(21) Financial Instruments

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. Derivative financial instruments 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. Finance lease receivables and liabilities, and derivatives that qualify for hedge accounting are also included although they are not party of any IAS 39 measurement category. 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 “thereof outside IFRS 7.”

 

Carrying Amounts, Amounts Recognized, and Fair Values by Measurement Category as of September 30, 2011.

€k

 

 

 

 

Thereof amounts recognized in balance sheet according to IAS 39

 

 

 

Category in accordance with IAS 39

Carrying amount

Thereof outside IFRS 7

Amortized costs

Fair value recognized in equity

Fair value recognized in profit or loss

Thereof amounts recognized according to IAS 17

Fair value of financial instruments under IFRS 7

LaR: Loans and Receivables.

FVO: Financial Assets or Financial Liabilities designated as at Fair Value through Profit or Loss (Fair Value Option).

HfT: Financial Assets or Financial Liabilities held for trading and measured as at Fair Value through Profit or Loss (Held for Trading).

FLAC: Financial Liabilities at Amortized Costs.

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

LaR

22,146

0

22,146

0

0

0

22,146

Trade receivables

LaR/n/a

389,652

0

383,088

0

0

6,564

389,652

thereof: receivables from finance leases

n/a

6,564

0

0

0

0

6,564

6,564

Receivables from related companies

LaR

8,091

0

8,091

0

0

0

8,091

Other receivables

LaR/n/a/HfT

51,036

43,790

7,165

527

81

0

7,246

thereof: derivates with a hedging relationship

n/a

527

527

0

527

0

0

0

thereof: derivates without a hedging relationship

HfT

81

0

0

0

81

0

81

Investments

LaR/FVO

1,222

0

162

0

1,060

0

1,222

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Trade payables

FLAC

288,654

0

288,654

0

0

0

288,654

Liabilities to related companies

FLAC

28,140

0

28,140

0

0

0

28,140

Financial liabilities

FLAC/n/a

199,064

0

192,985

0

0

6,079

199,064

thereof: liabilities from finance leases

n/a

6,079

0

0

0

0

6,079

6,079

Other non-interest-bearing liabilities

FLAC/n/a/HfT

196,131

118,409

77,611

5,566

111

0

77,722

thereof: derivates with a hedging relationship

n/a

5,566

5,566

0

5,566

0

0

0

thereof: derivates without a hedging relationship

HfT

111

0

0

0

111

0

111

 

 

 

 

 

 

 

 

 

Aggregated by Category in Accordance with IAS 39:

 

 

 

 

Loans and receivables

LaR

420,652

0

420,652

0

0

0

420,652

Financial assets and liabilities measured as at fair value through profit or loss (Fair Value Option)

FVO

1,060

0

0

0

1,060

0

1,060

Financial assets and liabilities measured as at fair value through profit or loss (Fair Value Option)

HfT

81

0

0

0

81

0

81

Financial liabilities measured as at fair value through profit or loss (Held for Trading)

HfT

111

0

0

0

111

0

111

Financial liabilities measured at amortized costs

FLAC

587,390

0

587,390

0

0

0

587,390

 

Carrying Amounts, Amounts Recognized, and Fair Values by Measurement Category as of September 30, 2010.

€k

 

 

 

 

Thereof amounts recognized in balance sheet according to IAS 39

 

 

 

Category in accordance with IAS 39

Carrying amount

Thereof outside IFRS 7

Amortized costs

Fair value recognized in equity

Fair value recognized in profit or loss

Thereof amounts recognized according to IAS 17

Fair value of financial instruments under IFRS 7

LaR: Loans and Receivables.

FVO: Financial Assets or Financial Liabilities designated as at Fair Value through Profit or Loss (Fair Value Option).

HfT: Financial Assets or Financial Liabilities held for trading and measured as at Fair Value through Profit or Loss (Held for Trading).

FLAC: Financial Liabilities at Amortized Costs.

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

LaR

19,959

0

19,959

0

0

0

19,959

Trade receivables

LaR/n/a

342,672

0

339,599

0

0

3,073

342,672

thereof: receivables from finance leases

n/a

3,073

0

0

0

0

3,073

3,073

Receivables from related companies

LaR

281

0

281

0

0

0

281

Other receivables

LaR/n/a/HfT

62,384

49,136

13,248

2,948

0

0

13,248

thereof: derivates with a hedging relationship

n/a

2,948

2,948

0

2,948

0

0

0

Investments

LaR/FVO

1,219

0

158

0

1,061

0

1,219

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Trade payables

FLAC

274,593

0

274,593

0

0

0

274,593

Liabilities to related companies

FLAC

884

0

884

0

0

0

884

Financial liabilities

FLAC/n/a

154,364

0

151,462

0

0

2,902

154,364

thereof: liabilities from finance leases

n/a

2,902

0

0

0

0

2,902

2,902

Other non-interest-bearing liabilities

FLAC/n/a/HfT

194,204

126,788

67,150

7,059

266

0

67,416

thereof: derivates with a hedging relationship

n/a

7,059

7,059

0

7,059

0

0

0

thereof: derivates without a hedging relationship

HfT

266

0

0

0

266

0

266

 

 

 

 

 

 

 

 

 

Aggregated by Category in Accordance with IAS 39:

 

 

 

 

Loans and receivables

LaR

373,245

0

373,245

0

0

0

373,245

Financial assets and liabilities measured as at fair value through profit or loss (Fair Value Option)

FVO

1,061

0

0

0

1,061

0

1,061

Financial assets and liabilities measured as at fair value through profit or loss (Fair Value Option)

HfT

266

0

0

0

266

0

266

Financial liabilities measured at amortized costs

FLAC

494,089

0

494,089

0

0

0

494,089

Financial instruments measured at fair value are allocated to different measurement levels in accordance with IFRS 7. This includes financial instruments that are

1. measured at their fair values in an active market for identical financial instruments (level 1),

2. measured at their fair values in an active market for comparable financial instruments or using measurement models whose main input factors are based on observable market data (level 2), or

3. using input factors not based on observable market data (level 3).

The following table shows the amounts allocated to each measurement level at September 30, 2011:

Allocation Fair Value Hierarchy.

 

 

€k

 

Fair value
Sept. 30, 2011

Level 1

Level 2

Level 3

Financial assets at fair value – not effecting net income

 

 

 

 

Derivatives being part of a hedge

527

0

527

0

Financial assets at fair value – affecting net income

 

 

 

 

Designated as such upon initial recognition

1,060

0

0

1,060

Derivatives not being part of a hedge

81

0

81

0

Financial liabilities at fair value – not effecting net income

 

 

 

 

Derivatives being part of a hedge

5,566

0

5,566

0

Financial liabilities at fair value – affecting net income

 

 

 

 

Derivatives not being part of a hedge

111

0

111

0

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 swaps at the balance sheet date were also arrived at based upon corresponding quotations obtained from banks using internal mark-to-market models.

The amount that is shown under level 3 concerns the 6% interest in WINCOR NIXDORF Immobilien GmbH & Co. KG. The net result of the company will be allocated on a pro-rata basis; therefore the presented fair value will be converted accordingly. The carrying amount changed as follows:

 

 

 

 

€k

 

Fair value
October 1, 2010

Gains

Losses

Fair value
September 30, 2011

Designated as such upon initial recognition

1,061

0

–1

1,060

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. Cash and cash equivalents, receivables from related parties, other receivables, and investments are not past due and not impaired.

The net gains and losses from financial instruments by IAS 39 category are shown in the following table:

Net Gain/Loss by Category.

 

€k

 

2010/2011

2009/2010

Loans and receivables

–1,173

–1,269

Financial assets measured as at fair value through profit or loss (fair value option)

–1

0

Financial assets and liabilities measured as at fair value through profit or loss (held for trading)

315

690

Financial liabilities measured at amortized costs

–3,790

–1,911

 

–4,649

–2,490

Net result under “loans and receivables” mainly comprises interests on financial receivables, impairment allowances on trade receivables, as well as gains and losses on foreign currency receivables.

The category “Financial assets measured as at fair value through profit or loss (fair value option)” includes the changes of the fair value of the interest in WINCOR NIXDORF Immobilien GmbH & Co. KG.

Gains and losses arising from changes in fair value of interest rate derivatives that do not comply with the hedge accounting requirements under IAS 39 are included in the “Financial assets and liabilities measured as at fair value through profit or loss (held for trading)” category.

The net result of the category “Financial liabilities measured at amortized costs” mainly comprises interest expenses on financial liabilities as well as gains and losses on foreign currency liabilities.

Total interest income and total interest expense for financial assets or financial liabilities that are not measured at fair value through profit or loss are structured as follows:

Net Interest Result from Financial Instruments.

€k

 

2010/2011

2009/2010

Total interest income

779

447

Total interest expenses

–4,824

–3,341

 

–4,045

–2,894

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