The following table presents the carrying amounts and fair values for each class of financial assets and liabilities:
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06/30/2012 |
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06/30/2013 | ||||
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Carrying amount |
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Fair |
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Carrying amount |
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Fair |
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Assets |
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Financial assets measured at amortized cost |
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2,591.4 |
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2,591.4 |
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2,405.7 |
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2,405.7 |
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Financial assets measured at fair value |
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594.8 |
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594.8 |
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509.4 |
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509.4 |
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3,186.2 |
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3,186.2 |
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2,915.1 |
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2,915.1 |
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Liabilities |
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Financial liabilities measured at amortized cost |
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6,054.0 |
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5,891.3 |
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5,579.6 |
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5,667.8 |
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Financial liabilities measured at fair value |
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41.3 |
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41.3 |
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15.7 |
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15.7 |
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6,095.3 |
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5,932.6 |
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5,595.3 |
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5,683.5 |
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In millions of euros | ||
The carrying amount of the financial assets represents a reasonable approximation of fair value.
The table below analyzes financial assets and financial liabilities that are measured at fair value on a recurring basis. These fair value measurements are based on a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels are defined as follows:
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Level 1 |
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Comprises quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. |
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Level 2 |
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Comprises inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
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Level 3 |
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Comprises unobservable inputs for the asset or liability. |
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Level of the fair value hierarchy for recurring fair value measurements |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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06/30/2012 |
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Financial assets |
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Financial assets measured at fair value through profit or loss |
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Held for trading (derivatives) |
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41.8 |
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41.8 |
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Fair value option (securities) |
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485.9 |
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485.9 |
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Other |
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67.1 |
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67.1 |
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485.9 |
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41.8 |
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67.1 |
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594.8 |
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Financial liabilities |
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Financial liabilities measured at fair value through profit or loss – Held for trading (derivatives) |
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41.3 |
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41.3 |
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0.0 |
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41.3 |
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0.0 |
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41.3 |
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06/30/2013 |
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Financial assets |
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Financial assets measured at fair value through profit or loss |
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Held for trading (derivatives) |
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13.5 |
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13.5 |
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Fair value option (securities) |
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432.7 |
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432.7 |
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Other |
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63.2 |
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63.2 |
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432.7 |
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13.5 |
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63.2 |
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509.4 |
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Financial liabilities |
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Financial liabilities measured at fair value through profit or loss – Held for trading (derivatives) |
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15.7 |
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15.7 |
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0.0 |
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15.7 |
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0.0 |
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15.7 |
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In millions of euros | ||
The underlying assets of the fund of funds initially consolidated in the business year 2013/14 are reported as part of the “fair value option.”
The derivative transactions (Level 2) are marked to market by determining the value that would be realized if the hedging position were closed out (liquidation method). Input for the calculation of fair values are observable currency exchange rates and raw materials prices as well as interest rates. Fair values are calculated based on the inputs by discounting expected future cash flows at typical market interest rates.
There were no transfers between Level 1 and Level 2, nor any reclassifications into or out of Level 3, during the reporting period. The reconciliation of Level 3 financial assets measured at fair value from the opening balance to the closing balance is represented as follows:
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Level 3 – Financial assets measured at fair value through profit or loss |
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04/01–06/30/2012 |
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04/01–06/30/2013 |
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Opening balance |
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66.9 |
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63.7 |
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Additions |
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0.2 |
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0.8 |
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Disposals |
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0.0 |
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–1.3 |
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Closing balance |
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67.1 |
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63.2 |
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In millions of euros |
Level 3 contains other investments that are measured at fair value in accordance with IAS 39. As the fair value cannot be reliably determined for all other investments, amortized costs serve as an approximation. The costs (in the current reporting period as well as in the previous year) either correspond to the fair value, or the deviations are immaterial. The underlying fair value calculation provided for the purpose of comparison is based on valuation methods that are oriented on market value or net present value, with carrying amount multiples of comparable listed entities and any available budget plans serving as input factors.
Significant sensitivities in the determination of fair values can result from changes in the underlying market data of comparable entities and the input factors used to determine net present value (in particular discount rates, long-term forecasts, plan data, etc.).