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28. Derivative financial instruments
| PLN '000 | Dec 31 2015 | Dec 31 2014 |
|---|---|---|
| Financial assets | ||
| Non-current financial assets | ||
| Commodity swaps (commodities and petroleum products) | 367 | - |
| Currency forward and spot contracts | 7,024 | - |
| Interest rate swap (IRS) | 992 | - |
| Options | 314 | - |
| Total | 8,697 | - |
| Current financial assets | ||
| Commodity swaps (commodities and petroleum products) | 198,224 | - |
| Currency forward and spot contracts | 7,058 | 536 |
| Options | 49 | - |
| Currency swap | 3,151 | 3,894 |
| Total | 208,482 | 4,430 |
| Total financial assets | 217,179 | 4,430 |
| Financial liabilities | ||
| Non-current financial liabilities | ||
| Commodity swaps (commodities and petroleum products) | 8,548 | 9,483 |
| Currency forward and spot contracts | 6 | - |
| Interest rate swap (IRS) | 45,752 | 53,143 |
| Total | 54,306 | 62,626 |
| Current financial liabilities | ||
| Commodity swaps (commodities and petroleum products) | 49,507 | 19,854 |
| Currency forward and spot contracts | 903 | 56,365 |
| Interest rate swap (IRS) | 26,511 | 22,341 |
| Currency swap | 33,924 | 37,357 |
| Total | 110,845 | 135,917 |
| Total financial liabilities | 165,151 | 198,543 |
Derivative financial instruments used by the Group are contracted by Grupa LOTOS S.A. and LOTOS Asfalt. For a description of the derivative financial instruments, see Note 7.25. For a description of objectives and policies of financial risk management, see Note 32. For the classification of derivative financial instruments by fair value hierarchy, see Note 31.2.
For market risk sensitivity analysis of derivative financial instruments related to changes in prices of petroleum commodities and products, see Note 32.1.1.
For currency risk sensitivity analysis of derivative financial instruments, see Note 32.3.1.
For interest rate sensitivity analysis of derivative financial instruments, see Note 32.4.1.
For maturities of derivative financial instruments, see Note 32.5.
For information on the maximum credit risk exposure of derivative financial instruments (financial assets), see Note 32.6.
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)
