5. Accounting policies

These consolidated financial statements have been prepared in accordance with the historical cost principle, with the exception of those financial instruments which are measured at fair value.

Selected significant accounting policies and significant amounts based on judgements and estimates are presented as part of the individual notes to the consolidated financial statements, except as described below.

Use of accounting assumptions, estimates and judgements

Although the assumptions and estimates are based on the management’s best knowledge of the current and future events and developments, the actual results might differ from the estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any change in an accounting estimate is recognised in the period in which it was made if it refers exclusively to that period, or in the current period and future periods if it refers to both the current period and future periods. Material assumptions used in making the estimates are described in the relevant notes to these financial statements.

While making assumptions, estimates and judgements, the Management Board of the Parent (Management Board) relies on its experience and knowledge and may take into consideration opinions, analyses and recommendations issued by independent experts.

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