annual financial statement 2011 - conwert Immobilien Invest SE

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CONWERT IMMOBILIEN INVEST SE ANNUAL FINANCIAL 2011 STATEMENT ANNUAL REPORT 2011 62 DERECOGNITION OF FINANCIAL ASSETS An asset is derecognised when the contractual rights to the cash flows arising from the asset expire. An asset is also derecognised when all major risks and rewards associated with the asset are transferred. IMPAIRMENT OF FINANCIAL ASSETS As of every balance sheet date, the conwert Group tests its financial assets or groups of assets to identify any objective evidence of impairment. A financial asset or group of financial assets is only considered to be impaired when one or more events have occurred since the initial recognition of the asset (a “loss event“) and this loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Evidence of impairment includes the following: signs that a debtor or group of debtors has significant financial difficulties; default or delinquency in interest or principal payments; the probability of bankruptcy or other financial reorganisation; and when observable data indicates there will be a measurable decrease in estimated future cash flows, e.g. due to an increase in delayed payments or economic conditions that correlate with default. An impairment charge is recognised to receivables through a valuation adjustment account when there are substantial objective indications that the Group will not be able to realise the full amount of the receivables. The impairment charge is calculated as the difference between the carrying amount and the present value of expected future cash flows. Material financial assets are tested individually for impairment, while financial assets that are not considered to be material are tested individually or together. If the conwert Group determines that there are no indications of impairment to an individually tested financial asset – whether the asset is considered material or not – the asset is aggregated together with other financial assets that have similar credit risk profiles, and the group of assets is subsequently tested for impairment. In cases where the impairment tests of individual assets led to the recognition of an impairment charge, these assets are not included in any further aggregated testing. If the estimated impairment increases or decreases in a later accounting period due to another event, the previously recognised impairment charge is increased or decreased through the valuation adjustment account with a corresponding recognition to profit or loss. Receivables are derecognised when they are classified as uncollectible. If a derecognised receivable is subsequently reclassified as collectible because of an event that occurred after derecognition, the relevant amount is immediately recognised to profit or loss. The conwert Group also tests available-for-sale financial assets for objective signs of impairment as of every balance sheet date. For available-for-sale equity instruments, a significant or lasting decline in the fair value of the instrument below its acquisition cost would represent an objective indication of impairment. If there are any indications of impairment, an impairment charge is recognised to profit or loss at an amount equal to the difference between the acquisition cost and the current fair value. Debt instruments are considered to be impaired when the expected future cash flows are likely to be cancelled or delayed. If debt instruments classified as available for sale are considered to be impaired, interest is still recorded on the reduced carrying amount of the relevant asset based on the original effective interest rate; this interest is included under finance revenue. The reversal of impairment charges to equity instruments takes place through equity, and for debt instruments through profit or loss.
INTRO | MANAGEMENT REPORT | | FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Notes 2.4.8.2. FINANCIAL LIABILITIES INITIAL RECOGNITION Financial liabilities are initially recognised at fair value plus transaction costs. The costs for the procurement of financial liabilities are netted out with the relevant financial liability. Current financial liabilities comprise current loans and borrowings, trade accounts payable and other current financial liabilities. Non-current financial liabilities comprise non-current loans and borrowings, convertible bonds, financing contributions from tenants and other non-current financial liabilities. Additional information is provided under note 8.10. FINANCING CONTRIBUTIONS FROM TENANTS The financing contributions from tenants that are shown on the consolidated balance sheet are attributable to subsidised new residential construction. These payments must be refunded to the tenants when a lease is terminated, but the landlord has a right to receive a financing contribution from the new tenant when the object is let again, and the amounts are therefore recorded as noncurrent liabilities. The initial recognition of financing contributions from tenants reflects the actual amount received, while subsequent measurement includes index adjustments. The resulting amount represents the repayment amount of the obligation, which reflects fair value. SUBSEQUENT MEASUREMENT Subsequent measurement is based on amortised cost and includes the application of the effective interest rate method. The costs for the procurement of funds are released over the term of the financing and reported under financial results. DERECOGNITION OF FINANCIAL LIABILITIES A financial liability is derecognised when the underlying obligation is discharged, cancelled or expired. 2.4.8.3. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING INITIAL RECOGNITION Derivative financial instruments are used to minimise the risks associated with changes in interest rates. All derivative transactions are concluded with financial institutions that have first-class credit ratings. These financial instruments are initially recognised at market value and reported separately under other financial assets or other financial liabilities in accordance with their market valuation. Derivative financial instruments are classified as current or non-current based on the underlying contractual cash flows. Derivative financial instruments that were designated as hedges and are considered to be effective are classified in accordance with the underlying transaction. 63
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IMPRINT Owner, editor and publisher
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