Annual Report 2012 - Indesit

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Consolidated financial statements at 31 December 2012 – Notes 31.12.2012 (million euro) Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value upon initial measurement Financial liabilities held for trading Other financial liabilities measured at amortised cost Hedging Instruments Total carrying amount Total fair value Medium/long-term financial liabilities - - 219.1 13.2 232.3 232.3 Trade payables - - 844.8 - 844.8 844.8 Banks and other medium/long-term financial liabilities - - 190.4 7.4 197.8 197.8 Total 1,274.9 1,274.9 31.12.2011 (million euro) Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value upon initial measurement Financial liabilities held for trading Other financial liabilities measured at amortised cost Hedging Instruments Total carrying amount Total fair value Medium/long-term financial liabilities - - 236.9 9.5 246.3 246.3 Trade payables - - 788.8 - 788.8 788.8 Banks and other medium/long-term financial liabilities - - 212.5 16.2 228.7 228.7 Total 1,263.8 1,263.8 102
Consolidated financial statements at 31 December 2012 – Notes Financial assets and liabilities measured at amortized cost Trade receivables and payables, restricted deposits, bank borrowing, loans, bonds and other assets and liabilities are measured at amortized cost (e.g. receivables sold and finance lease liabilities). Pursuant to IFRS 7, the fair value of these captions is reassessed by calculating the present value of the contractually-expected flows of principal and interest, based on the yield curve for government securities at the valuation date. In particular, the fair value of long-term financial liabilities is determined using the risk-free curve, as adjusted to take account of the Group’s credit rating. Although the US Private Placement bonds fall into the category of financial liabilities measured at amortized cost, they are actually recognised at fair value. This is determined with reference solely to the hedged risk factors, using the accounting rules applicable to fair value hedges. The interest rate and exchange rate risks associated with these bonds have in fact been hedged by the Group using the specific derivative instruments described in the note on financial instruments. The carrying value of trade receivables and payables is a reasonable approximation of their fair value. Financial assets and liabilities measured at fair value The financial instruments arranged for hedging and trading purposes (operational hedges) are measured at fair value. Information about the determination of fair value is provided in the section on “Derivative financial instruments outstanding at year end”. 103
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Annual Report 2012
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Indesit Company S.p.A. Registered O
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Report on operations at 31 December
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