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<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET 31/12/2009 Balance sheet valuation 1 → p. 198 Fair value Fair value affecting not affecting € million Book value (Amortised) cost income income Fair value Assets 33,282 n/a n/a n/a n/a Loans and receivables 2,722 2,722 0 0 2,733 loans and advance credit granted 129 129 0 0 131 Receivables due from suppliers 1,359 1,359 0 0 1,359 Trade receivables 539 539 0 0 539 Other financial assets 695 695 0 0 704 Held to maturity 9 9 0 0 9 Held for trading derivative financial instruments not part of a hedge 35 0 35 0 35 under IAS 39 35 0 35 0 35 Available for sale 23 22 0 1 n/a Investments 22 22 0 0 n/a Securities Derivative financial instruments within hedges 1 0 0 1 1 under IAS 39 17 0 0 17 17 Cash and cash equivalents 3,996 3,996 0 0 3,996 Assets not classified under IFRS 7 26,480 n/a n/a n/a n/a Liabilities 33,282 n/a n/a n/a n/a Held for trading derivative financial instruments not part of a hedge 50 0 50 0 50 under IAS 39 50 0 50 0 50 Other financial liabilities 0 0 0 0 0 Other financial liabilities financial liabilities excl. finance leases 22,122 22,122 0 0 22,574 (incl. underlying hedging transactions under IAS 39) 6,118 6,118 0 0 6,578 Trade payables 14,174 14,174 0 0 14,174 Other financial liabilities Derivative financial instruments within hedges 1,830 1,830 0 0 1,822 under IAS 39 9 0 0 9 9 Assets not classified under IFRS 7 Unrealised profit (+)/loss (–) from total difference 11,101 n/a n/a n/a n/a between fair value and book value –441 1 Adjustment of previous year’s figures due to revised disclosure and consideration of credit spread
<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET due to their mostly short terms, the fair values of receivables due from suppliers, trade receivables and cash and cash equivalents essentially correspond to their book values. The measurement of the fair value of bonds, promissory note loans and bank loans is based on the market interest rate curve following the zero coupon method without consideration of credit spreads. The amounts comprise the interest prorated to the closing date. € million 31/12/2010 31/12/2009 → p. 199 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets 32 2 30 0 36 1 35 0 Held for trading The fair values of all other financial assets and liabilities that are not listed on an exchange correspond to the present value of payments underlying these balance sheet items. The calculation was based on the applicable country-specific yield curves as of the closing date. The following table depicts the financial instruments that are recognised at fair value in the balance sheet. These are classified into a three-level fair value hierarchy whose levels reflect the degree of closeness to the market of the data used in the determination of the fair values: derivative financial instruments not part of a hedge under IAS 39 Available for sale 30 0 30 0 35 0 35 0 Securities 2 2 0 0 1 1 0 0 Liabilities Held for trading derivative financial instruments not part 20 0 20 0 50 0 50 0 of a hedge under IAS 39 20 0 20 0 50 0 50 0 Total 12 2 10 0 –14 1 –15 0 The measurement of securities (level 1) is carried out based on quoted market prices on active markets. Interest rate swaps and forex transactions (all level 2) are measured using the mark-to-market method based on quoted exchange rates and market yield curves. The fair value of commodity derivatives (level 2) is calculated as the average of the past month’s price noted on the exchange. No transfers between levels 1 and 2 were effected during the reporting period.
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