | 23 | 3.7 | 2.7 | -2.7 | ||
| Cash and cash equivalents | 17 | 744.6 | 2.6 | -2.6 | ||
| Other financial assets: | 509.3 | 1.8 | -1.8 | |||
| Oil and Gas Extraction Facility Decommissioning Fund | 15 | 33.2 | 0.1 | -0.1 | ||
| Deposits | 15 | 189.2 | 0.7 | -0.7 | ||
| Security deposits (margins) | 15 | 19.6 | - | - | ||
| Cash pledged as security for contractual obligations related to future asset decommissioning | 15 | 192 | 0.7 | -0.7 | ||
| Cash for removal of the MOPU from the YME field | 15 | 75.3 | 0.3 | -0.3 | ||
| Total | 1257.6 | 7.1 | -7.1 | |||
| Financial liabilities | ||||||
| Bank borrowings | 22.1 | 5082.9 | 14.5 | -1 | -14.5 | -1 |
| Non-bank borrowings | 22.2 | 81.8 | 0.3 | -0.3 | ||
| Notes | 22.3 | 213 | 0.7 | -0.7 | ||
| Finance lease liabilities | 22.4 | 179.5 | 0.6 | -0.6 | ||
| Derivative financial instruments (2) | 23 | 55.1 | -15.2 | 15.4 | ||
| Total | 5612.3 | 0.9 | -0.7 | |||
(1) Net of fixed-rate borrowings and paid arrangement fees reducing liabilities under borrowings.
(2) Interest rate swap (IRS). The difference between the change in the valuation amount, when the interest rate curve moves up or down 0.30% arises at the time of calculating and discounting future cash flows (relating to the contract settlement) as at the valuation date. The cash flows are discounted at different interest rates (in the first case the interest rate curve movement increases the interest rate by 0.30%, in the second case reduces the interest rate by 0.30%).
| 27.5 Liquidity risk | ||||||||
|---|---|---|---|---|---|---|---|---|
| Contractual maturities of financial liabilities: | ||||||||
| December 31st 2017 | Note | Carrying amount | Contractual cash flows | Up to 6 months | 6 - months 12th | 1–2 years | 2–5 years | Over 5 years |
| Bank borrowings (other than overdraft facilities) | 22.1 | 3902.9 | 4624 | 89.8 | 1164.4 | 906.5 | 1968.4 | 494.9 |
| Overdraft facilities | 22.1 | 0.1 | 0.1 | 0.1 | - | - | - | - |
| Non-bank borrowings | 22.2 | 68.3 | 69.4 | 6.5 | 58.1 | 0.9 | 2.2 | 1.7 |
| Notes | 22.3 | 313 | 306.1 | 306.1 | - | - | - | - |
| Finance lease liabilities | 22.4 | 141.6 | 179 | 28.7 | 28.7 | 53.2 | 68.4 | - |
| Trade payables | 25 | 2201.7 | 2201.7 | 2196.5 | 5.2 | - | - | - |
| Other financial liabilities | 25 | 222 | 222 | 188 | 7.4 | 3.3 | 7.8 | 15.5 |
| Total | 6849.6 | 7602.3 | 2815.7 | 1263.8 | 963.9 | 2046.8 | 512.1 | |
| December 31st 2016 | ||||||||
| Bank borrowings (other than overdraft facilities) | 22.1 | 5069.1 | 6167.7 | -305.5 | 1108.1 | 790.3 | 3641.1 | 933.7 |
| Overdraft facilities | 22.1 | 13.8 | 13.8 | 13.8 | - | - | - | - |
| Non-bank borrowings | 22.2 | 81.8 | 83.2 | 6.3 | 6.5 | 11.9 | 56 | 2.5 |
| Notes | 22.3 | 213 | 213.1 | 79.8 | 133.3 | - | - | - |
| Finance lease liabilities | 22.4 | 179.5 | 235.8 | 28.8 | 29 | 56.7 | 117 | 4.3 |
| Trade payables | 25 | 1718.2 | 1718.2 | 1718.2 | - | - | - | - |
| Other financial liabilities | 25 | 246.8 | 246.8 | 221 | 2.3 | 9.2 | 7.3 | 7 |
| Total | 7522.2 | 8678.6 | 1762.4 | 1279.2 | 868.1 | 3821.4 | 947.5 | |
| Contractual maturities of derivative financial instruments: | ||||||||
| December 31st 2017 | Note | *Carrying amount | Contractual cash flows | Up to 6 months | 6 - months 12th | 1–2 years | 2–5 years | Over 5 years |
| Commodity swap | 23 | 30.9 | 31.3 | 10.6 | 20.1 | 0.6 | - | - |
| Currency forward and spot contracts | 3.6 | 3.7 | -0.4 | 4.1 | - | - | - | |
| Interest rate swap (IRS) | -18.5 | -18.6 | -21.5 | 7.1 | -5.9 | 1.7 | - | |
| Currency swap | 69.1 | 69.1 | 62.9 | 3.2 | 3 | - | - | |
| Total | 85.1 | 85.5 | 51.6 | 34.5 | -2.3 | 1.7 | - | |
| December 31st 2016 | ||||||||
| Commodity swap | 23 | 40.3 | 40.8 | -0.4 | 25.9 | 15.3 | - | - |
| Commodity options | 0.4 | 0.4 | - | 0.4 | - | - | ||
| Currency forward and spot contracts | -92.9 | -93.5 | -52.2 | -38.5 | -2.8 | - | - | |
| Interest rate swap (IRS) | -51.4 | -51.8 | -30.5 | 3.8 | -19.4 | -5.7 | - | |
| Currency swap | -4.7 | -4.5 | -23.9 | 19.4 | - | - | - | |
| Total | -108.3 | -108.6 | -107 | 11 | -6.9 | -5.7 | - |
*Carrying amount (fair value gains on derivative financial instruments plus fair value losses on derivative financial instruments) represents the fair value of derivative financial instruments disclosed in the statement of financial position (excluding CO2 emission allowance futures purchased with the intention of settlement through physical delivery).
| 27.6 Credit risk | |||
|---|---|---|---|
| Maximum credit risk exposure of financial assets | Note | December 31st 2017 | December 31st 2016 |
| Derivative financial instruments | 23 | 164.5 | 100.9 |
| Trade receivables | 15 | 2677 | 2251.7 |
| Cash and cash equivalents | 17 | 1920.7 | 744.6 |
| Other financial assets | 15 | 459.6 | 624.8 |
| Total | 5221.8 | 3722 |
