in million € | Carrying amount 31 Dec. 2018 | Carrying amount pursuant to IFRS 9 | Carrying amount pursuant to IAS 17 | ||
---|---|---|---|---|---|
Amortised cost | Fair value through other comprehensive income | Fair value through profit or loss | |||
ASSETS - Financial assets | |||||
Other financial assets | 1,291.5 | 1,183.3 | 42.3 | 65.9 | 0.0 |
Other receivables from suppliers | 911.6 | 911.6 | 0.0 | 0.0 | 0.0 |
Loans | 262.7 | 262.7 | 0.0 | 0.0 | 0.0 |
Shareholder loans to partner companies | 47.1 | 0.0 | 0.0 | 47.1 | 0.0 |
Receivables from derivative financial instruments | 32.8 | 0.0 | 26.6 | 6.2 | 0.0 |
Derivatives not included in hedge accounting | 6.2 | 0.0 | 0.0 | 6.2 | 0.0 |
Derivatives with hedging relationship* | 26.6 | 0.0 | 26.6 | 0.0 | 0.0 |
Shares in corporations and other securities | 26.0 | 0.0 | 15.7 | 10.3 | 0.0 |
Interest in partnerships | 2.3 | 0.0 | 0.0 | 2.3 | 0.0 |
Other financial assets | 9.0 | 9.0 | 0.0 | 0.0 | 0.0 |
Trade receivables | 1,400.6 | 1.400,6 | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents | 639.2 | 639.2 | 0.0 | 0.0 | 0.0 |
LIABILITIES - financial liabilities | |||||
Other financial liabilities | 2,799.8 | 1,926.1 | 14.7 | 4.6 | 854.4 |
Liabilities to banks | 1,442.9 | 1,442.9 | 0.0 | 0.0 | 0.0 |
Liabilities from finance leases* | 854.4 | 0.0 | 0.0 | 0.0 | 854.4 |
Liabilities from derivative financial instruments | 19.3 | 0.0 | 14.7 | 4.6 | 0.0 |
Derivatives not included in hedge accounting | 4.6 | 0.0 | 0.0 | 4.6 | 0.0 |
Derivatives with hedging relationship* | 14.7 | 0.0 | 14.7 | 0.0 | 0.0 |
Other financial liabilities | 483.2 | 483.2 | 0.0 | 0.0 | 0.0 |
Trade payables | 6,850.6 | 6,850.6 | 0.0 | 0.0 | 0.0 |
- * Not a measurement category pursuant to IFRS 9
Financial Instruments by Class and Measurement Category as at 31 December 2017
The classes of financial instruments were based on the structure of the balance sheet.
in million € | Carrying amount 31 Dec. 2017 | Carrying amount pursuant to IAS 39 | Carrying amount pursuant to IAS 17 | ||
---|---|---|---|---|---|
(Amortised) cost | Fair value recognised directly in equity | Fair value through profit and loss | |||
ASSETS | |||||
Non-current financial assets | 283.1 | 263.9 | 19.2 | 0.0 | 0.0 |
Financial assets available for sale | 107.1 | 87.9 | 19.2 | 0.0 | 0.0 |
Loans and receivables | 176.0 | 176.0 | 0.0 | 0.0 | 0.0 |
Current financial assets | 681.5 | 656.3 | 8.8 | 16.4 | 0.0 |
Financial assets held for trading | 15.3 | 0.0 | 0.0 | 15.3 | 0.0 |
Financial assets available for sale | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
Loans and receivables | 656.2 | 656.2 | 0.0 | 0.0 | 0.0 |
Financial assets in hedge accounting* | 9.9 | 0.0 | 8.8 | 1.1 | 0.0 |
Current trade receivables | 1,262.4 | 1,262.4 | 0.0 | 0.0 | 0.0 |
Loans and receivables | 1,262.4 | 1,262.4 | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents | 653.4 | 653.4 | 0.0 | 0.0 | 0.0 |
Loans and receivables | 653.4 | 653.4 | 0.0 | 0.0 | 0.0 |
Total ASSETS | 2,880.4 | 2,836.0 | 28.0 | 16.4 | 0.0 |
LIABILITIES | |||||
Non-current financial liabilities | 1,209.0 | 372.4 | 0.0 | 0.0 | 836.6 |
Other financial liabilities | 372.4 | 372.4 | 0.0 | 0.0 | 0.0 |
Liabilities from finance leases* | 836.6 | 0.0 | 0.0 | 0.0 | 836.6 |
Non-current trade payables | 6.9 | 6.9 | 0.0 | 0.0 | 0.0 |
Other financial liabilities | 6.9 | 6.9 | 0.0 | 0.0 | 0.0 |
Current financial liabilities | 1,188.6 | 1,089.0 | 19.0 | 17.5 | 63.1 |
Financial liabilities held for trading | 15.0 | 0.0 | 0.0 | 15.0 | 0.0 |
Other financial liabilities | 1,089.0 | 1,089.0 | 0.0 | 0.0 | 0.0 |
Financial liabilities in hedge accounting* | 21.5 | 0.0 | 19.0 | 2.5 | 0.0 |
Liabilities from finance leases* | 63.1 | 0.0 | 0.0 | 0.0 | 63.1 |
Current trade payables | 6,153.2 | 6,153.2 | 0.0 | 0.0 | 0.0 |
Other financial liabilities | 6,153.2 | 6,153.2 | 0.0 | 0.0 | 0.0 |
Total LIABILITIES | 8,557.7 | 7,621.5 | 19.0 | 17.5 | 899.7 |
Of which: aggregated by measurement categories pursuant to IAS 39: | |||||
Financial assets held for trading | 15.3 | 0.0 | 0.0 | 15.3 | 0.0 |
Financial assets available for sale | 107.2 | 88.0 | 19.2 | 0.0 | 0.0 |
Loans and receivables | 2,748.0 | 2,748.0 | 0.0 | 0.0 | 0.0 |
Financial liabilities held for trading | 15.0 | 0.0 | 0.0 | 15.0 | 0.0 |
Other financial liabilities | 7,621.5 | 7,621.5 | 0.0 | 0.0 | 0.0 |
Of which: in hedge accounting pursuant to IAS 39: | |||||
Financial assets in hedge accounting | 9.9 | 0.0 | 8.8 | 1.1 | 0.0 |
Financial liabilities in hedge accounting | 21.5 | 0.0 | 19.0 | 2.5 | 0.0 |
- * Not a measurement category pursuant to IFRS 9
The classification and measurement requirements of IFRS 9 have been applied since 1 January 2018. The corresponding reconciliation of the classes to the balance sheet items from 31 December 2017 to 1 January 2018 are presented in note 2 "Application and Effects of New or Revised Accounting Standards".
IFRS 7 requires financial instruments measured at fair value to be assigned to a fair value hierarchy. There are three hierarchy levels. Level 1 comprises financial instruments whose fair values can be derived from quoted prices. Level 2 comprises financial instruments whose fair values cannot be derived from quoted prices, but whose measurement-related inputs are directly or indirectly observable on the market. Financial instruments that cannot be assigned to either level 1 or level 2 are assigned to level 3. Fair value in this case is determined using factors that are not based on observable market data.
Shares in corporations and other securities include securities amounting to 15.7 million euros that are measured at fair value. They are assigned to level 1. These measurement effects recognised in other comprehensive income are not reclassified to the income statement upon subsequent disposal of the equity instrument. These are strategic financial investments. The groups consider the option to measure them at fair value through other comprehensive income to be more meaningful.
This relates to the following shares:
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (fair value as at 31 December 2018: 11.9 million euros),
home24 SE, Berlin (fair value as at 31 December 2018: 3.8 million euros).
In the financial year, some of the shares in DZ BANK AG Deutsche Zentral-Genossenschaftsbank were sold at their fair value of 11.2 million because this financial investment was no longer in line with the groups' investment strategy.
The assets and liabilities from derivative financial instruments, which include interest rate swaps, currency derivatives and commodities derivatives, are measured at fair value and assigned to level 2 of the fair value hierarchy.
The remaining financial assets, which are recognised at fair value, are measured using established valuation techniques and are assigned to level 3 of the fair value hierarchy. There were no material measurement effects as at 31 December 2018.
in million € | 31/12/2018 | 31/12/2017 | ||
---|---|---|---|---|
Carrying amount | Fair value | Carrying amount | Fair value | |
ASSETS | ||||
Non-current | 234.4 | 235.0 | 283.1 | 284.3 |
Non-current other financial assets | 234.4 | 235.0 | 283.1 | 284.3 |
Current | 3,096.9 | 3,097.2 | 2,597.3 | 2,597.6 |
Current other financial assets | 1,057.1 | 1,057.4 | 681.5 | 681.8 |
Current trade receivables | 1,400.6 | 1,400.6 | 1,262.4 | 1,262.4 |
Cash and cash equivalents | 639.2 | 639.2 | 653.4 | 653.4 |
LIABILITIES | ||||
Non-current | 2,113.6 | 2,214.7 | 1,215.9 | 1,251.7 |
Other non-current financial liabilities | 2,104.5 | 2,205.6 | 1,209.0 | 1,244.8 |
Non-current trade payables | 9.1 | 9.1 | 6.9 | 6.9 |
Current | 7,536.8 | 7,537.2 | 7,341.8 | 7,345.8 |
Other current financial liabilities | 695.3 | 695.7 | 1,188.6 | 1,192.6 |
Current trade payables | 6,841.5 | 6,841.5 | 6,153.2 | 6,153.2 |
Due to the short remaining maturities, the carrying amounts of current trade receivables and trade payables as well as of cash and cash equivalents approximate their fair values.
Non-current trade receivables and trade payables are discounted to present value. In this case, the carrying amounts largely reflect the fair values.
Market prices are generally used to measure other financial assets and liabilities. In the absence of a market price, the approved discounted cash flow methods are used to calculate fair value. The valuation model is based on the yield curves and exchange rates that apply on the balance sheet date.
Income (+)/expenses (-) in million € | 2018 | 2017 |
---|---|---|
Financial assets at amortised cost | 39.5 | 38.5 |
Financial assets and liabilities measured at fair value | -6.6 | -17.5 |
Financial liabilities at amortised cost | -102.9 | -70.8 |
Income on financial assets measured at amortised cost primarily includes exchange rate gains and losses as well as income from previously impaired receivables. Impairment losses on financial receivables had an offsetting effect within this item. The result of financial assets and liabilities measured at fair value includes the result from the measurement of derivative financial instruments and income from equity investments. In the previous year, equity investments were measured at cost and recognised at amortised cost under financial assets. Expenses from financial liabilities measured at amortised cost primarily include interest expenses and exchange gains and losses.
Interest income on financial instruments not measured at fair value through profit or loss amounted to 5.9 million euros (previous year: 6.3 million euros), while corresponding interest expenses amounted to 21.0 million euros (previous year: 28.2 million euros).