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Collateral for repayment of liabilities

Assets constituting collateral for repayment of liabilities

As at 31 December 2017 and 31 December 2016 the Group had assets which constituted collateral for repayment of liabilities. The assets secure mainly correct performance of facility agreements. The amounts of the collateral are limited to the amount of the loan liability as at the balance sheet date. Detailed information about the liabilities secured by the said assets is presented in Note 21 of these Consolidated Financial Statements.

The carrying amount of assets securing repayment of liabilities as at 31 December 2017 and 31 December 2016 was as follows:

Data in ths. PLN

 As at 31/12/2017 (audited)As at 31/12/2016 (audited)
Property, plant and equipment285,457301,460
Inventories600600
Trade receivables52,97956,773
Cash897197
Total339,933359,030

Other collateral for repayment of liabilities

As at 31 December 2017, as part of collateral for repayment of liabilities, the Group also had the following outstanding blank promissory notes:

  • Blank promissory notes up to PLN 39,512 thousand, securing proper performance of the subsidy agreements for the investment projects executed by the Parent Company.
  • Blank promissory notes issued under concluded guarantee limit agreements up to PLN 120,000 thousand. The limits under the aforementioned agreements are available to the Parent Company and other Group companies. The granted limits were secured by blank promissory notes together with promissory note declarations; each of them could be completed up to the limit amount provided that each company under the granted limits is liable only up to the amount of the guarantees issued on its order. As at 31 December 2017, the amount of the guarantees issued by the Group, secured by the said promissory notes was PLN 71,812 thousand. The utilization of the guarantee limits was presented in Note 33 of these Consolidated Financial Statements in the item Guarantees issued by banks on the Group’s order.
  • Blank promissory notes issued by subsidiaries to secure guarantee limit agreements under which they could order guarantees to secure customs debt. As at 31 December 2017, the amount of the guarantees securing customs debt was PLN 21,000 thousand. The amount of utilization of the facility was presented in Note 33 of these Consolidated Financial Statements in the item Guarantees issued by banks on the Group’s order.
  • Blank promissory notes up to PLN 93,842 thousand constituting collateral under the leases concluded by subsidiaries. As at 31 December 2017, the amount of liabilities under the leases secured by the said promissory notes was PLN 55,798 thousand. The amount of the leasing liabilities was presented in Note 22 of these Consolidated Financial Statements.