Shareholders' Letter
Shareholders' Letter
Shareholders' Letter
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Carrying amount<br />
At fair value<br />
through<br />
Loans and Held-to- Available- profit Financial Fair<br />
In CHF million, restated receivables maturity for-sale or loss liabilities value<br />
31 December 2009<br />
Cash and cash equivalents 532 – – – – 532<br />
Trade and other receivables 2,926 – – – – 2,926<br />
Other financial assets<br />
Term deposits with maturities over 90 days 103 – – – – 103<br />
Other loans and receivables 465 – – – – 451<br />
Held-to-maturity financial assets – 8 – – – 9<br />
Available-for-sale financial assets – – 26 – – 23<br />
Derivative financial instruments – – – – – –<br />
Total financial assets 4,026 8 26 – – 4,044<br />
Money market borrowings – – – – 300 300<br />
Bank loans – – – – 2,570 2,575<br />
Debenture bonds – – – – 4,801 5,080<br />
Private placements – – – – 1,523 1,588<br />
Financial liabilities from cross-border lease agreements – – – – 15 16<br />
Finance lease liabilities – – – – 695 1,193<br />
Other interest-bearing financial liabilities – – – – 135 135<br />
Other non-interest-bearing financial liabilities – – – – 28 28<br />
Derivative financial instruments – – – 152 – 152<br />
Trade and other payables – – – – 2,314 2,314<br />
Total financial liabilities – – – 152 12,381 13,381<br />
Fair value hierarchy<br />
The fair value hierarchy has the following three levels:<br />
> Level 1: stock-exchange quoted prices in active markets for identical assets or liabilities<br />
> Level 2: other factors which are observable on markets for assets and liabilities, either directly<br />
or indirectly<br />
> Level 3: factors that are not based on observable market data<br />
In CHF million Level 1 Level 2 Level 3 Total<br />
31 December 2010<br />
Available-for-sale financial assets 4 – 17 21<br />
Derivative financial assets – 24 – 24<br />
Derivative financial liabilities – 199 – 199<br />
31 December 2009<br />
Available-for-sale financial assets – – 4 4<br />
Derivative financial liabilities – 152 – 152<br />
In addition, available-for-sale financial assets as of 31 December 2010 with a carrying amount of<br />
CHF 11 million (prior year: CHF 22 million) were accounted for at cost. The level-3 assets consist<br />
of investments in various investment funds. The fair value was arrived at using a valuation model.<br />
In 2009 and 2010, there were no reclassifications between the various levels.
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