25 FINANCIAL ASSETS AND LIABILITIES BY CATEGORY

EUR 1,000 Financial assets / liabilities recognised at fair value through profit and loss Loans and other receivables Available-for-sale financial assets Financial liabilities recognised at amortised cost Derivatives subject to hedge accounting Carrying amount Fair value
31 Dec 2013






Non-current financial assets

Available-for-sale financial assets 3,764 3,764 3,764

Other non-current receivables 904 904 857
Current financial assets

Trade and other receivables 389,293 389,293 389,293

Derivative assets 1,881 1,881 1,881

Available-for-sale financial assets 30,010 30,010 30,010

Cash and cash equivalents 51,072 51,072 51,072
Financial assets total 1,881 441,268 33,774 476,923 476,876


Non-current financial liabilities

Interest-bearing liabilities 61,348 61,348 61,305

Other non-current liabilities 3,033 3,033 3,033
Current financial liabilities

Interest-bearing liabilities 346 277 346 277 347,115

Trade payables and other financial liabilities * 386,608 386,608 386,608

Derivative liabilities 2,006 74 2,079 2,079
Financial liabilities total 2,006 797,267 74 799,346 800,140
EUR 1,000 Financial assets / liabilities recognised at fair value through profit and loss Loans and other receivables Available-for-sale financial assets Financial liabilities recognised at amortised cost Derivatives subject to hedge accounting Carrying amount Fair value
31 Dec 2012
Non-current financial assets

Available-for-sale financial assets 5,971 5,971 5,971

Other non-current receivables 456 456 456
Current financial assets

Trade and other receivables 362,630 362,630 362,630

Derivative assets 499 499 499

Available-for-sale financial assets 59,020 59,020 59,020

Cash and cash equivalents 34,926 34,926 34,926
Financial assets total 499 398,011 64,991 463,501 463,501









Non-current financial liabilities







Interest-bearing liabilities 138,842 138,842 138,545

Other non-current liabilities 7,625 7,625 7,625
Current financial liabilities

Interest-bearing liabilities 232,361 232,361 232,361

Trade payables and other financial liabilities * 295,917 295 917 295,917

Derivative liabilities 1,804 578 2,382 2,382
Financial liabilities total 1,804 674,745 578 677,127 676,830

* Trade payables and other financial liabilities do not include statutory obligations or prepayments received, as these are not classified as financial liabilities under IFRS.

Fair value measurement

Other non-current receivables includes trade receivables and other interest-free receivables. Fair values are based on future cash flows discounted using risk free market yields plus appropriate credit spreads. The used discount rates vary between 0.6 and 4.8 per cent. The carrying amount of current trade and other receivables is equal to their fair value due to their short maturity.

The fair value of non-current liabilities is based on future cash flows discounted using a market yield plus appropriate credit spread for the Group at the reporting date. The used discount rates vary between 2.3 and 3.2 per cent (2.1–2.5%). The fair value of the bond included in interest-bearing current liabilities is based on the market price, and the fair value of other current liabilities is assumed to be close to their fair value due to their short maturity.

A fair value hierarchy of financial assets and liabilities recognised at fair value

The Group has categorised financial instruments recognised at fair value by using a three-level fair value hierarchy. Financial instruments within Level 1 of the hierarchy are traded in active markets hence prices are obtained directly from the efficient markets. Fair values of instruments within Level 2 are based on observable market inputs and generally accepted valuation methods. Fair values within Level 3 are not based on observable market data but on quotations provided by brokers and market valuation reports.


EUR 1,000 Level 2 Level 3 Total
31 Dec 2013


Available-for-sale financial assets



Equity instruments
3,764 3,764

Money market investments 30,010
30,010
Derivative instruments



Derivative assets

1,858
23
1,881

Derivative liabilities 862 1,217 2,079









EUR 1,000 Level 2 Level 3 Total
31 Dec 2012


Available-for-sale financial assets



Equity instruments
5,971 5,971

Money market investments 59,020
59,020
Derivative instruments



Derivative assets
230 270 499

Derivative liabilities
1,550
832
2,382









Level 3 reconciliation statement

The table below presents the changes in Level 3 financial instruments for the financial year.

EUR 1,000 Financial instruments recognised at fair value through profit or loss Financial instruments recognised at fair value through other comprehensive income
Opening balance 1 Jan 2013 -563 5,971
Additions
4
Disposals
-2,211
Gains and losses recognised in profit or loss, total -631
Fair values 31 Dec 2013 -1,194 3,764









Gains and losses on level 3 financial instruments held at the end of the accounting period






In other operating income and expenses

-1,194











EUR 1,000 Financial instruments recognised at fair value through profit or loss Financial instruments recognised at fair value through other comprehensive income
Opening balance 1 Jan 2012 159 5,992
Additions
131
Disposals
-152
Gains and losses recognised in profit or loss, total -722
Fair values 31 Dec 2012 -563 5,971