40. Carrying amounts and fair values according to measurement category

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

Enlarge table
Download XLS (46 kB)

 

31/12/2012

 

 

 

 

 

 

 

 

Balance sheet value

 

 

 

 

 

 

 

€ million

Carrying amount

(Amortised) cost

Fair value affecting profit or loss

Fair value outside of profit or loss

Fair value

1

Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)

Assets

34,8021

n/a

n/a

n/a

n/a

Loans and receivables

3,117

3,117

0

0

3,116

Loans and advance credit granted

71

71

0

0

71

Receivables due from suppliers

1,791

1,791

0

0

1,791

Trade receivables

568

568

0

0

568

Miscellaneous financial assets

687

687

0

0

687

Held to maturity

3

3

0

0

3

Miscellaneous financial assets

3

3

0

0

3

Held for trading

10

0

10

0

10

Derivative financial instruments not part of a hedge under IAS 39

10

0

10

0

10

Available for sale

200

12

0

189

n/a

Investments

199

12

0

187

n/a

Securities

1

0

0

1

1

Derivative financial instruments within hedges under IAS 39

0

0

0

0

0

Cash and cash equivalents

5,299

5,299

0

0

5,299

Receivables from finance leases (amount according to IAS 17)

11

n/a

n/a

n/a

n/a

Assets not classified under IFRS 7

26,1621

n/a

n/a

n/a

n/a

 

 

 

 

 

 

Equity and liabilities

34,8021

n/a

n/a

n/a

n/a

Held for trading

16

0

16

0

16

Derivative financial instruments not part of a hedge under IAS 39

16

0

16

0

16

Other financial liabilities

22,439

22,092

0

347

22,797

Borrowings excl. finance leases (incl. underlying hedging transactions under IAS 39)

7,136

7,136

0

0

7,493

Trade liabilities

13,513

13,513

0

0

13,513

Miscellaneous financial liabilities

1,790

1,443

0

347

1,791

Derivative financial instruments within hedges under IAS 39

27

0

0

27

27

Liabilities from finance leases (amount according to IAS 17)

1,414

n/a

n/a

n/a

n/a

Liabilities not classified under IFRS 7

10,9061

n/a

n/a

n/a

n/a

Unrealised gain (+)/loss (–) from total difference between fair value and carrying amounts

 

 

 

 

–540

 

 

 

 

 

 

 

 

 

 

 

 

 

30/9/2012

 

 

 

 

 

 

 

 

Balance sheet value

 

 

 

 

 

 

 

€ million

Carrying amount

(Amortised) cost

Fair value affecting profit or loss

Fair value outside of profit or loss

Fair value

Assets

31,6081

n/a

n/a

n/a

n/a

Loans and receivables

2,849

2,849

0

0

2,849

Loans and advance credit granted

96

96

0

0

96

Receivables due from suppliers

1,550

1,550

0

0

1,550

Trade receivables

532

532

0

0

532

Miscellaneous financial assets

671

671

0

0

671

Held to maturity

0

0

0

0

0

Miscellaneous financial assets

0

0

0

0

0

Held for trading

10

0

10

0

10

Derivative financial instruments not part of a hedge under IAS 39

10

0

10

0

10

Available for sale

214

10

0

205

n/a

Investments

193

10

0

183

n/a

Securities

22

0

0

22

22

Derivative financial instruments within hedges under IAS 39

3

0

0

3

3

Cash and cash equivalents

2,075

2,075

0

0

2,075

Receivables from finance leases (amount according to IAS 17)

11

n/a

n/a

n/a

n/a

Assets not classified under IFRS 7

26,4451

n/a

n/a

n/a

n/a

 

 

 

 

 

 

Equity and liabilities

31,6081

n/a

n/a

n/a

n/a

Held for trading

19

0

19

0

19

Derivative financial instruments not part of a hedge under IAS 39

19

0

19

0

19

Other financial liabilities

20,315

19,927

0

388

20,763

Borrowings excl. finance leases (incl. underlying hedging transactions under IAS 39)

8,068

8,068

0

0

8,517

Trade liabilities

10,430

10,430

0

0

10,430

Miscellaneous financial liabilities

1,816

1,429

0

388

1,817

Derivative financial instruments within hedges under IAS 39

25

0

0

25

25

Liabilities from finance leases (amount according to IAS 17)

1,746

n/a

n/a

n/a

1,927

Liabilities not classified under IFRS 7

9,5041

n/a

n/a

n/a

n/a

Unrealised gain (+)/loss (–) from total difference between fair value and carrying amounts

 

 

 

 

–627

 

 

 

 

 

 

 

 

 

 

 

 

 

30/9/2013

 

 

 

 

 

 

 

 

Balance sheet value

 

 

 

 

 

 

 

€ million

Carrying amount

(Amortised) cost

Fair value affecting profit or loss

Fair value outside of profit or loss

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 part of a hedge under 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 within hedges under 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

n/a

Assets not classified under 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 part of a hedge under IAS 39

7

0

7

0

7

Other financial liabilities

18,013

17,935

0

78

18,260

Borrowings excl. finance leases (incl. underlying hedging transactions under 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 within hedges under IAS 39

20

0

0

20

20

Liabilities from finance leases (amount according to IAS 17)

1,403

n/a

n/a

n/a

n/a

Liabilities not classified under IFRS 7

9,368

n/a

n/a

n/a

n/a

Unrealised gain (+)/loss (–) from total difference between fair value and carrying amounts

 

 

 

 

–479

Classes are formed based on similar risks for the respective financial instruments and correspond to the categories of IAS 39. Derivative financial instruments within hedges under IAS 39 and other financial liabilities, respectively, are classified 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 €266 million (30/9/2012: €193 million; 31/12/2012: €199 million), €13 million (30/9/2012: €10 million; 31/12/2012: €12 million) are recognised at historical cost because a fair value cannot reliably be 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 €253 million (30/9/2012: €183 million; 31/12/2012: €187 million) are recognised at fair value outside of profit or loss.

Miscellaneous financial liabilities include liabilities from commitments from stock tender rights of non-controlling interests in the amount of €78 million (30/9/2012: €388 million; 31/12/2012: €347 million) are recognised at fair value outside of profit or loss.

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:

Enlarge table
Download XLS (39 kB)

 

31/12/2012

30/9/2012

30/9/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Assets

199

189

11

0

218

205

13

0

272

254

18

0

Held for trading

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments not part of a hedge under IAS 39

10

0

10

0

10

0

10

0

18

0

18

0

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

Investments

187

187

0

0

183

183

0

0

253

253

0

0

Securities

1

1

0

0

22

22

0

0

1

1

0

0

Derivative financial instruments within hedges under IAS 39

0

0

0

0

3

0

3

0

0

0

0

0

Equity and liabilities

390

0

43

347

431

0

44

388

105

0

27

78

Held for trading

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments not part of a hedge under IAS 39

16

0

16

0

19

0

19

0

7

0

7

0

Miscellaneous financial liabilities

0

0

0

0

0

0

0

0

0

0

0

0

Other financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous financial liabilities

347

0

0

347

388

0

0

388

78

0

0

78

Derivative financial instruments within hedges under IAS 39

27

0

27

0

25

0

25

0

20

0

20

0

Total

–191

189

–33

–347

–213

205

–30

–388

167

254

–9

–78

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

Interest rate swaps and forex 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 stock tender rights of non-controlling interests. The fair value measurement is based on the respective contract design.

Fair values of liabilities from stock tender rights, which are determined on the basis of the discounted cash flow method, are based on expected future cash flows over a detailed planning period of three years (31/12/2012: three to five years) plus a perpetuity. The assumed growth rate for the perpetuity is 4.1 to 7.7 per cent (31/12/2012: between 1.9 and to 9.3 per cent). The respective local WACC is used as the discount rate. In the reporting year, discount rates ranged from 11.1 to 15.8 per cent (31/12/2012: 9.5 to 17.6 per cent). If individual interest rates were to increase by 10.0 per cent, the fair value of these liabilities would decline by €9 million (31/12/2012: €7 million).

Of changes in value of stock tender rights recognised as of 31 December 2012, €21 million result in a decline in goodwill. In addition, transaction costs of €23 million were incurred.

Changes in value of stock tender rights developed as follows between 1 January 2013 and 30 September 2013:

  Download XLS (23 kB)

€ million

 

As of 1/1/2013

347

Transfer to level 3

0

Transfer from level 3

0

Gains (–) and losses (+) for the period

–14

Profit or loss for the period

0

Other comprehensive income

–14

Other changes in value outside of profit or loss

15

Transaction-related changes

–270

Granting of new rights

0

Redemption of existing rights

–270

As of 30/9/2013

78

Changes in value of stock tender rights existing as of 30 September 2013 led to an increase in goodwill by €5 million and an increase in other comprehensive income by €1 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 as of the closing date (level 2).