Daimler Annual Report 2011 - Alle jaarverslagen

7 | Consolidated Financial Statements | Notes to the Consolidated Financial Statements
30. Financial instruments
Carrying amounts and fair values of financial instruments
Table 7.68 shows the carrying amounts and fair values
of the Group’s financial instruments. The fair value of a financial
instrument is the price at which a party would accept
the rights and/or obligations of that financial instrument from
another independent party. Given the varying influencing
factors, the reported fair values can only be viewed as indicators
of the prices that may actually be achieved on the market.
The fair values of financial instruments were calculated on
the basis of market information available on the balance
sheet date. The following methods and premises were used:
Receivables from financial services. The fair values
of receivables from financial services with variable interest
rates are estimated to be equal to the respective carrying
amounts because the interest rates agreed and those available
on the market do not significantly differ. The fair values of
receivables from financial services with fixed interest rates are
determined on the basis of discounted expected future cash
flows. The discounting is based on the current interest rates
at which similar loans with identical terms could have been
borrowed as of December 31, 2011 and December 31, 2010.
Trade receivables and cash and cash equivalents.
Due to the short terms of these financial instruments,
it is assumed that their fair values are equal to the carrying
amounts.
7.68
Carrying amounts and fair values of financial instruments
In millions of euros
At December 31, 2011 At December 31, 2010
Carrying
Carrying
amount Fair value amount Fair value
Financial assets
Receivables from financial services 45,567 45,786 41,030 41,107
Trade receivables 7,849 7,849 7,192 7,192
Cash and cash equivalents 9,576 9,576 10,903 10,903
Marketable debt securities
Available-for-sale financial assets 2,281 2,281 2,096 2,096
Other financial assets
Available-for-sale financial assets 1 1,940 1,940 2,199 2,199
Financial assets recognized at fair value through profit or loss 350 350 731 731
Derivative financial instruments used in hedge accounting 559 559 816 816
Other receivables and assets 2,115 2,115 1,695 1,695
70,237 70,456 66,662 66,739
Financial liabilities
Financing liabilities 62,167 63,494 53,682 55,419
Trade payables 9,515 9,515 7,657 7,657
Other financial liabilities
Financial liabilities recognized at fair value through profit or loss 866 866 1,150 1,150
Derivative financial instruments used in hedge accounting 1,285 1,285 858 858
Miscellaneous other financial liabilities 7,542 7,542 8,501 8,501
81,375 82,702 71,848 73,585
1 Includes equity interests measured at cost whose fair value can not be determined with sufficient reliability (2011: €640 million; 2010: €714 million).
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