40. Carrying amounts and fair values according to measurement category

The carrying amounts and fair values of recognised financial instruments are as follows:

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30/9/2013

 

 

 

 

 

 

 

 

Balance sheet value

 

 

 

 

 

 

 

€ million

Carrying amount

(Amortised) cost

Fair value through profit or loss

Fair value recognised in equity

Fair value

Assets

28,811

n/a

n/a

n/a

n/a

Loans and receivables

2,647

2,647

0

0

2,648

Loans and advance credit granted

64

64

0

0

64

Receivables due from suppliers

1,389

1,389

0

0

1,389

Trade receivables

547

547

0

0

547

Miscellaneous financial assets

646

646

0

0

648

Held to maturity

0

0

0

0

0

Miscellaneous financial assets

0

0

0

0

0

Held for trading

18

0

18

0

18

Derivative financial instruments not in a hedging relationship according to IAS 39

18

0

18

0

18

Available for sale

267

13

0

254

n/a

Investments

266

13

0

253

n/a

Securities

1

0

0

1

1

Derivative financial instruments in a hedging relationship according to IAS 39

0

0

0

0

0

Cash and cash equivalents

2,564

2,564

0

0

2,564

Receivables from finance leases (amount according to IAS 17)

4

n/a

n/a

n/a

9

Assets not classified according to IFRS 7

23,311

n/a

n/a

n/a

n/a

Equity and liabilities

28,811

n/a

n/a

n/a

n/a

Held for trading

7

0

7

0

7

Derivative financial instruments not in a hedging relationship according to IAS 39

7

0

7

0

7

Other financial liabilities

18,013

17,935

0

78

18,260

Borrowings excl. finance leases (incl. hedged items in hedging relationships according to IAS 39)

6,560

6,560

0

0

6,807

Trade liabilities

9,805

9,805

0

0

9,805

Miscellaneous financial liabilities

1,648

1,570

0

78

1,648

Derivative financial instruments in a hedging relationship according to IAS 39

20

0

0

20

20

Liabilities from finance leases (amount according to IAS 17)

1,403

n/a

n/a

n/a

1,641

Liabilities not classified according to IFRS 7

9,368

n/a

n/a

n/a

n/a

Unrealised gain (+)/loss (−) from total difference between fair value and carrying amount

 

 

 

 

−479

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30/9/2014

 

 

 

 

 

 

 

 

Balance sheet value

 

 

 

 

 

 

 

€ million

Carrying amount

(Amortised) cost

Fair value through profit or loss

Fair value recognised in equity

Fair value

Assets

28,004

n/a

n/a

n/a

n/a

Loans and receivables

2,757

2,757

0

0

2,756

Loans and advance credit granted

56

56

0

0

54

Receivables due from suppliers

1,524

1,524

0

0

1,524

Trade receivables

560

560

0

0

560

Miscellaneous financial assets

617

617

0

0

618

Held to maturity

0

0

0

0

0

Miscellaneous financial assets

0

0

0

0

0

Held for trading

26

0

26

0

26

Derivative financial instruments not in a hedging relationship according to IAS 39

26

0

26

0

26

Available for sale

19

18

0

1

n/a

Investments

18

18

0

0

n/a

Securities

1

0

0

1

1

Derivative financial instruments in a hedging relationship according to IAS 39

23

0

0

23

23

Cash and cash equivalents

2,406

2,406

0

0

2,406

Receivables from finance leases (amount according to IAS 17)

0

n/a

n/a

n/a

0

Assets not classified according to IFRS 7

22,772

n/a

n/a

n/a

n/a

Equity and liabilities

28,004

n/a

n/a

n/a

n/a

Held for trading

5

0

5

0

5

Derivative financial instruments not in a hedging relationship according to IAS 39

5

0

5

0

5

Other financial liabilities

17,332

17,260

0

72

17,589

Borrowings excl. finance leases (incl. hedged items in hedging relationships according to IAS 39)

5,790

5,790

0

0

6,047

Trade liabilities

9,930

9,930

0

0

9,930

Miscellaneous financial liabilities

1,612

1,540

0

72

1,612

Derivative financial instruments in a hedging relationship according to IAS 39

5

0

0

5

5

Liabilities from finance leases (amount according to IAS 17)

1,278

n/a

n/a

n/a

1,497

Liabilities not classified according to IFRS 7

9,385

n/a

n/a

n/a

n/a

Unrealised gain (+)/loss (−) from total difference between fair value and carrying amount

 

 

 

 

−478

Classes were formed based on similar risks for the respective financial instruments and correspond to the categories of IAS 39. Derivative financial instruments in a hedging relationship under IAS 39 and other financial liabilities are classified in each case to a separate class.

The fair value hierarchy comprises three levels which reflect the degree of closeness to the market of the input parameters used in the determination of the fair values. In cases in which the valuation is based on different input parameters, the fair value is attributed to the hierarchy level corresponding to the input parameter of the lowest level that is significant for the valuation.

Input parameters for level 1: Quoted prices (that are adopted unchanged) in active markets for identical assets or liabilities which the company can access at the valuation date.

Input parameters for level 2: Other input parameters than the quoted prices included in level 1 which are either directly or indirectly observable for the asset or liability.

Input parameters for level 3: Input parameters that are not observable for the asset or liability.

Of the total carrying amount of investments of €18 million (30/9/2013: €266 million), €18 million (30/9/2013: €13 million) are recognised at historical cost because a fair value cannot be reliably determined. These concern off-exchange financial instruments without an active market. The company currently does not plan to dispose of the investments recognised at historical cost. Exchange-listed investments totalling €0 million (30/9/2013: €253 million) are recognised at fair value in equity.

Miscellaneous financial liabilities include liabilities from put options of non-controlling interests in the amount of €72 million (30/9/2013: €78 million). They are recognised at fair value in equity.

The following table depicts the financial instruments that are recognised at fair value in the balance sheet. These are classified into a three-level fair value hierarchy whose levels reflect the degree of closeness to the market of the data used in the determination of the fair values:

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30/9/2013

30/9/2014

 

 

 

 

 

 

 

 

 

€ million

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Assets

272

254

18

0

50

1

49

0

Held for trading

 

 

 

 

 

 

 

 

Derivative financial instruments not in a hedging relationship according to IAS 39

18

0

18

0

26

0

26

0

Available for sale

 

 

 

 

 

 

 

 

Investments

253

253

0

0

0

0

0

0

Securities

1

1

0

0

1

1

0

0

Derivative financial instruments in a hedging relationship according to IAS 39

0

0

0

0

23

0

23

0

Equity and liabilities

105

0

27

78

81

0

9

72

Held for trading

 

 

 

 

 

 

 

 

Derivative financial instruments not in a hedging relationship according to IAS 39

7

0

7

0

5

0

5

0

Miscellaneous financial liabilities

0

0

0

0

0

0

0

0

Other financial liabilities

 

 

 

 

 

 

 

 

Miscellaneous financial liabilities

78

0

0

78

72

0

0

72

Derivative financial instruments in a hedging relationship according to IAS 39

20

0

20

0

5

0

5

0

 

167

254

−9

−78

−31

1

40

−72

The measurement of securities (level 1) is carried out based on quoted market prices on active markets.

Interest rate swaps and currency transactions (all level 2) are measured using the mark-to-market method based on quoted exchange rates and market yield curves.

The fair value of commodity derivatives (level 2) is calculated as the average of the past month’s price noted on the exchange.

No transfers between levels 1 and 2 were effected during the reporting period.

Level 3 includes the fair values of liabilities from put options of non-controlling interests. The fair value measurement is based on the respective contract design.

Fair values of liabilities from put options, which are determined using the discounted cash flow method, are based on expected future cash flows over a detailed planning period of three years (as on 30/9/2013) plus a perpetuity. The assumed growth rate for the perpetuity is 2.5 to 8.7 per cent (30/9/2013: between 4.1 and 7.7 per cent). The respective local WACC is used as the discount rate. In the reporting period, discount rates ranged from 11.6 to 15.2 per cent (30/9/2013: between 11.1 and 15.8 per cent). If individual interest rates were to increase by 10 per cent, the fair value of these liabilities would decline by €6 million (30/9/2013: €9 million). An interest rate decrease of 10 per cent would increase the fair value of these liabilities by €8 million (30/9/2013: €13 million).

Changes in the value of put options developed as follows between 1 October 2013 and 30 September 2014:

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€ million

2012/13

2013/14

As of 1/10

388

78

Transfer to level 3

0

0

Transfer from level 3

0

0

Total gains (−) or losses (+) for the period

−42

1

Profit or loss for the period

−37

0

Other comprehensive income

−6

1

Other changes in value outside of profit or loss

3

−7

Transaction-related changes

−270

0

Granting of new rights

0

0

Redemption of existing rights

−270

0

As of 30/9

78

72

Changes in the value of put options recognised as of 30 September 2014 lowered goodwill by €7 million and other comprehensive income by €1 million.

In the previous year, changes in the value of put options existing as of 30 September 2013 led to an increase in goodwill by €13 million and an increase in other comprehensive income by €2 million.

Financial instruments that are recognised at amortised cost in the balance sheet, but for which the fair value is stated in the notes, are also classified according to a three-level fair value hierarchy.

Due to their mostly short terms, the fair values of receivables due from suppliers, trade receivables and liabilities as well as cash and cash equivalents essentially correspond to their carrying amounts.

The measurement of the fair value of bonds, liabilities to banks and promissory note loans is based on the market interest rate curve following the zero-coupon method in consideration of credit spreads (level 2). The amounts comprise the interest prorated to the closing date.

The fair values of all other financial assets and liabilities that are not listed on an exchange correspond to the present value of payments underlying these balance sheet items. The calculation was based on the applicable country-specific yield curves (level 2) as of the closing date.