36. Contingent Liabilities and Receivables
36.1. Contingent receivables
in PLN m
| Dec 31 2013 | Dec 31 2012 | |
|---|---|---|
| From related entities: | ||
| under guarantees and sureties received | 1 | 1 |
| under promissory notes received | 180 | 152 |
| Total contingent receivables from related entities | 181 | 153 |
| From other entities: | ||
| under guarantees and sureties received | 283 | 420 |
| under promissory notes received | 129 | 158 |
| other | 194 | 226 |
| Total contingent receivables from other entities | 606 | 804 |
| Total contingent assets | 787 | 957 |
36.2. Contingent liabilities
in PLN m
| Dec 31 2013 | Dec 31 2012 | |
|---|---|---|
| To other entities | ||
| guarantees and sureties issued* | 9,952 | 9,732 |
| promissory notes issued | 782 | 698 |
| other contingent liabilities | 1 | 1,129 |
| Total contingent liabilities to other entities | 10,735 | 11,559 |
| Total contingent liabilities | 10,735 | 11,559 |
* Contingent liabilities in foreign currencies translated into the złoty at exchange rates quoted by the National Bank of Poland for December 31st 2013.
The decrease in contingent receivables in 2013 was is due to the expiry of bank guarantees and performance bonds, as well as the expiry of promissory notes securing the payment of amounts receivable for gas fuel. The increase in contingent receivables from related entities was mainly due to issue of promissory notes by related entities to the Parent.
The increase in contingent liabilities under guarantees and sureties as well as promissory notes issued in 2013 was primarily attributable to changes in exchange rates for the currencies in which the liabilities are denominated. The strengthening of the euro against the złoty in 2013 caused an increase in contingent liabilities related to guarantees issued by the Parent: a guarantee of repayment of liabilities under Euronotes (growth by PLN 88.5m, translated at the exchange rate quoted by the NBP for December 31st 2013) and a performance bond provided to the Government of Norway in respect of PGNiG Upstream International AS (increase by PLN 37m). The decrease in other contingent liabilities followed fulfilment by PGNiG Upstream International AS of conditions enhancing its credit standing in December 2013. This allowed the financing banks to release the security interests created to secure the company's liabilities under borrowings contracted from the banks.
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