Hedging instruments
In 2013 the Group did not conclude any IRS (interest rate swap) or CIRS (cross-currency interest rate swap) transactions.
Impact of hedging instruments valuation on assets and liabilities as at 31 December 2013
| IRS | CIRS | Total | |
|---|---|---|---|
| Liabilities | |||
| Long-term | (139) | - | (139) |
| Short-term | (7,902) | (4,054) | (11,956) |
| Total | (8,041) | (4,054) | (12,095) |
Impact of hedging instruments valuation on assets and liabilities as at 31 December 2012
| IRS | CIRS | Total | |
|---|---|---|---|
| Assets | |||
| Current | - | 478 | 478 |
| Liabilities | |||
| Long-term | (6,073) | (3,083) | (9,156) |
| Short-term | (9,248) | (8,095) | (17,343) |
| Total | (15,321) | (10,700) | (26,021) |
Impact of hedging instruments valuation on other reserves / other comprehensive income
| for the year ended | ||
|---|---|---|
| 31 December 2013 | 31 December 2012 | |
| Balance as at 1January | (20,631) | 4,758 |
| Valuation of cash flow hedges | 13,926 | (33,040) |
| Amount transferred to income statement | 478 | 1,695 |
| Deferred tax | (2,737) | 5,956 |
| Change for the period | 11,667 | (25,389) |
| Balance as at 31 December | (8,964) | (20,631) |
In the year ended 31 December 2013 the hedge was valued at PLN 13,926 (positive), with PLN 478 recognized in the profit and loss account in correspondence with finance costs. Since the hedge was determined to be effective, PLN 14,404 was recognized within the hedge valuation reserve. The total effect of the hedge valuation on the hedge valuation reserve amounts to PLN 11,667 (positive), including deferred tax.
In 2012 the hedge was valued at PLN 33,040 (negative), including PLN 1,695 recognized in the profit and loss account in correspondence with finance costs. Since the hedge was determined to be effective, the remaining loss in the amount of PLN 31,345 was recognized within the hedge valuation reserve. The total effect of the hedge valuation on the hedge valuation reserve in 2012 amounts to PLN 25,389, representing the amount of the valuation, net of related deferred tax.
