pdf (22.8 MB) - METRO Group

METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe BalanCe sHeeT
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.
31/12/2010 31/12/2011
→ p. 233
€ million
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets
held for trading
Derivative financial instruments not part
147 117 30 0 98 81 17 0
of a hedge under Ias 39
Available for sale
30 0 30 0 17 0 17 0
securities1 117 117 0 0 81 81 0 0
Liabilities
held for trading
Derivative financial instruments not part
20 0 20 0 20 0 20 0
of a hedge under Ias 39 20 0 20 0 20 0 20 0
Total 127 117 10 0 78 81 –3 0
1 adjustment due to revised disclosure in the financial year 2010
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:
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.