Navigation aid

DES - Online Annual Report 2008

Other disclosures

29. Financial instruments and risk management

Carrying amounts, valuations and fair values according to measurement category

in € thousands               Balance sheet amount in line with IAS 39
  Valuation
category in line
with IAS 39
Carrying
amount
31 Dec 2008
Carried cost Costs Fair value
reported in
equity
Fair value
recognised in
income
Fair value
31 Dec 2008
Carrying
amount
31 Dec 2007
Carried cost Costs Fair value
reported in
equity
Fair value
31 Dec 2007
Financial assets                        
Non-current financial assets                        
Investments in equity-accounted associates AfS 30,316 3,145 15,381 11,790   30,316 32,851 4,759 15,381 12,711 32,851
Trade receivables AfS 3,740 1,095 3,900   -1,255 3,740          
Other current assets * LaR 2,717 2,717       2,717 3,179 3,179     3,179
Other financial investments LaR 2,093 1,034   1,059   2,093 15,951 12,026   3,925 15,951
Cash and cash equivalents hfT 1,740 1,740       1,740 3,681 3,681     3,681
  LaR 41,671 41,671       41,671 108,993 108,993     108,993
                         
Financial liabilities                        
Bank loans and overdrafts                        
Right to redeem of limited partners FLAC 899,808 899,808       940,764 895,952 895,952     897,972
Current trade payables FLAC 117,320 117,320       117,320 113,249 113,249     113,249
Other non-current liabilities * FLAC 3,039 3,039       3,039 8,651 8,651     8,651
  FLAC 25,001 10,455   14,546   25,001 3,936 3,625   311 3,936
                         
Aggregated according to measurement category in line with IAS 39:                        
Loans and receivables (LaR)   46,481 45,422   1,059   46,481 128,123 124,198   3,925 128,123
Available-for-Sale (AfS)   34,056 4,240 19,281 11,790 -1,255 34,056 32,851 4,759 15,381 12,711 32,851
held-for-Trading (hfT)   1,740 1,740       1,740 3,681 3,681     3,681
Financial liabilities measured at amortised cost (FLAC)   1,045,168 1,030,622   14,546   1,086,124 1,021,788 1,021,477   311 1,023,808
* Only financial instruments in line with IAS 39/IFRS 7

enlarge

Non-current financial assets include an investment defined as available-for-sale, which was reported in equity on the balance sheet date. In addition, the investment in a property company in Poland was recognised at amortised cost corresponding to fair value.

Investments measured using the equity method for the first time are reported at fair value. Any write-downs in the period under review are recognised in net profit or loss for the period.

Trade receivables, other assets and cash and cash equivalents have predominantly short residual terms, unlike interest rate swaps, which are accounted for at present value. The carrying amounts thus correspond to the fair value.

Other assets and other financial investments include non-current amounts which have been recognised at present value, taking into account the interest and market price parameters applicable on the reporting date.

Bank loans and overdrafts have long-term durations and are recognised at cost. The fair value for Group loans is given in the Notes under item 12 Bank loans and overdrafts. In total, interest expense of €46,079 thousand is included in net finance costs.

Trade payables and other liabilities usually have short residual terms, unlike interest rate swaps, which are accounted for at present value. The carrying amounts thus correspond to the fair value.

Other liabilities include non-current amounts which have been recognised at present value, taking into account the interest and market price parameters applicable on the reporting date.

Interest from financial instruments is reported in net financial costs. The profit/loss share of minority shareholders of €6,191 thousand is included in net finance costs.

Allowances on receivables are reported in other operating expenses.

Continue reading: Liquidity risks

Back to: Earnings per share