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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2018
Disclosure of Other Assets And Other Liabilities [Abstract] |
Disclosure of other assets and other liabilities explanatory [text block] |
| 12 | OTHER ASSETS AND OTHER LIABILITIES
| a) | This item consists of the following:
|  | 2018 |  |  | 2017 |
|  | S/(000) |  |  | S/(000) |
Other assets - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Receivables |  |  | 1,948,849 |  |  |  | 1,676,583 |
Derivatives receivable (b) |  |  | 766,317 |  |  |  | 701,826 |
Operations in process (c) |  |  | 357,611 |  |  |  | 82,542 |
|  |  | 3,072,777 |  |  |  | 2,460,951 |
Non-financial instruments: |  |  |  |  |  |  |  |
Deferred income tax asset, Note 18(c) |  |  | 463,717 |  |  |  | 480,057 |
Investment in associates (d) |  |  | 582,132 |  |  |  | 708,873 |
Investment properties, net (e) |  |  | 440,234 |  |  |  | 458,855 |
Deferred fees |  |  | 455,249 |  |  |  | 431,598 |
Income tax prepayments, net |  |  | 389,029 |  |  |  | 301,863 |
Seized assets, net |  |  | 133,112 |  |  |  | 95,012 |
VAT (IGV) tax credit |  |  | 37,771 |  |  |  | 50,138 |
Others |  |  | 12,732 |  |  |  | 12,651 |
|  |  | 2,513,976 |  |  |  | 2,539,047 |
Total |  |  | 5,586,753 |  |  |  | 4,999,998 |
|  | 2018 |  |  | 2017 |
|  | S/(000) |  |  | S/(000) |
Other liabilities - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Accounts payable |  |  | 1,540,057 |  |  |  | 1,875,153 |
Derivatives payable (b) |  |  | 715,804 |  |  |  | 636,762 |
Salaries and other personnel expenses |  |  | 717,820 |  |  |  | 644,234 |
Allowance for indirect loan losses, Note 7(d) |  |  | 362,139 |  |  |  | 442,510 |
Operations in process (c) |  |  | 358,498 |  |  |  | 274,354 |
|  |  | 3,694,318 |  |  |  | 3,873,013 |
Non-financial instruments: |  |  |  |  |  |  |  |
Taxes |  |  | 677,229 |  |  |  | 480,781 |
Deferred income tax, Note 18(c) |  |  | 108,603 |  |  |  | 150,280 |
Provision for sundry risks (f) |  |  | 342,350 |  |  |  | 275,841 |
Others |  |  | 227,636 |  |  |  | 234,197 |
|  |  | 1,355,818 |  |  |  | 1,141,099 |
Total |  |  | 5,050,136 |  |  |  | 5,014,112 |
| b) | The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change.
The table below shows at December 31, 2018 and 2017 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.
|  |  |  | 2018 |  | 2017 |  | 2018 and 2017
|  | Note |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  | Related instruments
|  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |
Derivatives held for trading (i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  | 124,688 |  |  |  | 104,206 |  |  |  | 17,799,190 |  |  | January 2019 / September 2020 |  |  | 62,353 |  |  |  | 56,869 |  |  |  | 10,846,203 |  |  | January 2018 / June 2020 |  | –
Interest rate swaps |  |  |  |  | 141,731 |  |  |  | 148,119 |  |  |  | 29,905,592 |  |  | January 2019 / December 2031 |  |  | 101,765 |  |  |  | 94,238 |  |  |  | 33,057,283 |  |  | January 2018 / December 2031 |  | –
Currency swaps |  |  |  |  | 354,432 |  |  |  | 401,856 |  |  |  | 9,999,343 |  |  | January 2019 / January 2033 |  |  | 332,376 |  |  |  | 349,779 |  |  |  | 8,528,764 |  |  | January 2018 / December 2027 |  | –
Foreign exchange options |  |  |  |  | 1,281 |  |  |  | 728 |  |  |  | 306,321 |  |  | January 2019 / November 2020 |  |  | 2,692 |  |  |  | 980 |  |  |  | 410,982 |  |  | January 2018 / November 2018 |  | –
|  |  |  |  | 622,132 |  |  |  | 654,909 |  |  |  | 58,010,446 |  |  |  |  |  | 499,186 |  |  |  | 501,866 |  |  |  | 52,843,232 |  |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges (ii) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 14(b)(i) |  |  | 4,364 |  |  |  | 123 |  |  |  | 1,180,550 |  |  | January 2019 / August 2019 |  |  | 2,491 |  |  |  | – |  |  |  | 486,150 |  |  | August 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 14(b)(ii) |  |  | 3,445 |  |  |  | 67 |  |  |  | 843,250 |  |  | February 2019 / November 2019 |  |  | 1,864 |  |  |  | – |  |  |  | 486,150 |  |  | September 2018 / November 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 14(b)(iv) |  |  | 209 |  |  |  | 233 |  |  |  | 505,950 |  |  | May 2019 / October 2019 |  |  | 112 |  |  |  | – |  |  |  | 324,100 |  |  | January 2018 |  | Debt to banks
Interest rate swaps (IRS) |  | 14(b)(v) |  |  | – |  |  |  | 151 |  |  |  | 337,300 |  |  | July 2019 |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  | Debt to banks
Interest rate swaps (IRS) |  | 14(b)(vi) |  |  | 312 |  |  |  | – |  |  |  | 337,300 |  |  | May 2019 |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  | Debt to banks
Interest rate swaps (IRS) |  | 14(b)(vii) |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | 658 |  |  |  | – |  |  |  | 324,100 |  |  | March 2018 |  | Debt to banks
Interest rate swaps (IRS) |  | 5(c)(i) |  |  | 3,417 |  |  |  | – |  |  |  | 505,950 |  |  | March 2019 / December 2019 |  |  | 4,626 |  |  |  | – |  |  |  | 486,150 |  |  | March 2019 / December 2019 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 16(a)(x) |  |  | – |  |  |  | 35,658 |  |  |  | 1,011,900 |  |  | October 2019 |  |  | – |  |  |  | 97,440 |  |  |  | 972,300 |  |  | October 2019 |  | Bonds issued
Cross currency swaps (CCS) |  | 5(c)(iii) |  |  | 35,229 |  |  |  | – |  |  |  | 236,110 |  |  | August 2020 |  |  | 18,889 |  |  |  | – |  |  |  | 226,870 |  |  | August 2020 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(iv) |  |  | – |  |  |  | 11,939 |  |  |  | 151,785 |  |  | August 2026 |  |  | – |  |  |  | 26,240 |  |  |  | 145,845 |  |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(v) |  |  | – |  |  |  | 1,741 |  |  |  | 84,325 |  |  | August 2026 |  |  | – |  |  |  | 9,053 |  |  |  | 81,025 |  |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 6(b)(i) and 6(c)(i) |  |  | 21,424 |  |  |  | 1,867 |  |  |  | 136,119 |  |  | February 2021 / September 2024 |  |  | 24,263 |  |  |  | 1,386 |  |  |  | 228,756 |  |  | January 2018 / September 2024 |  | Investments (*)
Cross currency swaps (CCS) |  | 6(b)(iii) and 6(c)(iii) |  |  | – |  |  |  | 4,249 |  |  |  | 77,822 |  |  | March 2019 |  |  | – |  |  |  | 151 |  |  |  | 55,097 |  |  | March 2019 |  | Investments (*)
Cross currency swaps (CCS) |  | 14(b)(iii) |  |  | 16,132 |  |  |  | – |  |  |  | 337,300 |  |  | January 2020 |  |  | 73 |  |  |  | 79 |  |  |  | 324,100 |  |  | January 2020 |  | Debt to banks
Cross currency swaps and interest rate swaps (CCS and IRS) |  | 5(c)(ii) |  |  | 47,959 |  |  |  | – |  |  |  | 269,840 |  |  | August 2020 |  |  | 32,719 |  |  |  | – |  |  |  | 259,280 |  |  | August 2020 |  | Repurchase agreements
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) y 6(c) |  |  | 11,694 |  |  |  | 4,867 |  |  |  | 923,912 |  |  | July 2019 / July 2025 |  |  | 6,137 |  |  |  | 547 |  |  |  | 659,524 |  |  | April 2018 / October 2023 |  | Investments (*)
Interest rate swaps (IRS) |  | 16(a) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  | 110,808 |  |  |  | – |  |  |  | 7,915,886 |  |  | September 2020 / April 2023 |  | Bonds issued
|  |  |  |  | 144,185 |  |  |  | 60,895 |  |  |  | 6,939,413 |  |  |  |  |  | 202,640 |  |  |  | 134,896 |  |  |  | 12,975,333 |  |  |  |  |
|  |  |  |  | 766,317 |  |  |  | 715,804 |  |  |  | 64,949,859 |  |  |  |  |  | 701,826 |  |  |  | 636,762 |  |  |  | 65,818,565 |  |  |  |  |
| (*) | Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2018 (classified as available-for-sale under IAS 39 as of December 31, 2017).
| (i) | Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements (IAS 39 as of December 31, 2017). Fair value of derivatives held for trading classified by contractual maturity is as follows:
|  | At December 31, 2018 |  |  | At December 31, 2017 |
|  | Up to 3 |  |  | From 3 months |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |  |  | Up to 3 |  |  | From 3 months |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |
|  | months |  |  | to 1 year |  |  | years |  |  | years |  |  | years |  |  | Total |  |  | months |  |  | to 1 year |  |  | years |  |  | years |  |  | years |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Foreign currency forwards |  |  | 72,540 |  |  |  | 47,081 |  |  |  | 5,067 |  |  |  | – |  |  |  | – |  |  |  | 124,688 |  |  |  | 41,995 |  |  |  | 19,238 |  |  |  | 1,120 |  |  |  | – |  |  |  | – |  |  |  | 62,353 |
Interest rate swaps |  |  | 4,075 |  |  |  | 7,441 |  |  |  | 22,888 |  |  |  | 22,286 |  |  |  | 85,041 |  |  |  | 141,731 |  |  |  | 5,487 |  |  |  | 16,971 |  |  |  | 22,705 |  |  |  | 18,464 |  |  |  | 38,138 |  |  |  | 101,765 |
Currency swaps |  |  | 6,316 |  |  |  | 24,183 |  |  |  | 142,696 |  |  |  | 130,594 |  |  |  | 50,643 |  |  |  | 354,432 |  |  |  | 12,190 |  |  |  | 7,803 |  |  |  | 142,370 |  |  |  | 58,391 |  |  |  | 111,622 |  |  |  | 332,376 |
Foreign exchange options |  |  | 763 |  |  |  | 380 |  |  |  | 138 |  |  |  | – |  |  |  | – |  |  |  | 1,281 |  |  |  | 2,468 |  |  |  | 224 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,692 |
Total assets |  |  | 83,694 |  |  |  | 79,085 |  |  |  | 170,789 |  |  |  | 152,880 |  |  |  | 135,684 |  |  |  | 622,132 |  |  |  | 62,140 |  |  |  | 44,236 |  |  |  | 166,195 |  |  |  | 76,855 |  |  |  | 149,760 |  |  |  | 499,186 |
|  | At December 31, 2018 |  |  | At December 31, 2017 |
|  | Up to 3 |  |  | From 3 months |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |  |  | Up to 3 |  |  | From 3 months |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |
|  | months |  |  | to 1 year |  |  | years |  |  | years |  |  | years |  |  | Total |  |  | months |  |  | to 1 year |  |  | years |  |  | years |  |  | years |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Foreign currency forwards |  |  | 64,459 |  |  |  | 37,501 |  |  |  | 2,246 |  |  |  | – |  |  |  | – |  |  |  | 104,206 |  |  |  | 39,888 |  |  |  | 16,603 |  |  |  | 378 |  |  |  | – |  |  |  | – |  |  |  | 56,869 |
Interest rate swaps |  |  | 11,265 |  |  |  | 16,586 |  |  |  | 19,458 |  |  |  | 19,459 |  |  |  | 81,351 |  |  |  | 148,119 |  |  |  | 6,841 |  |  |  | 14,196 |  |  |  | 24,537 |  |  |  | 17,018 |  |  |  | 31,646 |  |  |  | 94,238 |
Currency swaps |  |  | 22,163 |  |  |  | 34,896 |  |  |  | 187,581 |  |  |  | 87,496 |  |  |  | 69,720 |  |  |  | 401,856 |  |  |  | 22,457 |  |  |  | 27,855 |  |  |  | 171,412 |  |  |  | 17,056 |  |  |  | 110,999 |  |  |  | 349,779 |
Foreign exchange options |  |  | 282 |  |  |  | 310 |  |  |  | 136 |  |  |  | – |  |  |  | – |  |  |  | 728 |  |  |  | 547 |  |  |  | 433 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 980 |
Total liabilities |  |  | 98,169 |  |  |  | 89,293 |  |  |  | 209,421 |  |  |  | 106,955 |  |  |  | 151,071 |  |  |  | 654,909 |  |  |  | 69,733 |  |  |  | 59,087 |  |  |  | 196,327 |  |  |  | 34,074 |  |  |  | 142,645 |  |  |  | 501,866 |
| (ii) | The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks.
A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:
|  | At December 31, 2018 |  |  | At December 31, 2017 |
|  | Up to 1 |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |  |  | Up to 1 |  |  | From 1 to 3 |  |  | From 3 to 5 |  |  | Over 5 |  |  |  |
|  | year |  |  | years |  |  | years |  |  | years |  |  | Total |  |  | year |  |  | years |  |  | years |  |  | years |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cash inflows (assets) |  |  | 4,873,965 |  |  |  | 1,197,478 |  |  |  | 27,734 |  |  |  | 281,061 |  |  |  | 6,380,238 |  |  |  | 962,966 |  |  |  | 3,432,756 |  |  |  | 100,247 |  |  |  | 283,896 |  |  |  | 4,779,865 |
Cash outflows (liabilities) |  |  | (4,913,876 | ) |  |  | (1,101,309 | ) |  |  | (37,660 | ) |  |  | (249,925 | ) |  |  | (6,302,770 | ) |  |  | (1,016,748 | ) |  |  | (3,434,333 | ) |  |  | (110,355 | ) |  |  | (265,716 | ) |  |  | (4,827,152 | )
Consolidated statement of income |  |  | (4,948 | ) |  |  | 1,145 |  |  |  | (523 | ) |  |  | (3,430 | ) |  |  | (7,756 | ) |  |  | (8,073 | ) |  |  | (26,534 | ) |  |  | 1,749 |  |  |  | (7,348 | ) |  |  | (40,206 | )
At December 31, 2018, the accumulated balance of net unrealized loss from cash flow hedges, which is included as other comprehensive income in “Cash flow hedge reserves” results from the current hedges, which have an unrealized profit of approximately S/7.8 million and from the revoked hedges, which have an unrealized profit of approximately S/4.6 million (unrealized loss of approximately S/40.2 million from current hedges and unrealized profit for S/7.4 million from revoked hedges, at December 31, 2017), which is being recognized in the consolidated statement of income over the remaining term of the underlying financial instrument. Also, the transfer of the unrealized loss on cash flow hedges to the consolidated statement of income is presented in Note 17(c).
| c) | Transactions in process include deposits received, loans disbursed, loans collected, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income.
| d) | Credicorp’s principal associate is Pacífico EPS, whose balance amounts to S/537.2 million and S/510.9 million at December 31, 2018 and 2017, respectively.
| e) | Investment properties -
The movement of investment properties is as follows:
|  | 2018 |  |  | 2017 |
|  | Own assets |  |  |  |  |  |  |
|  | Land |  |  | Buildings |  |  | Total |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 237,214 |  |  |  | 261,411 |  |  |  | 498,625 |  |  |  | 550,606 |
Additions (i) |  |  | 28,433 |  |  |  | 21,086 |  |  |  | 49,519 |  |  |  | 9,217 |
Transfers (ii) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 66,856 |
Sales (iii) |  |  | (10,934 | ) |  |  | (5,231 | ) |  |  | (16,165 | ) |  |  | (89,897 | )
Disposals and others |  |  | (32,224 | ) |  |  | (14,973 | ) |  |  | (47,197 | ) |  |  | (38,157 | )
Balance at December 31 |  |  | 222,489 |  |  |  | 262,293 |  |  |  | 484,782 |  |  |  | 498,625 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | – |  |  |  | 39,770 |  |  |  | 39,770 |  |  |  | 45,679 |
Depreciation for the year |  |  | – |  |  |  | 7,405 |  |  |  | 7,405 |  |  |  | 6,440 |
Sales |  |  | – |  |  |  | (3,154 | ) |  |  | (3,154 | ) |  |  | (6,277 | )
Disposals and others |  |  | – |  |  |  | (533 | ) |  |  | (533 | ) |  |  | (6,072 | )
Balance at December 31 |  |  | – |  |  |  | 43,488 |  |  |  | 43,488 |  |  |  | 39,770 |
Impairment losses (iv) |  |  | 689 |  |  |  | 371 |  |  |  | 1,060 |  |  |  | – |
Net carrying amount |  |  | 221,800 |  |  |  | 218,434 |  |  |  | 440,234 |  |  |  | 458,855 |
Land and buildings are mainly used for office rental, which are free of all encumbrances.
| (i) | In 2018, the most important additions corresponded to the acquisition of two properties, one in Lurín for approximately S/21.9 million (S/14.0 million and S/7.9 million correspond to the land and the building, respectively) and another in Galería Chinchón for S/3.9 million (S/1.4 million and S/2.5 million correspond to the land and the building, respectively). Also, the 15th floor of Edificio Panorama was acquired for S/10.0 million and two plots of land in Trujillo for S/6.9 million and S/2.6 million.
| (ii) | In order to consolidate the real estate projects, mainly of offices, during the year 2017, Pacífico Seguros liquidated the trust of the “Panorama” building located at Av. Juan de Arona N° 830 for a total amount of S/66.9 million.
| (iii) | The balance of sales for the year 2018, mainly comprises of the disposal of a property located at Av. Santa Cruz, whose sale value was S/12.6 million. The net cost of the property amounted to S/5.0 million comprises S/2.4 million in land and S/2.6 million in building.
Likewise, land located at Av. Reducto and Av. Salaverry were sold for approximately S 10.1 million and S/2.9 million, whose disposal costs were S/6.5 million and S/2.0 million, respectively. The balance of sales for the year 2017 mainly comprises the transfer by Pacífico Seguros of the building located at Av. Guardia Civil 337 – Urb. Corpac, San Borja, for a sale value of S/95.7 million and disposal cost of S/68.5 million (S/34.5 million in land and S/34.0 million in building).
| (iv) | The Group’s Management has determined that the recoverable value of it investment properties is greater than their net carrying amount, with the exception of a property located in the city of Ica, for which an impairment of S/1.1 million was recorded during 2018.
As of December 31, 2018, the market value of the property amounts to approximately US $ 241.3 million, which was determined through a valuation made by an independent appraiser.
| f) | The movement of the provision for sundry risks for the years ended December 31, 2018, 2017 and 2016 was as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balance at the beginning of the year |  |  | 275,841 |  |  |  | 296,339 |  |  |  | 196,261 |
Provision, Note 28 |  |  | 42,236 |  |  |  | 29,023 |  |  |  | 28,093 |
Increase (decrease), net |  |  | 24,273 |  |  |  | (49,521 | ) |  |  | 71,985 |
Balances at the end of the year |  |  | 342,350 |  |  |  | 275,841 |  |  |  | 296,339 |
Because of the nature of its business, the Group has various pending lawsuits, due to which a provision is recorded when, in Management's and its in-house legal advisors opinion, they will result in an additional liability and such amount can be reliably estimated. Regarding lawsuits against the Group which have not been recorded as a provision, in Management’s and its in-house legal advisors opinion, they will not result in an additional liability other than those recorded previously and they will not have a material effect on the Group’s consolidated financial statements.

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