annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
annual financial statement 2011 - conwert Immobilien Invest SE
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CONWERT IMMOBILIEN INVEST <strong>SE</strong><br />
ANNUAL FINANCIAL <strong>2011</strong> STATEMENT ANNUAL REPORT <strong>2011</strong><br />
104<br />
8.10.4. FAIR VALUE OF FINANCIAL INSTRUMENTS<br />
The following methods and assumptions were used to estimate the market value of the individual<br />
<strong>financial</strong> instruments:<br />
CASH AND CASH EQUIVALENTS<br />
The carrying amount of cash and cash equivalents approximates market value because of the<br />
relatively short terms of these <strong>financial</strong> instruments.<br />
CURRENT INTEREST-BEARING LOANS AND BORROWINGS / LOANS AND RECEIVABLES<br />
The carrying amount of these liabilities approximates market value (fair value) because of their<br />
relatively short term. This also applies to receivables and originated loans.<br />
NON-CURRENT INTEREST-BEARING LOANS AND BORROWINGS<br />
The fair value of non-current interest-bearing loans and borrowings is based on the current interest<br />
rates for liabilities with the same maturity. The fair value of non-current loans and other liabilities<br />
with variable interest rates approximates the carrying amounts of these items. The market<br />
value of fixed interest loans and borrowings totalled € 73.9 million as of 31 December <strong>2011</strong> (2010:<br />
€ 98.9 million) (also see note 2.4.8.2).<br />
CONVERTIBLE BOND LIABILITIES<br />
The fair value of the two convertible bonds was € 282.9 million as of 31 December <strong>2011</strong> (2010:<br />
€ 304.7 million).<br />
DERIVATIVE FINANCIAL INSTRUMENTS<br />
The fair value of derivatives held as hedges or for trading purposes is based on the market value of<br />
these instruments as of the balance sheet date. The fair value of derivative <strong>financial</strong> instruments<br />
was calculated by discounting the expected future cash flows at regular way interest rates.<br />
AVAILABLE-FOR-SALE FINANCIAL AS<strong>SE</strong>TS<br />
The market price was used to determine the fair value of listed available-for-sale <strong>financial</strong> assets<br />
and <strong>financial</strong> assets held for trading.<br />
The following table shows the carrying amount and the fair value of the <strong>financial</strong> assets and liabilities<br />
held by the <strong>conwert</strong> Group, classified by category:<br />
in € million Fair value<br />
<strong>2011</strong><br />
Fair value<br />
2010<br />
Carrying<br />
amount<br />
<strong>2011</strong><br />
Carrying<br />
amount<br />
2010<br />
Derivative <strong>financial</strong> instruments recognised at<br />
fair value directly in equity<br />
(113.7) (94.0) (113.7) (94.0)<br />
Derivative <strong>financial</strong> instruments carried at fair value (23.6) 7.0 (23.6) 7.0<br />
Available-for-sale <strong>financial</strong> instruments 2.2 3.7 2.2 3.7<br />
Loans and receivables 186.1 165.8 186.1 165.8<br />
Financial liabilities carried at amortised cost 1,897.7 2,125.6 1,888.6 2,090.8
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