Financial instruments are contractual obligations to receive or deliver cash and cash equivalents. In accordance with IAS 32 and IAS 39, these include both primary and derivative financial instruments. Primary financial instruments include, in particular, cash and cash equivalents, trade receivables and payables, credits and loans. Derivatives primarily include forward currency transactions and interest rate hedging instruments.
The following tables show the carrying amounts and fair values of financial assets and liabilities by category of financial instruments and a reconciliation to the corresponding line item in the Group balance sheet. Since the line items “Other Receivables” and “Other Liabilities” contain both financial instruments and non-financial assets and liabilities (in particular, advance payments for services to be received/made in the future and other tax receivables/payables), the reconciliation is shown in the column headed “Outside IFRS 7.”
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Carrying Amounts, Amounts Recognized, and Fair Values by Measurement Category as of September 30, 2008. |
€k | |||||||||||||
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|
Amounts recognized in balance sheet according to IAS 39 | |||||||||||||
|
|
Category in |
Carrying |
Outside |
Amortized |
Fair value |
Fair value |
Amounts |
Fair value | ||||||
|
Assets |
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||
|
Cash and cash equivalents |
LaR |
16,039 |
0 |
16,039 |
0 |
0 |
0 |
16,039 | ||||||
|
Trade receivables |
LaR / n/a |
366,926 |
0 |
362,268 |
0 |
0 |
4,658 |
367,800 | ||||||
|
thereof: receivables from finance leases |
n/a |
4,658 |
0 |
0 |
0 |
0 |
4,658 |
5,532 | ||||||
|
Receivables from related companies |
LaR |
985 |
0 |
985 |
0 |
0 |
0 |
985 | ||||||
|
Other receivables |
LaR |
68,201 |
57,419 |
10,782 |
0 |
0 |
0 |
10,782 | ||||||
|
thereof: derivates with a hedging relationship |
n/a |
3,124 |
0 |
0 |
2,767 |
357 |
0 |
3,124 | ||||||
|
Investments |
LaR/FAHfT |
1,162 |
0 |
107 |
0 |
1,055 |
0 |
1,162 | ||||||
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|
|
|
|
|
|
|
|
| ||||||
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Liabilities |
|
|
|
|
|
|
|
| ||||||
|
Trade payables |
FLAC |
270,577 |
0 |
270,577 |
0 |
0 |
0 |
270,577 | ||||||
|
Liabilities to related companies |
FLAC |
132 |
0 |
132 |
0 |
0 |
0 |
132 | ||||||
|
Financial liabilities |
FLAC / n/a |
210,083 |
0 |
205,970 |
0 |
0 |
4,113 |
210,460 | ||||||
|
thereof: liabilities from finance leases |
n/a |
4,113 |
0 |
0 |
0 |
0 |
4,113 |
4,490 | ||||||
|
Other non-interest-bearing liabilities |
FLAC |
192,357 |
114,796 |
77,561 |
0 |
0 |
0 |
77,561 | ||||||
|
thereof: derivates with a hedging relationship |
n/a |
7,065 |
0 |
0 |
7,046 |
19 |
0 |
7,065 | ||||||
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|
|
|
|
|
|
|
|
| ||||||
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Aggregated by category in accordance with IAS 39: |
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|
Loans and receivables |
LaR |
390,181 |
0 |
390,181 |
0 |
0 |
0 |
390,181 | ||||||
|
Financial assets measured as at fair value through profit or loss |
FAHfT |
1,055 |
0 |
0 |
0 |
1,055 |
0 |
1,055 | ||||||
|
Financial liabilities measured at amortized costs |
FLAC |
554,240 |
0 |
554,240 |
0 |
0 |
0 |
554,240 | ||||||
|
Carrying Amounts, Amounts Recognized, and Fair Values by Measurement Category as of September 30, 2007. |
€k | |||||||||||||
|
|
Amounts recognized in balance sheet according to IAS 39 | |||||||||||||
|
|
Category in |
Carrying |
Outside |
Amortized |
Fair value |
Fair value |
Amounts |
Fair value | ||||||
|
Assets |
|
|
|
|
|
|
|
| ||||||
| ||||||||||||||
|
Cash and cash equivalents |
LaR |
24,469 |
0 |
24,469 |
0 |
0 |
0 |
24,469 | ||||||
|
Trade receivables |
LaR / n/a |
321,848 |
0 |
317,554 |
0 |
0 |
4,294 |
322,861 | ||||||
|
thereof: receivables from finance leases |
n/a |
4,294 |
0 |
0 |
0 |
0 |
4,294 |
5,228 | ||||||
|
Sonstige Vermögenswerte |
LaR |
67,266 |
46,433 |
20,833 |
0 |
0 |
0 |
20,858 | ||||||
|
thereof: derivates with a hedging relationship |
n/a |
6,661 |
0 |
0 |
6,403 |
258 |
0 |
6,661 | ||||||
|
Investments |
LaR/FAHfT |
1,106 |
0 |
59 |
0 |
1,047 |
0 |
1,106 | ||||||
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|
|
|
|
|
|
|
|
| ||||||
|
Liabilities |
|
|
|
|
|
|
|
| ||||||
|
Trade payables |
FLAC |
234,610 |
0 |
234,610 |
0 |
0 |
0 |
234,610 | ||||||
|
Financial liabilities |
FLAC / n/a |
206,516 |
0 |
201,852 |
0 |
0 |
4,664 |
207,033 | ||||||
|
thereof: liabilities from finance leases |
n/a |
4,664 |
0 |
0 |
0 |
0 |
4,664 |
5,181 | ||||||
|
Other non-interest-bearing liabilities |
FLAC |
174,368 |
103,587 |
70,781 |
0 |
0 |
0 |
70,781 | ||||||
|
thereof: derivates with a hedging relationship |
n/a |
52 |
0 |
0 |
46 |
6 |
0 |
52 | ||||||
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|
|
|
|
|
|
|
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Aggregated by category in accordance with IAS 39: |
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|
Loans and receivables |
LaR |
362,915 |
0 |
362,915 |
0 |
0 |
0 |
363,019 | ||||||
|
Financial assets measured as at fair value through profit or loss |
FAHfT |
1,047 |
0 |
0 |
0 |
1,047 |
0 |
1,047 | ||||||
|
Financial liabilities measured at amortized costs |
FLAC |
507,243 |
0 |
507,243 |
0 |
0 |
0 |
507,243 | ||||||
Due to the short-term maturities of cash and cash equivalents, trade receivables and payables, as well as other current receivables and payables, their fair values approximate their carrying amount. The fair values of non-current financial assets and liabilities are estimated by discounting expected future cash flows using current interest rates for debt of similar terms and remaining maturities.
The fair values of forward currency transactions have been obtained by the respective quotations of banks at the balance sheet date. The fair values of the collars and swaps at the balance sheet date were also arrived at based upon corresponding quotations obtained from banks using internal mark-to-market models.
The net gains and losses from financial instruments by IAS 39 category are shown in the following table:
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Net Gain/Loss by Category |
€k | |
|
|
2007/2008 |
2006/2007 |
|
Loans and receivables |
5,070 |
–4,367 |
|
Available-for-sale financial assets |
0 |
18 |
|
Financial assets measured as at fair value through profit or loss (fair value option) |
8 |
65 |
|
Financial liabilities measured at amortized costs |
–17,897 |
–14,080 |
|
|
–12,819 |
–18,364 |
In addition to interest income and expenses, net gains and losses by category comprise mainly impairment losses and reversals as well as foreign currency translation effects.
Risks Arising from Financial Instruments
Typical risks arising from financial instruments include credit risk, liquidity risk and market risks. The risk management system of Wincor Nixdorf Group including its goals, methods and processes is presented in the Risk Report of the Group Management Report.
