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Accounting policy applied

The accounting policy pertaining to financial instruments is described in Note 6.

As other assets, the Group recognizes mainly prepaid expenses which are recognized in the amount of incurred expenses that relate to future periods and will generate future economic benefits for the Group. Impairment losses on prepaid expenses are recognized chiefly in accordance with the passage of time.

Other receivables include mainly public law receivables measured at the amount due.

Intangible assets are presented at the cost of production less amortization and the total amount of the impairment loss of intangible assets. The Group applies straight-line depreciation. The period of economic utility and method of amortization are verified at the end of each reporting period, and the results of estimate changes are settled prospectively.

Structure of other assets

31/12/2018 31/12/2017
Financial assets
FX forwards 3.5 12.1
Shares in unlisted companies 6.8 7.3
Other - 1.1
Non-financial assets
Costs settled over time
Prepayments for purchase of electricity 31.2 23.4
Lease rents 12.3 12.8
Insurance 7.4 7.9
IT services 4.2 -
Other costs settled over time 6.2 4.1
Other 1.6 3.2
Other receivables
VAT settlements 65.2 37.3
Income tax receivables 3.0 0.1
Other 5.0 5.3
Intangible assets
Licenses 28.5 39.9
Other intangible assets 0.2 0.2
Intangible assets during adjustment 6.0 3.8
Total 181.1 158.5
Non-current assets 56.7 70.4
Current assets 124.4 88.1
Total 181.1 158.5

As at 31 December 2017, impairment loss on the value of shares in unlisted companies was PLN 11.8 million. As at 31 December 2018, these shares were measured at fair value. Accordingly, no impairment losses on the value of shares in unlisted companies were recognized. The movement in the impairment loss on investments in shares is the effect of the first-time application IFRS 9, as described in Note 1.3 to these Consolidated Financial Statements.

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