Note

The Group applies cash flow hedges. The hedged item are future, highly probable inflows from sales in EUR that will be recognised in the statement of profit or loss from December 2018 to June 2025. The risk being hedged against is the currency risk. The hedging item is the foreign currency loan in EUR, with a nominal value of EUR 100 million as at 31 December 2016, (31 December 2015: EUR 50 million), which will be repaid in the period from December 2018 to June 2025 in 14 equal, semi-annual instalments of EUR 7 143 thousand each. The loan’s fair value as at 31 December 2016 amounts to PLN 444 874 thousand (31 December 2015: PLN 213 394 thousand). The Group recognised in 2016 PLN (8 788) thousand (in 2015: PLN 65 thousand) being an effective portion of hedge in the hedging reserve. In 2016 and 2015, the Group did not reclassify any amounts relating to hedge accounting from other comprehensive income to the statement of profit or loss.