The impact of commodity risk hedging instruments on the Group’s financial statements
| Type of hedged raw material/product | Unit of measure | 31/12/2019 | 31/12/2018 |
|---|---|---|---|
| Crude oil | bbl | 26,370,730 | 13,775,890 |
| Diesel | t | 130,280 | 36,261 |
| Heating oil | t | 43,793 | 91,605 |
| Gas | gj | 6,420,000 | – |
| Other | t | 53,000 | 52,000 |
The net carrying amount of commodity risk hedging instruments as at 31 December 2019 and as at 31 December 2018 amounted to PLN (158) million and PLN 160 million, respectively.
Sensitivity analysis for changes in prices of products and raw materials
Analysis of the influence of changes in the carrying amount of financial instruments on result before tax and hedging reserve to a hypothetical change in prices of products and raw materials:
| Assumed variations | Influence on result before tax | Influence on hedging reserve | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
| Increase of prices | Increase of prices | Total influence | ||||||
| Crude oil USD/bbl; CAD/bbl | 32% | 29% | (415) | (46) | (96) | (266) | (511) | (312) |
| Diesel USD/t | 26% | 24% | – | – | (47) | (12) | (47) | (12) |
| Gasoline USD/t | 31% | 24% | – | – | (23) | (7) | (23) | (7) |
| Heating oil USD/t | – | 28% | – | – | 24 | – | 24 | – |
| Gas CAD/Gj | 27% | 23% | 11 | – | – | – | 11 | – |
| JET fuel USD/t | 25% | – | – | – | (2) | – | (2) | – |
| (404) | (46) | (144) | (285) | (548) | (331) | |||
Applied for the sensitivity analysis of commodity risk hedging instruments variations of crude oil, gas and products prices were calculated based on their historical volatility in 2019 and 2018. The influence of changes in prices was presented on annual basis.
In case of derivatives, the influence of crude oil, gas and products prices variations on fair value were examined at constant level of currency rates.