31/12/2014
Fair value hierarchy | |||||
---|---|---|---|---|---|
NOTE | Carrying amount | Fair value | Level 1 | Level 2 | |
Financial assets | |||||
Loans granted | 17,21 | 3 | 3 | - | 3 |
Embedded derivatives and hedging instruments | 17,21 | 1 038 | 1 038 | 1 038 | |
1 041 | 1 041 | - | 1 041 | ||
Financial liabilities | |||||
Bonds | 24 | 4 161 | 4 138 | 4 138 | - |
Loans | 24 | 6 491 | 6 492 | - | 6 492 |
Borrowings | 24 | 5 | 5 | - | 5 |
Finance lease | 26,27 | 116 | 120 | - | 120 |
Embedded derivatives and hedging instruments | 26,29 | 2 619 | 2 619 | - | 2 619 |
13 392 | 13 374 | 4 138 | 9 236 |
31/12/2013
Fair value hierarchy | |||||
---|---|---|---|---|---|
(restated data) | NOTE | Carrying amount | Fair value | Level 1 | Level 2 |
Financial assets | |||||
Loans granted | 17,21 | 11 | 11 | - | 11 |
Embedded derivatives and hedging instruments | 17,21 | 277 | 277 | - | 277 |
288 | 288 | - | 288 | ||
Financial liabilities | |||||
Bonds | 24 | 1 718 | 1 730 | 1 730 | - |
Loans | 24 | 5 638 | 5 639 | - | 5 639 |
Borrowings | 24 | 1 | 1 | - | 1 |
Finance lease | 26,27 | 102 | 104 | - | 104 |
Hedging instruments | 26,29 | 139 | 139 | - | 139 |
7 598 | 7 613 | 1 730 | 5 883 |
For other classes of financial assets and liabilities presented in note 32.1 fair value represents their carring amount.
33.1. Methods applied in determining fair value (fair value hierarchy)
Financial liabilities due to loans, bonds, finance lease and liabilities and receivables for borrowings are measured at fair value using discounted cash flows method. Discount factors are calculated based on market interest rates according to quotations of 1- month, 3-months and 6-months interest rates increased by proper margins for particular financial instruments. For the majority as at 31 December 2014 and as at 31 December 2013 1-month interest rate quotations were applied.
31/12/2014 | 31/12/2013 | |
---|---|---|
WIBOR | 2.0800% | 2.6100% |
EURIBOR | 0.0180% | 0.2160% |
LIBOR USD | 0.1713% | 0.1677% |
PRIBOR | 0.2500% | 0.2900% |
LIBOR CAD | 1.1500% | 1.2217% |
VILIBOR | 0.1200% | 0.2800% |
As at 31 December 2014 and as at 31 December 2013 the Group held unquoted shares in entities, for which fair value cannot be reliably measured, due to the fact that there are no active markets for these entities and no comparable transactions in the same type of instruments were noted. The value of shares of this entities was recognized in the consolidated statement of financial position for 2014 and 2013 of PLN 40 million at acquisition cost less impairment allowances.
During the reporting period and comparative period there were no reclassifications of financial instruments in Group between Level 1 and 2 of fair value hierarchy.