Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...

130 Consolidated financial statements
Notes to the consolidated statement of financial position
Henkel Annual Report 2011
December 31, 2011
in million euros
Assets
Carrying
amount
December 31
Valuation according to IAS 39
Amortized cost Fair value Fair value
through other through
comprehensive
income
profit or loss
Fair value
December 31
Loans and receivables 4,330 4,330 – – 4,330
Trade accounts receivable 2,001 2,001 – – 2,001
Other financial assets 349 349 – – 349
Cash and cash equivalents 1,980 1,980 – – 1,980
Available for sale 381 19 362 – 381
Other financial assets 381 19 362 – 381
Held for trading
Derivative financial instruments not included in a designated
8 – – 8 8
hedging relationship
Derivative financial instruments included in a designated hedging
8 – – 8 8
relationship 256 – – 256 256
Total 4,975 4,349 362 264 4,975
Liabilities
Amortized cost 6,387 6,387 – – 6,316
Trade accounts payable 2,411 2,411 – – 2,411
Borrowings with no financial statement hedging relationship 363 363 – – 363
Borrowings with a financial statement hedging relationship 3,550 3,550 – – 3,479
Other financial liabilities 63 63 – – 63
Held for trading
Derivative financial instruments not included in a designated
24 – – 24 24
hedging relationship
Derivative financial instruments included in a designated hedging
24 – – 24 24
relationship 51 – 51 – 51
Total 6,462 6,387 51 24 6,391
The following hierarchy is applied in order to determine and
disclose the fair value of financial instruments:
• Level 1: Fair values which are determined on the basis of
quoted, unadjusted prices in active markets.
• Level 2: Fair values which are determined on the basis of
parameters for which either directly or indirectly derived
market prices are available.
• Level 3: Fair values which are determined on the basis of
parameters for which the input factors are not derived from
observable market data.
The securities categorized within the Henkel Group as
available for sale and measured at fair value fall under
fair value hierarchy level 1, while derivative financial
instruments fall under fair value hierarchy level 2.
Net gains and losses from financial instruments by category
The net gains and losses from financial instruments can
be allocated to the following categories:
Net results of the measurement categories and reconciliation
to financial result
in million euros 2010 2011
Loans and receivables 52 66
Available for sale
Held for trading including derivatives in a
5 9
designated hedging relationship – 37 43
Financial liabilities measured at amortized cost –230 –220
Total net results – 210 –102
Foreign exchange effects
Interest expense of pension provisions
less expected return from plan assets and
58 –59
reimbursement rights
Other financial result
–10 5
(not related to financial instruments) – 9 1
Financial result – 171 –155