26 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 2014






Non-current financial assets







Available-for-sale financial assets

3,191

3,191 3,191

Other non-current receivables
546


546 318
Current financial assets







Trade and other receivables
282,905


282,905 282,905

Derivative assets 7,109



7,109 7,109

Available-for-sale financial assets

25,118

25,118 25,118

Cash and cash equivalents
109,080


109,080 109,080
Financial assets total 7,109 392,530 28,309

427,948 427,720









Non-current financial liabilities







Interest-bearing liabilities


139,513
139,513 139,366

Other non-current liabilities


793
793 793
Current financial liabilities







Interest-bearing liabilities


208,291
208,291 208,291

Trade payables and other financial liabilities*


273,358
273,358 273,358

Derivative liabilities 4,158



4,158 4,158
Financial liabilities total 4,158

621,955
626,113 625,966









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

* 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 3.6–19.3 per cent (0.6–4.8%). The carrying amount of current trade and other receivables is equal to their fair value due to their short maturity.

The fair value of the bond included in non-current interest-bearing financial liabilities is based on the market price and the fair value of other non-current financial 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 and 2.2–4.8 per cent (2.3–3.2%). The carrying amount of current financial 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 2014


Available-for-sale financial assets



Equity instruments
3,191 3,191

Money market investments 25,118
25,118
Derivative instruments



Derivative assets

7,015
94 7,109

Derivative liabilities 2,321 1,838 4,158









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

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 2014 -1,194 3,764
Additions
10
Disposals
-583
Gains and losses recognised in profit or loss, total -549
Fair values 31 Dec 2014 -1,743 3,191









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






In other operating income and expenses

-1,743











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

 
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