pdf (2.5 MB) - METRO Group

METRO 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.