26 Financial assets and liabilities by category

EUR million 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 Carrying amount Fair value
31 Dec 2015





Non-current financial assets






Available-for-sale financial assets

2.7
2.7 2.7

Other non-current receivables
0.5

0.5 0.3
Current financial assets






Trade and other receivables
235.9

235.9 235.9

Derivative assets 2.2


2.2 2.2

Cash and cash equivalents
127.9

127.9 127.9
Financial assets total 2.2 364.3 2.7
369.3 369.1








Non-current financial liabilities






Interest-bearing liabilities


123.1 123.1 126.6

Other non-current liabilities


0.5 0.5 0.5
Current financial liabilities






Interest-bearing liabilities


131.6 131.6 131.6

Trade payables and other financial liabilities *


220.9 220.9 220.9

Derivative liabilities 5.4


5.4 5.4
Financial liabilities total 5.4

476.1 481.5 485.0








EUR million 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 Carrying amount Fair value
31 Dec 2014





Non-current financial assets






Available-for-sale financial assets

3.2
3.2 3.2

Other non-current receivables
0.5

0.5 0.3
Current financial assets






Trade and other receivables
282.9

282.9 282.9

Derivative assets 7.1


7.1 7.1

Available-for-sale financial assets

25.1
25.1 25.1

Cash and cash equivalents
109.1

109.1 109.1
Financial assets total 7.1 392.5 28.3
427.9 427.7








Non-current financial liabilities






Interest-bearing liabilities


139.5 139.5 139.4

Other non-current liabilities


0.8 0.8 0.8
Current financial liabilities






Interest-bearing liabilities


208.3 208.3 208.3

Trade payables and other financial liabilities *


273.4 273.4 273.4

Derivative liabilities 4.2


4.2 4.2
Financial liabilities total 4.2

622.0 626.1 626.0

* 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 include 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 3.1–20.7 per cent (3.6–19.3). The carrying amount of current trade and other receivables is equal to their fair value due to their short maturity.

The most significant part of the non-current financial liabilities is a EUR 100 million senior bond, the fair value of which is based on the market price at the reporting date. 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 million Level 2 Level 3 Total
31 Dec 2015


Available-for-sale financial assets



Equity instruments
2.7 2.7
Derivative instruments



Derivative assets 2.1 0.2 2.2

Derivative liabilities 1.5 3.9 5.4








EUR million

Level 2 Level 3 Total
31 Dec 2014


Available-for-sale financial assets



Equity instruments
3.2 3.2

Money market investments 25.1
25.1
Derivative instruments



Derivative assets

7.0 0.1 7.1

Derivative liabilities 2.3 1.8 4.2

Level 3 reconciliation statement

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

EUR million Financial instruments recognised at fair value through profit or loss Financial instruments recognised at fair value through other comprehensive income
Opening balance 1 Jan 2015 -1.7 3.2
Disposals
-0.5
Gains and losses recognised in profit or loss, total -2.0
Fair values 31 Dec 2015 -3.7 2.7



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


In other operating income and expenses -3.7








EUR million Financial instruments recognised at fair value through profit or loss Financial instruments recognised at fair value through other comprehensive income
Opening balance 1 Dec 2014 -1.2 3.8
Increases
0.0
Disposals
-0.6
Gains and losses recognised in profit or loss, total -0.5
Fair values 31 Dec 2014 -1.7 3.2





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




In other operating income and expenses -1.7