|
2019 |
2018 |
| Interest calculated using the effective interest rate method |
(187) |
(195) |
| Interest on lease |
(100) |
(9) |
| Interest on tax liabilities |
(2) |
(3) |
| Net foreign exchange loss |
– |
(353) |
| Settlement and valuation of derivative financial instruments |
(547) |
(850) |
| Other |
(65) |
(107) |
|
(901) |
(1,517) |
In 2019 and 2018 the net positions of valuation and settlement of derivative financial instruments (non-designated instruments for hedge accounting purposes) amounted to PLN 254 million and PLN 437 million, respectively and related mainly to hedging the risk of changes in exchange rates with regard to payments of invoices in foreign currency, the currency hedge for liquidity transactions, and to hedging interest rates and payment of bonds interests.
The main impact on the change in valuation and settlement of derivative financial instruments in 2019 was affected by changes in exchange rates (the difference between the exchange rate as at the transaction date and the exchange rate as at the transaction settlement date or transaction valuation) and interest rates on financial markets.