Our results

Other financial liabilities

Structure of other financial liabilities

Data in ths. PLN

 As at 31/12/2017 (audited)As at 31/12/2016 (audited)
Derivative instruments  
Interest Rate Swap (IRS)2721,042
FX forwards-185
Liability related to put option for non-controlling interest (1)-118,704
Long-term liabilities-1,042
Short-term liabilities272118,889

(1) On 4 May 2017, the Parent Company received from Minezit S.E. (hereinafter referred to as “MSE”), which is the minority shareholder of AWT B.V., the notification of exercise of the put option for the sale of 20% of shares in AWT B.V. to the Parent Company. Following the MSE’s exercise of the put option, the financial instrument expired and the liability related to purchase of shares in AWT B.V. was created in its place. On 20 June 2017, the Management Board of the Parent Company signed the memorandum with MSE governing the performance of the joint project on the basis of which the put option for 20% of shares in AWT B.V. was to be settled. On 3 October 2017, the Parent Company received a notification of MSE’s withdrawal from the signed Memorandum. At the same time, MSE summoned the Parent Company to pay the price for the put option to sell the 15,000 shares representing 20% of all the shares in the share capital of AWT B.V. totaling EUR 27,000 thousand within 20 business days from the date of receipt of the withdrawal notification. On 2 November 2017, the payment was made and the ownership title to the remaining 20% of shares in the share capital of AWT B.V. was transferred to the Parent Company.