The following table presents the reconciliation of the balance sheets items to the classes of financial instruments in accordance with IFRS 7:
| XLS |
|
|
Subsequent measurement according to IAS 39 |
|
|
|||
€ million |
Book value Dec. 31, 2009 |
Amortized cost |
At cost |
Fair value |
Carrying value according to IAS 17 |
Non-financial |
Fair value |
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
541.4 |
541.4 |
– |
– |
– |
– |
541.4 |
Marketable securities and financial assets |
1,503.2 |
1,199.1 |
– |
304.1 |
– |
– |
|
Held for trading (non-derivatives) |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Non-hedging derivatives |
27.0 |
– |
– |
27.0 |
– |
– |
27.0 |
Held to maturity |
48.4 |
48.4 |
– |
– |
– |
– |
48.4 |
Loans and receivables |
1,150.7 |
1,150.7 |
– |
– |
– |
– |
1,150.7 |
Available-for-sale |
262.5 |
– |
– |
262.5 |
– |
– |
262.5 |
Hedging derivatives |
14.6 |
– |
– |
14.6 |
– |
– |
14.6 |
Trade receivables |
1,788.7 |
1,788.7 |
– |
– |
– |
– |
|
Loans and receivables |
1,788.7 |
1,788.7 |
– |
– |
– |
– |
1,788.7 |
Current and non-current other assets |
375.1 |
231.3 |
– |
58.1 |
– |
85.7 |
|
Non-hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Loans and receivables |
231.3 |
231.3 |
– |
– |
– |
– |
231.3 |
Hedging derivatives |
58.1 |
– |
– |
58.1 |
– |
– |
58.1 |
Non-financial items |
85.7 |
– |
– |
– |
– |
85.7 |
|
Non-current financial assets |
118.4 |
15.9 |
48.2 |
54.3 |
– |
– |
|
Non-hedging derivatives |
0.1 |
– |
– |
0.1 |
– |
– |
0.1 |
Held to maturity |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Loans and receivables |
15.9 |
15.9 |
– |
– |
– |
– |
15.9 |
Available-for-sale |
102.4 |
– |
48.2 |
54.2 |
– |
– |
102.4 |
Hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Financial assets covering pensions |
209.6 |
61.1 |
– |
148.5 |
– |
– |
|
Held to maturity |
61.1 |
61.1 |
– |
– |
– |
– |
61.1 |
Available-for-sale |
148.5 |
– |
– |
148.5 |
– |
– |
148.5 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current and non-current financial liabilities |
2,307.3 |
2,279.4 |
– |
17.5 |
10.4 |
– |
|
Non-hedging derivatives |
17.2 |
– |
– |
17.2 |
– |
– |
17.2 |
Other liabilities |
2,279.4 |
2,279.4 |
– |
– |
– |
– |
2,350.7 |
Hedging derivatives |
0.3 |
– |
– |
0.3 |
– |
– |
0.3 |
Finance lease |
10.4 |
– |
– |
– |
10.4 |
– |
10.4 |
Trade accounts payable |
935.7 |
935.7 |
– |
– |
– |
– |
|
Other liabilities |
935.7 |
935.7 |
– |
– |
– |
– |
935.7 |
Current and non-current other liabilities |
655.1 |
275.1 |
– |
1.4 |
– |
378.6 |
|
Non-hedging derivatives |
1.1 |
– |
– |
1.1 |
– |
– |
1.1 |
Other liabilities |
275.1 |
275.1 |
– |
– |
– |
– |
275.1 |
Hedging derivatives |
0.3 |
– |
– |
0.3 |
– |
– |
0.3 |
Non-financial items |
378.6 |
– |
– |
– |
– |
378.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent measurement according to IAS 39 |
|
|
|||
€ million |
Book value |
Amortized |
At cost |
Fair value |
Carrying value according to IAS 17 |
Non-financial |
Fair value |
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
692.7 |
692.7 |
– |
– |
– |
– |
692.7 |
Marketable securities and financial assets |
176.8 |
27.1 |
– |
149.7 |
– |
– |
|
Held for trading (non-derivatives) |
0.9 |
– |
– |
0.9 |
– |
– |
0.9 |
Non-hedging derivatives |
90.6 |
– |
– |
90.6 |
– |
– |
90.6 |
Held to maturity |
27.0 |
27.0 |
– |
– |
– |
– |
27.0 |
Loans and receivables |
0.1 |
0.1 |
– |
– |
– |
– |
0.0 |
Available-for-sale |
20.5 |
– |
– |
20.5 |
– |
– |
20.5 |
Hedging derivatives |
37.7 |
– |
– |
37.7 |
– |
– |
37.7 |
Trade receivables |
1,659.4 |
1,659.4 |
– |
– |
– |
– |
|
Loans and receivables |
1,659.4 |
1,659.4 |
– |
– |
– |
– |
1,659.4 |
Current and non-current other assets |
347.0 |
214.3 |
– |
47.0 |
– |
85.7 |
|
Non-hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Loans and receivables |
214.3 |
214.3 |
– |
– |
– |
– |
214.3 |
Hedging derivatives |
47.0 |
– |
– |
47.0 |
– |
– |
47.0 |
Non-financial items |
85.7 |
– |
– |
– |
– |
85.7 |
|
Non-current financial assets |
97.4 |
25.4 |
25.5 |
46.5 |
– |
– |
|
Non-hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Held to maturity |
10.1 |
10.1 |
– |
– |
– |
– |
10.1 |
Loans and receivables |
15.3 |
15.3 |
– |
– |
– |
– |
15.3 |
Available-for-sale |
72.0 |
– |
25.5 |
46.5 |
– |
– |
72.0 |
Hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Financial assets covering pensions |
– |
– |
– |
– |
– |
– |
|
Held to maturity |
– |
– |
– |
– |
– |
– |
– |
Available-for-sale |
– |
– |
– |
– |
– |
– |
– |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current and non-current financial liabilities |
1,346.3 |
1,291.9 |
– |
44.9 |
9.5 |
– |
|
Non-hedging derivatives |
44.9 |
– |
– |
44.9 |
– |
– |
44.9 |
Other liabilities |
1,291.9 |
1,291.9 |
– |
– |
– |
– |
1,300.9 |
Hedging derivatives |
0.0 |
– |
– |
– |
– |
– |
0.0 |
Finance lease |
9.5 |
– |
– |
– |
9.5 |
– |
9.5 |
Trade accounts payable |
843.7 |
843.7 |
– |
– |
– |
– |
|
Other liabilities |
843.7 |
843.7 |
– |
– |
– |
– |
843.7 |
Current and non-current other liabilities |
713.8 |
329.5 |
– |
8.8 |
– |
375.5 |
|
Non-hedging derivatives |
0.7 |
– |
– |
0.7 |
– |
– |
0.7 |
Other liabilities |
329.5 |
329.5 |
– |
– |
– |
– |
329.1 |
Hedging derivatives |
8.1 |
– |
– |
8.1 |
– |
– |
8.1 |
Non-financial items |
375.5 |
– |
– |
– |
– |
375.5 |
|
The net result of financial instruments comprises the impact of financial instruments on income. This includes mainly measurement results from currency translation, the adjustment to fair value, write-downs and write-ups as well as the recognition of premiums and discounts. Dividends and interest are not recognized in the net result of financial instruments, except for in the category “held for trading”. Interest paid and earned is only included in the category “Financial assets and liabilities at fair value through profit/loss”.
The net results of financial instruments by category are as follows:
| XLS |
|
|
Net results |
|||
2008 in € million |
Interest |
Write-downs |
Write-up |
Fair value changes |
Disposal gains/losses |
Financial Instrument of the category |
|
|
|
|
|
Held for trading |
– |
– |
– |
74.5 |
– |
Held to maturity |
3.8 |
0.0 |
0.0 |
– |
1.1 |
Loans and receivables |
29.5 |
–10.1 |
5.2 |
– |
0.0 |
Available for sale |
2.1 |
–29.7 |
0.0 |
–45.4 |
29.4 |
Other liabilities |
–68.1 |
– |
– |
– |
– |
|
|
|
|
|
|
|
|
Net results |
|||
2009 in € million |
Interest |
Write-downs |
Write-up |
Fair value changes |
Disposal gains/losses |
Financial Instrument of the category |
|
|
|
|
|
Held for trading |
– |
– |
– |
18.6 |
– |
Held to maturity |
1.1 |
0.0 |
0.0 |
– |
0.0 |
Loans and receivables |
30.6 |
–30.8 |
2.9 |
– |
0.0 |
Available for sale |
1.9 |
–2.6 |
0.0 |
0.0 |
1.3 |
Other liabilities |
–92.9 |
– |
– |
– |
– |
In 2009, exchange rate losses of € 9.7 million resulting from receivables and payables in operating business were recognized (2008: gains of € 11.4 million). Income totaling € 3.1 million was recorded for hedging transactions in operating business (2008: expenses of € 18.2 million). Exchange rate losses of € 3.7 million (2008: losses of € 18.4 million) were booked for financial receivables/payables and measures to secure them. A loss of € 3.3 million (2008: € 23.5 million) was booked for hedging of financing transactions.
The fair value of stocks and bonds used to cover pension obligations and to manage liquidity are mainly based on the official market prices and market values quoted on the balance sheet date. The fair value of interest-bearing securities is determined by discounting future cash flows using market interest rates. Forward exchange contracts are carried at fair value. They are measured using market mid spot rates and maturity-related interest premiums or discounts in relation to traded market prices. The fair value of interest rate swaps held for interest rate hedging purposes is determined using standard market valution models using interest rate curves available in the market. Compared with the previous year, there were no changes in the method used to determine fair value.
The fair values of the financial instruments disclosed in our balance sheet were determined as follows:
| XLS |
€ million as of Dec. 31, 2009 |
Assets |
Liabilities |
Prices quoted in an active market |
213.4 |
0.0 |
thereof available-for-sale |
213.4 |
0.0 |
Valuation technique including data from observable markets |
351.7 |
–18.9 |
thereof available-for-sale |
251.8 |
0.0 |
thereof hedging derivatives |
72.8 |
–0.6 |
thereof non-hedging derivatives |
27.1 |
–18.3 |
Valuation technique based on assumptions not supported by observable market data |
0.0 |
0.0 |
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