Annual Report 2009 - Husqvarna Group

64 Husqvarna Annual Report 2009 Notes
Amounts in SEKm unless otherwise stated.
Cont. Note 2
All financial assets and liabilities reported at fair value are
held in the category financial assets and liabilities through
profit and loss. To determine the fair value of those financial
assets and liabilities fair value hierarchy Level 2 have been
applied whereby future cash flows have been discounted
using current quoted market interest rates and currency rates
for similar instruments.
Changes in credit spreads have been disregarded when
determining fair value of financial leases.
For financial instruments such as trade receivables, trade
payables and other non-interest bearing assets and liabilities,
booked at accrued acquisition value less any depreciation,
the fair value is determined as corresponding to the carrying
amount.
2009 2008
Carrying
amount
Fair value
Carrying
amount
Fair value
Financial assets
Financial assets held for trading valued at fair value
– of which currency derivatives where hedge accounting is
not applied 15 15 376 376
– of which currency derivatives where hedge accounting for cash
flow hedges is applied 62 62 260 260
– of which interest derivatives where hedge accounting for cash
flow hedges is applied 8 8 0 0
– of which currency derivatives where hedge accounting for net
investment in foreign currency is applied 82 82 271 271
Financial assets available for sale
Loans and receivables
Trade receivables 3,385 3,385 4,184 4,184
Other receivables 339 339 364 364
Cash and bank and short-term investments 2,578 2,578 1,828 1,828
Total financial assets 6,469 6,469 7,283 7,283
Financial liabilities
Financial liabilities that are held for trading at fair value
– of which derivatives where hedge accounting is not applied 158 158 1,736 1,736
– of which currency derivatives where hedge accounting for cash
flow hedges is applied 120 120 302 302
– of which interest derivatives where hedge accounting for cash
flow hedges is applied 19 19 0 0
– of which currency derivatives related to net investments in foreign
currency where hedge accounting is applied 202 202 396 396
Other financial liabilities
Trade payables 2,854 2,854 3,280 3,280
Other liabilities 151 151 200 200
Financial leases 344 409 386 483
Loans 8,251 8,190 13,467 13,052
Total financial iabilities 12,099 12,103 19,767 19,449
Parent Company
As previously mentioned, Husqvarna Group Treasury performs
mainly all financial risk management within the Parent Company.
The description of the financial risks and pos itions is,
consequently, also relevant for the Parent Company. The main
difference concerns all Group internal transactions that are
eliminated on the Group level.