Annual Report 2012 - ORCO Germany

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F in a n c ia l in s tru m e n ts
3 1 D e c e m b e r 2 0 1 1
L o a n s a n d R e c e iv a b le s
A s s e t a t fa ir v a lu e
th ro u g h p ro fit o r
lo s s
3 1 D e c e m b e r
2 0 1 1
F in a n c ia l a s se ts a t fa ir va lu e th ro u g h p r o fit o r lo s s - 1 ,2 1 6 1 ,2 1 6
C u rre n t fin a n c ia l a s s e ts 27 - 27
T ra d e a n d o th e r re c e iva b le s 3 9 ,7 0 7 - 3 9 ,7 0 7
N o n c u rr e n t lo a n s a n d re c e iva b le s - 2 5 ,0 5 1 2 5 ,0 5 1
C a sh a n d ca sh e q u iva le n t 1 4 ,7 9 7 - 1 4 ,7 9 7
F in a n c ia l A s s e ts 5 4 ,5 3 1 2 6 ,2 6 7 8 0 ,7 9 8
O th e r fin a n c ia l
lia b ilitie s a t a m o rtis e d
c o s t
L ia b ilitie s a t fa ir v a lu e
th ro u g h p ro fit o r lo s s
T O T A L
F in a n c ia l d e b ts a n d b o n d s 5 4 5 ,2 6 0 - 5 4 5 ,2 6 0
D e riv a tive s - 2 9 ,8 4 2 2 9 ,8 4 2
T ra d e a n d o th e r p a yab le s 4 ,4 6 5 - 4 ,4 6 5
F in a n c ia l L ia b ilitie s 5 4 9 ,7 2 5 2 9 ,8 4 2 5 7 9 ,5 6 7
Financial instruments
31 December 2011
Loans and Receivables
Asset at fair value
through profit or
loss
31 December
2011
Financial assets at fair value through profit or loss - 1,216 1,216
Current financial assets 27 - 27
Trade and other receivables 43,707 - 43,707
Non current loans and receivables - 25,051 25,051
Cash and cash equivalent 14,797 - 14,797
Financial Assets 58,531 26,267 84,798
Other financial
liabilities at amortised
cost
Liabilities at fair value
through profit or loss
TOTAL
Financial debts and bonds 545,260 - 545,260
Derivatives - 29,842 29,842
Trade and other payables 4,465 - 4,465
Financial Liabilities 549,725 29,842 579,567
4. Critical accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
4.1. Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related
actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are disclosed below.
(a) Assessment of the going concern (see note 2.1.1)
(b)
Estimate of fair value of investment properties
The best evidence of fair value is current prices in an active market for similar assets. In the absence of such information, the Group determines the
amount within a range of reasonable fair value estimates. In making its judgment, the Group considers information from a variety of sources including:
- Current prices in an active market for properties of different nature, condition or location (or subject to different lease or other
contracts), adjusted to reflect those differences;
- Recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the
date of the transactions that occurred at those prices; and
- Discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and
other contracts and (where possible) from external evidence such as current market rents for similar properties in the same location
and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the
cash flows.
If information on current or recent prices is not available, the fair values of investment properties are determined using discounted cash flow valuation
techniques. A cash flow period of 10 years is taken into consideration and is based on an estimate of the future potential net income generated by use
of the properties. The Group uses assumptions that are mainly based on market conditions existing at each balance sheet date.
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 22