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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs
Financial liabilities
according to Ias 39, financial liabilities that do not represent
liabilities from finance leases are assigned to one of the following
categories:
→ “at fair value through profit or loss” (“held for trading”)
→ “other financial liabilities”
The first-time recognition of financial liabilities and subsequent
measurement of financial liabilities “held for trading”
is effected based on the same stipulations as for financial
assets.
The category “other financial liabilities” comprises all financial
liabilities that are not “held for trading”. They are carried
at amortised cost based on the effective interest method as
the fair value option is not applied within MeTRo GRoUp.
Financial liabilities designated as the hedged item in a fair
value hedge are carried as liabilities at their fair value. The
fair values indicated for the financial liabilities have been
determined on the basis of the interest rates prevailing on
the closing date for the remaining terms and redemption
structures.
In principle, financial liabilities from finance leases are carried
at the present value of future minimum lease payments.
a financial liability is derecognised only when it has expired,
that is, when the contractual obligations have been redeemed
or annulled or have expired.
Other liabilities
Other liabilities are carried at their settlement amounts
unless they represent derivative financial instruments or
commitments to stock tender rights, which are recognised at
fair value under Ias 39.
Deferred income comprises transitory deferrals.
Trade liabilities
Trade liabilities are recognised at amortised cost.
→ p. 197
Contingent liabilities
Contingent liabilities are, on the one hand, potential obligations
arising from past events whose existence is confirmed
only by the occurrence or non-occurrence of uncertain future
events that are not entirely under the Company’s control. on
the other hand, contingent liabilities represent current obligations
arising from past events for which, however, an outflow
of resources is not considered probable or whose size
cannot be determined with sufficient certainty. according to
Ias 37, such liabilities should not be recognised in the balance
sheet but disclosed in the notes.
Accounting for derivative financial instruments and hedge
accounting
Derivative financial instruments are exclusively used to
reduce risks. They are used in accordance with the respective
Group guideline.
In accordance with Ias 39, all derivative financial instruments
are recognised at fair value and shown under other receivables
and assets or other liabilities.
Derivative financial instruments are measured on the basis of
interbank terms and conditions, possibly including the credit
margin or stock exchange price applicable to MeTRo GRoUp.
The median prices at the balance sheet date are applied.
Where no stock exchange prices are used, the fair value
is determined by means of acknowledged measurement
methods.
In the case of an effective hedge accounting transaction pursuant
to Ias 39, fair value changes of derivatives designated
as fair value hedges and the underlying transactions are
reported as a profit or loss. In cash flow hedges, the effective
portion of the fair value change of the derivative is carried in
equity without being reported as a profit or loss. a transfer
to the income statement is effected only when the underlying
transaction is realised. The ineffective portion of the
change in the value of the hedging instrument is immediately
reported as a profit or loss.