45. Other assets
Accounting policies:
Valuation and classification of other financial assets into categories is carried out in accordance with the principles for determining the business model and assessing the characteristics of contractual cash flows referred to in note “General accounting policies for financial instruments”.
Other financial assets recognized in this item are stated at amounts due, comprising also potential interest on such assets, taking into consideration provisions for expected credit losses.
Other non-financial assets are measured in accordance with the valuation principles applicable to specific categories of assets recognized in this item.
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The value of inventories disbursement is determined by specific identification of individual purchase prices or production costs of components, which relate to realisation of specific projects.
Financial information
For more information on credit risk exposures, see note “Credit risk – financial information”.
OTHER ASSETS | 31.12.2022 | 31.12.2021 |
Other financial assets | 1 867 | 1 895 |
Settlements in respect of card transactions | 620 | 1 252 |
Settlement of financial instruments | 134 | 109 |
Receivables in respect of cash settlements | 340 | 233 |
Receivables and settlements in respect of trading in securities | 24 | 14 |
Sale of foreign currencies | 118 | 4 |
Trade receivables | 229 | 215 |
Other | 402 | 68 |
Other non-financial assets | 937 | 710 |
Inventories | 287 | 191 |
Assets for sale | 126 | 89 |
Prepayments and deferred costs | 131 | 99 |
VAT receivable | 45 | 195 |
Receivables from the State Budget in respect of flat-rate income tax | 12 | – |
Receivables from settlements with the National Clearing House | 1 | – |
Other1 | 335 | 136 |
Total | 2 804 | 2 605 |
Other non-financial assets
OTHER NON-FINANCIAL ASSETS | 31.12.2022 | 31.12.2021 |
Gross amount | 1 274 | 1 040 |
Impairment losses | (337) | (330) |
Net carrying amount | 937 | 710 |
Other non-financial assets – CHANGES IN IMPAIRMENT LOSSES | 2022 | 2021 |
As at the beginning of the period | (330) | (268) |
Recognized during the period | (66) | (84) |
Derecognition of assets and settlements | 36 | 30 |
Reversed during the period | 27 | 41 |
Other | (4) | (49) |
As at the end of the period | (337) | (330) |
Management of foreclosed collateral – item “assets for sale”
Foreclosed collaterals as a result of restructuring or debt collection activities are either designated for sale or used by the Group for internal purposes. Details of the foreclosed assets are analysed in order to determine whether they can be used by the Group for internal purposes. All of the assets foreclosed as a result of restructuring and debt collection activities in the years ended 31 December 2022 and 31 December 2021, respectively, were designated as held for sale. Activities undertaken by the Group are aimed at selling assets as soon as possible. The primary procedure for the sale of assets is an open tender. In justified cases, the sale follows a different procedure depending on the specifics of the sold property.
Other non-financial assets – inventories
OTHER ASSETS – INVENTORIES | 31.12.2022 | 31.12.2021 |
Goods | 264 | 185 |
Materials | 22 | 16 |
Inventory write-downs | 1 | (10) |
Total | 287 | 191 |