Integrated Annual Report of LOTOS Capital Group 2016

INTEGRATED ANNUAL REPORT 2016

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27. Financial instruments

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27.1 Carrying amount

Classes of financial instruments   Note Categories of financial instruments Total
Financial assets/liabilities at fair value through profit or loss - held for trading Loans and receivables Financial assets
available for sale (1)		 Financial liabilities at amortised cost
Dec 31 2016    
Financial assets            
Derivative financial instruments 24 100,876 - - - 100,876
Trade receivables 16 - 2,251,727 - - 2,251,727
Cash and cash equivalents 18 - 744,616 - - 744,616
Other financial assets 16 - 615,064 9,752 - 624,816
Total   100,876 3,611,407 9,752 - 3,722,035
Financial liabilities            
Borrowings, other debt instruments and finance lease liabilities 23 - - - 5,557,276 5,557,276
Derivative financial instruments 24 209,236 - - - 209,236
Trade payables 26 - - - 1,718,178 1,718,178
Other financial liabilities 26 - - - 246,790 246,790
Total   209,236 - - 7,522,244 7,731,480
Dec 31 2015
Financial assets            
Derivative financial instruments 24 217,179 - - - 217,179
Trade receivables 16 - 1,550,900 - - 1,550,900
Cash and cash equivalents 18 - 859,699 - - 859,699
Other financial assets 16 - 808,705 9,752 - 818,457
Total   217,179 3,219,304 9,752 - 3,446,235
Financial liabilities            
Borrowings, other debt instruments and finance lease liabilities 23 - - - 6,999,308 6,999,308
Derivative financial instruments 24 165,151 - - - 165,151
Trade payables 26 - - - 1,232,510 1,232,510
Other financial liabilities 26 - - - 181,731 181,731
Total   165,151 - - 8,413,549 8,578,700

(1) As at December 31st 2016 and December 31st 2015, the Group held shares in other entities measured at historical cost less impairment.

As at December 31st 2016 and December 31st 2015, the fair value of financial assets and liabilities did not materially differ from their carrying amounts.

27.2 Fair value hierarchy

Dec 31 2016 Dec 31 2015
Level 2 
Financial assets    
Commodity swap 58,734 198,591
Commodity options 411 363
Currency forward and spot contracts 8,667 14,082
Interest rate swap (IRS) 3,722 992
Currency swap 29,342 3,151
Total 100,876 217,179
Financial liabilities    
Commodity swap 18,402 58,055
Currency forward and spot contracts 101,642 909
Interest rate swap (IRS) 55,127 72,263
Currency swap 34,065 33,924
Total 209,236 165,151

27.3 Material items of income, expenses, gains and losses disclosed in the statement of comprehensive income by category of financial instrument

 Classes of financial instruments  Note Categories of financial instruments
Financial assets/ liabilities at fair value through profit or loss - held for trading Loans and receivables Financial assets available for sale Financial liabilities at amortised cost Total
  2016
Trade receivables:            
Interest income 9.5 - 2,290 - - 2,290
Foreign exchange (gains)/losses recognised in cost of sales 9.1 - 20,391 - - 20,391
Other financial assets:            
Income from interest on deposits 9.5 - 11,919 - - 11,919
Foreign exchange gains/(losses) on deposits and other cash and on non-bank borrowings and notes recognised in finance income 9.5 - 25,552 - - 25,552
Derivative financial instruments (financial assets/liabilities):            
Gains/(losses) on fair value measurement of derivative financial instruments 9.6 206,567 - - - 206,567
Gains/(losses) on realisation of derivative financial instruments 9.6 (173,056) - - - (173,056)
Borrowings, other debt instruments and finance lease liabilities            
Interest expense 9.6 - - - (179,409) (179,409)
Gains/(losses) on cash flow hedge accounting charged to revenue 8 - - - (111,721) (111,721)
Foreign exchange gains/(losses) on bank borrowings, non-bank borrowings, notes, and realised foreign-currency transactions in bank accounts recognised in finance income 9.5 - - - (18,274) (18,274)
Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income 21 - - - (138,178) (138,178)
Trade and other payables:            
Foreign exchange (gains)/losses recognised in cost of sales 9.1 - - - (17,671) (17,671)
Total   33,511 60,152 - (465,253) (371,590)
Classes of financial instruments  Note Categories of financial instruments
Financial assets/ liabilities at fair value through profit or loss - held for trading Loans and receivables Financial assets available for sale Financial liabilities at amortised cost Total
  2015
Trade receivables:            
Interest income 9.5 - 2,847 - - 2,847
Foreign exchange (gains)/losses recognised in cost of sales 9.1 - 27,835 - - 27,835
Other financial assets:            
Income from interest on deposits 9.5 - 16,181 - - 16,181
Foreign exchange gains/(losses) on deposits and other cash and on non-bank borrowings and notes recognised in finance costs 9.6 - 55,127 - - 55,127
Derivative financial instruments (financial assets/liabilities):            
Gains/(losses) on fair value measurement of derivative financial instruments 9.5 290,447 - - - 290,447
Gains/(losses) on realisation of derivative financial instruments 9.5 (211,638) - - - (211,638)
Borrowings, other debt instruments and finance lease liabilities            
Interest expense 9.6 - - - (172,205) (172,205)
Gains/(losses) on cash flow hedge accounting charged to revenue 8 - - - (82,448) (82,448)
Foreign exchange gains/(losses) on bank borrowings, non-bank borrowings, notes, and realised foreign-currency transactions in bank accounts recognised in finance costs 9.6 - - - (399,387) (399,387)
Gains/(losses) on measurement of cash flow hedges recognised in other comprehensive income 21 - - - (355,973) (355,973)
Trade and other payables:            
Foreign exchange (gains)/losses recognised in cost of sales 9.1 - - - (16,728) (16,728)
Total   78,809 101,990 - (1,026,741) (845,942)
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