16.5.2. The risk of exchange rates changes
Currency structure of financial instruments
| EUR | USD | CZK | CAD | Other currencies after translation to PLN |
Total after translation to PLN |
|||||||
| 31/12/2021 | 31/12/2020 | 31/12/2021 | 31/12/2020 | 31/12/2021 | 31.12.2020 | 31/12/2021 | 31/12/2020 | 31/12/2021 | 31/12/2020 | 31/12/2021 | 31/12/2020 | |
| Financial assets | ||||||||||||
| Financial assets measured at fair value through other comprehensive income | – | – | – | – | – | – | 1 | 2 | – | – | 4 | 4 |
| Trade receivables | 727 | 431 | 126 | 74 | 6 388 | 4 684 | 23 | 21 | 46 | 30 | 5 158 | 3 181 |
| Lease | – | – | – | – | 15 | 76 | – | – | – | – | 3 | 13 |
| Derivatives | 285 | 115 | 38 | 18 | – | – | 2 | 2 | – | – | 1 470 | 604 |
| Cash | 43 | 49 | 243 | 35 | 2 300 | 254 | – | 5 | 13 | 23 | 1 624 | 442 |
| Security deposits | – | – | 60 | 97 | – | – | – | 2 | – | – | 245 | 368 |
| Receivables on settled derivatives | – | – | 38 | 12 | – | – | – | – | – | – | 155 | 46 |
| Hedged item adjustment | – | – | – | 1 | – | – | – | – | – | – | – | 2 |
| Other | 17 | 7 | – | 12 | 214 | 296 | 2 | – | – | 1 | 121 | 133 |
| 1 072 | 602 | 505 | 249 | 8 917 | 5 310 | 28 | 32 | 59 | 54 | 8 780 | 4 793 | |
| Financial liabilities | ||||||||||||
| Loans | 180 | – | 200 | – | 2 001 | 2 847 | – | 15 | – | – | 2 010 | 543 |
| Bonds | 1 805 | 1 818 | – | – | – | – | – | – | – | – | 8 302 | 8 389 |
| Lease | 399 | 373 | – | – | 2 525 | 2 313 | 1 | 1 | – | – | 2 304 | 2 131 |
| Trade receivables | 418 | 260 | 1 032 | 571 | 5 366 | 3 617 | 20 | 16 | 15 | 4 | 7 182 | 4 032 |
| Investment liabilities | 161 | 117 | 18 | 5 | 1 771 | 1 485 | 19 | 25 | – | – | 1 197 | 891 |
| Derivatives | 213 | 41 | 19 | 35 | – | 305 | 4 | 9 | – | – | 1 067 | 397 |
| Liabilities on settled derivatives | – | – | 6 | 41 | – | – | – | – | – | – | 25 | 156 |
| Hedged item adjustment | – | – | 5 | 2 | – | – | – | – | – | – | 19 | 7 |
| Security deposits | – | – | 4 | – | – | – | – | – | – | – | 18 | – |
| Other | 3 | 2 | 66 | 72 | 516 | 1 631 | – | – | – | – | 373 | 565 |
| 3 179 | 2 611 | 1 350 | 726 | 12 179 | 12 198 | 44 | 66 | 15 | 4 | 22 497 | 17 111 | |
Sensitivity analysis for changes in the exchange rates
| EUR / PLN | USD / PLN | CZK / PLN | CAD / PLN | Total | ||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| variation of exchange rates +15% | ||||||||||
| Influence on result before tax (A) | (1 300) | (1 063) | (601) | 8 | (91) | (25) | (126) | (159) | (2 118) | (1 239) |
| Influence on hedging reserve (B) | 57 | (319) | 13 | 10 | – | – | – | – | 70 | (309) |
| Impact on equity due to exchange differences on translating foreign operations (C) | – | (110) | 26 | (150) | – | (149) | 120 | 147 | 146 | (262) |
| Total influence (A+B+C) | (1 243) | (1 492) | (562) | (132) | (91) | (174) | (6) | (12) | (1 902) | (1 810) |
| Sensitivity of net investment in foreign operations including hedging reserve (D) | 143 | 137 | 343 | 279 | 1 564 | 1 393 | 304 | 303 | 2 354 | 2 112 |
| Total influence on profit or loss and other comprehensive income (A+B+D) | (1 100) | (1 245) | (245) | 297 | 1 473 | 1 368 | 178 | 144 | 306 | 564 |
At variation of currency rates by (-)15% the sensitivity analysis states variations of the same value as in the above table but with the opposite sign.
Variations of currency rates described above were calculated based on average volatility of particular currency rates in 2021 and 2020.
The influence of currency rate variations on fair value of derivatives was examined at constant level of interest rates.