| Reference rate | Exposure | ||
| Non-current | Current | ||
| Financial assets | 405 | 114 | |
| WIBOR 1M | – | 102 | |
| WIBOR 3M | 35 | 5 | |
| WIBOR 6M | 370 | 7 | |
| Financial liabilities | 1,854 | 250 | |
| WIBOR 1M | 239 | 44 | |
| EONIA | – | 113 | |
| EURIBOR 1M | – | 92 | |
| EURIBOR 3M | 845 | – | |
| LIBOR 3M | 770 | 1 | |
| Derivative financial instruments | 45 | – | |
| WIBOR 3M | 45 | – | |
1.2.1 New and amended standards and interpretations
The following new and amended standards and interpretations effective as of January 1st 2020 had an effect on these consolidated financial statements:
| Amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – definition of the term ‘material’. | |
|---|---|
| The Group applied the amendments to IAS 1 and IAS 8 as of January 1st 2020. | |
| Description | Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole.
Information is obscured if it is communicated in a way that would have a similar effect for primary users of financial statements to omitting or misstating that information. |
| Effect of the standard | The change in the definition of „material” did not have a significant impact on the Group’s financial statements |
| Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures – Interest Rate Benchmark Reform | |
| The Group applied the amendments to IFRS 9, IAS 39 and IFRS 7 as of January 1st 2020. | |
| Opis | The amendments to the standards provide for temporary derogations from the application of specific hedge accounting requirements that allow hedge accounting to continue in the period of uncertainty prior to the change of the current benchmark interest rate to an alternative interest rate close to the risk free (RFR). The amendments contain a number of derogations for all hedging relationships directly affected by the benchmark interest rate reform.
A hedging relationship is directly affected by the interest rate benchmark reform only if the reform gives rise to uncertainties about:
The application of the derogations is obligatory. The derogations concern:
for each of the above, assuming that the benchmark interest rate on which the hedged cash flows are based (whether contractually specified or specified otherwise) does not change as a result of the benchmark interest rate reform,
If the IBOR reform affects the interest rate risk component of the benchmark, the requirement to isolate the risk component need only be met at the time the hedging relationship is established. If hedging instruments and hedged items can be added to or removed from the open portfolio as part of the hedging strategy, the requirement for separation need only be met if the hedged items are designated when the hedging relationship is initially recognised. To the extent that the hedging instrument is modified so that the cash flows are based on RFR and the hedged item continues to be based on IBOR (or vice versa), there is no derogation from the need to measure and recognise the ineffective portion of the hedge that arises from differences in the change in their fair value. In the absence of any of the events described in the amendments to the standards, the derogations continue indefinitely. If an entity designates a group of items as a hedged item, the requirements for non-application of the derogation shall be applied individually to each item in the group. |
| Effect of the standard | In the first stage of implementation, the reform of reference rates focuses on the hedge accounting process for interest rate hedging instruments. As the Group does not have hedging relationships for such instruments as at December 31st 2020, the IBOR reform will have no impact on the Group’s financial statements in this respect.
In the next stage of reform, as IBOR rates are replaced by risk-free rates, the Group may see a marginal impact on the measurement of financial instruments based on IBOR rates. Table A presents the totals of net holdings of financial instruments indexed to a floating rate by current reference rate. |
| Amendments to IFRS 16 Leases – COVID-19-Related Rent Concessions | |
| The Group applied the amendments to IFRS 16 as of June 1st 2020. | |
| Description | The amendment to IFRS 16 Leases relates to the treatment of rent concessions granted to lessees as a result of the COVID-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a rent concession occurring as a result of the COVID-19 pandemic is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the rent concession in the same way it would account for the change if the change were not a lease modification.
The practical expedient applies only to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met:
|
| Effect of the standard | The Group did not receive rent concessions related to the COVID-19 pandemic in the year ended December 31st 2020, therefore, the amendments to IFRS 16 have no impact on the Group’s consolidated financial statements |