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14. aDDItIonal DIsclosures on FInancIal Instruments Financial instruments that are measured at market value in the balance sheet were determined
using the following hierarchy:
t.32
t.1
Measurement
Categories
Under IAS 39
Carrying
Carrying
amount Fair Value amount Fair Value
2012 2012 2011 2011
€ million € million € million € million
assets
Cash and Cash Equivalents 1) LAR 407.3 407.3 448.2 448.2
Trade receivables LAR 507.0 507.0 533.1 533.1
Other current financial assets LAR 24.5 24.5 16.1 16.1
Derivatives with hedging
relationship (Fair Value)
Derivatives without hedging
relationship (Fair Value)
n.a.
n.a.
Loans LAR 0.8 0.8 1.9 1.9
Other non-current financial
assets LAR 16.1 16.1 17.0 17.0
liabilities
Liabilities to banks 2) OL 44.1 44.1 35.1 35.1
Trade payables OL 376.1 376.1 431.4 431.4
Purchase price liabilities OL 5.9 5.9 100.4 100.4
Liabilities from leases n.a. 0.2 0.2 0.3 0.3
Other financial liabilities. OL 98.0 98.0 54.1 54.1
Derivatives with hedging
relationship (Fair Value)
Derivatives without hedging
relationship (Fair Value)
n.a.
n.a.
total lar 955.7 955.7 1.016.3 1.016.3
total ol 524.1 524.1 621.0 621.0
1) LAR: Loans and Receivables; 2) OL: Other Liabilities
PUMA BUsiness And sUstAinABility RePoRt 2012
8.0
0.4
13.3
2.8
8.0
0.4
13.3
2.8
27.2
1.5
1.9
0.3
27.2
1.5
1.9
0.3
CONsOlidated FiNaNCial statemeNts
Level 1: Use of prices quoted on active markets for identical assets or liabilities.
Level 2: Use of input factors that do not involve the quoted prices stated under Level 1, but
can be observed for the asset or liability either directly (i.e., as price) or indirectly
(i.e., derivation of prices).
Level 3: Use of factors for the valuation of the asset or liability that are based on nonobservable
market data.
The market value of derivative assets or liabilities was determined on the basis of Level 2.
Cash and cash equivalents, trade receivables and other assets have a short residual maturity.
Accordingly, as of the reporting date the carrying amount approximates fair value.
Receivables are stated at nominal value, taking into account deductions for default risk.
Accordingly, as of the reporting date the carrying amount approximates fair value.
The fair value of other financial assets corresponds to their present value, taking into
account prevailing market interest rates. Other financial assets include € 18.6 million (previous
year: € 18.2 million) that were pledged as rental deposits.
Liabilities to banks can be terminated at any time and, thus, have a short maturity. Accordingly,
as of the reporting date the carrying amount approximates fair value.
Trade payables have a short residual maturity. The recognized values approximate fair
value.
Pursuant to the contracts entered into, purchase price liabilities associated with acquisitions
of business enterprises lead to prorated payments. The resulting nominal amounts
were discounted at a reasonable market interest rate, depending on the expected date of
payment. As of the end of the financial year the market interest rate only affects one company
and is 2.3% (previous year: between 2.3% and 3.4%).
The fair value of other financial liabilities is determined based on the present value, taking
into account the prevailing interest rate parameters.
The fair value of derivatives with hedging relationships as of the balance sheet date is
determined taking into account the prevailing market parameters. The discounted result
of the comparison of the forward price on the reporting date with the forward price on the
valuation date is included in the measurement.