16.5.2. The risk of exchange rates changes

Home page
Financial results
Explanatory notes to the statement of profit or loss and other comprehensive income
16. Explanatory notes to the financial instruments and financial risk
16.5. Risk identification
16.5.2. The risk of exchange rates changes

16.5.2. The risk of exchange rates changes

Currency structure of financial instruments

2022


Financial instruments by class	EUR	USD	CZK	CAD	NOK	Other currencies after translation to PLN	Total after translation to PLN
Financial assets
Financial assets measured at fair value through other comprehensive income	-	-	-	5	-	-	15
Trade receivables	1,081	470	5,592	25	2	24	8,329
Derivatives	663	288	-	-	-	-	4,377
Cash	1,389	594	17,553	-	3,045	682	14,579
Receivables on settled derivatives	177	36	-	-	-	-	988
Security deposits	780	1,092	27	-	-	-	8,471
Hedged item adjustment	-	2	-	-	-	-	8
Trade receivables within the full factoring limit	13	-	3,344	-	-	-	708
Restricted cash	-	-	-	-	1,350	-	602
Other	12	30	69	7	744	-	538
	4,115	2,512	26,585	37	5,141	706	38,615
Financial liabilities
Loans	553	166	2	2	-	20	3,349
Bonds	1,807	49	-	-	-	-	8,690
Lease	652	82	2,886	1	31	16	4,012
Trade liabilities	1,084	1,781	4,677	15	240	91	14,076
Investment liabilities	592	26	1,458	28	-	-	3,264
Derivatives	3,646	44	57	-	-	-	17,297
Liabilities on settled derivatives	270	27	-	-	-	-	1,387
Hedged item adjustment	-	6	3	-	-	-	28
Security deposits	-	-	-	-	-	28	28
Unfulfilled commitment towards GAZPROM	-	511	-	-	-	-	2,249
Other	9	292	401	2	633	7	1,705
	8,613	2,984	9,484	48	904	162	56,085

2021


Financial instruments by class	EUR	USD	CZK	CAD	Other currencies after translation to PLN	Total after translation to PLN
Financial assets
Financial assets measured at fair value through other comprehensive income	-	-	-	1	-	4
Trade receivables	727	126	6,388	23	46	5,158
Derivatives	285	38	-	2	-	1,470
Cash	43	243	2,300	-	13	1,624
Receivables on settled derivatives	-	38	-	-	-	155
Security deposits	-	60	-	-	-	245
Other	17	-	214	2	-	121
	1,072	505	8,902	28	59	8,777
Financial liabilities
Loans	180	200	2,001	-	-	2,010
Bonds	1,805	-	-	-	-	8,302
Lease	399	-	2,525	1	-	2,304
Trade liabilities	418	1,032	5,366	20	15	7,182
Investment liabilities	161	18	1,771	19	-	1,197
Derivatives	213	19	-	4	-	1,067
Liabilities on settled derivatives	-	6	-	-	-	25
Hedged item adjustment	-	5	-	-	-	19
Security deposits	-	4	-	-	-	18
Other	3	66	516	-	-	373
	3,179	1,350	12,179	44	15	22,497

Sensitivity analysis for changes in the exchange rates

	EUR / PLN	USD / PLN	CZK / PLN	CAD / PLN	NOK / PLN	Total
	2022	2022	2022	2022	2022	2022
	variation of exchange rates +15%
Influence on result before tax (A)	(2,948)	(761)	(57)	(8)	(215)	(3,989)
Influence on hedging reserve (B)	(473)	33	-	-	-	(440)
Impact on equity due to exchange differences on translating foreign operations (C)	415	(114)	462	2	154	919
Total influence (A+B+C)	(3,006)	(842)	405	(6)	(61)	(3,510)
Sensitivity of net investment in foreign operations including hedging reserve (D)	183	214	2,343	354	584	3,678
Total influence on profit or loss and other comprehensive income (A+B+D)	(3,238)	(514)	2,286	346	369	(751)

	EUR / PLN	USD / PLN	CZK / PLN	CAD / PLN	Total
	2021	2021	2021	2021	2021
	variation of exchange rates +15%
Influence on result before tax (A)	(1,300)	(601)	(91)	(126)	(2,118)
Influence on hedging reserve (B)	57	13	-	-	70
Impact on equity due to exchange differences on translating foreign operations (C)	-	26	-	120	146
Total influence (A+B+C)	(1,243)	(562)	(91)	(6)	(1,902)
Sensitivity of net investment in foreign operations including hedging reserve (D)	143	343	1,564	304	2,354
Total influence on profit or loss and other comprehensive income (A+B+D)	(1,100)	(245)	1,473	178	306

At variation of currency rates by (-)15% the sensitivity analysis states variations of the same value as in the above table but with

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 2022 and 2021. The influence of currency rate variations on fair value of derivatives was examined at constant level of interest rates.

Short-cuts:

ORLEN Group 2022 Integrated Report

You can also download the report in PDF format

Download pdf