Print

Fair value hierarchy

Recurring measurement of

  31.12.2015 Level 1 Level 2 Level 3
Assets        
         
Derivative financial instruments 103,382 - 103,382 -
Held for trading 103,382 - 103,382 -
Forward foreign currency contracts 82 - 82 -
Energy trading transactions 103,300 - 103,300 -
         
Non-derivative financial instruments 125 - 125 -
Shares, bonds, other securities 125   125  

Recurring measurement of

  31.12.2015 Level 1 Level 2 Level 3
Liabilities        
         
Derivative financial instruments 98,068 - 98,068 -
Forward foreign currency contracts 1,663 - 1,663  
Energy trading transactions 77,154   77,154  
Interest rate swaps 19,251   19,251  
         
Financial instruments that are not measured at fair value 490,178 - 490,178 -
Received loans (incl. long term leasing) 490,178   490,178  
  31.12.2014 Level 1 Level 2 Level 3
  Restated*      
Assets        
         
Derivative financial instruments 132,013 - 132,013 -
Held for trading 132,013 - 132,013 -
Forward foreign currency contracts 198 - 198 -
Energy trading transactions 131,815 - 131,815 -
         
Non-derivative financial instruments 182 - 182 -
Shares, bonds, other securities 182 - 182 -
  31.12.2014 Level 1 Level 2 Level 3
  Restated*      
Liabilities        
         
Derivative financial instruments 138,625 - 138,625 -
Forward foreign currency contracts 263 - 263 -
Energy trading transactions 121,376 - 121,376 -
Interest rate swaps 16,986 - 16,986 -
         
Financial instruments that are not measured at fair value 617,231 - 617,231 -
Received loans (incl. long term leasing) 617,231 - 617,231 -

* See page 50

There are currently no indications for a one-time measurement of a fair value.

In the Repower Group, transfers of positions measured at fair value to and from a level generally take place at the end of the period. There were no transfers between levels at the end of 2015. There were no changes in the measurement methods nor were items measured at fair value shifted within the individual categories.

Change in positions reported under assets

The reconciliation calculation can be seen in the tables on page 92.

Change in positions reported under liabilities

The reconciliation calculation can be seen in the tables on page 93.

Basic measurement methods and assumptions

Fair values are determined by applying standard market measurement methods taking into account the market data available on the measurement date. The measurement methods and assumptions used to calculate fair values are as follows:

The price curves of the last trading day for the various products and maturities on stock exchanges or with brokers are incorporated into the measurement of the energy trading transactions (positive/negative replacement values of the held-for-trading positions) classified as Level 2. The replacement value is the difference in price compared to the closing price.

Observable currency curves of active markets are incorporated into the fair value measurement of forward exchange transactions. Interest rate differences between individual currencies are taken into account when determining the fair value.

Observable yield curves of active markets are incorporated into the fair value measurement of interest rate swaps.

A present value calculation is used to determine the fair value of the non-current loans. Observable capital market rates on active markets are used as input parameters and increased by Repower's observable credit risk. Loans in euros are converted to Swiss francs at the closing rate.

The table below shows the financial assets that were netted as well as enforceable global netting agreements and similar agreements:

  31.12.2015 31.12.2014 31.12.2015 31.12.2014
        Restated*
  Receivables / other current liabilities Receivables / other current liabilities Positive / negative replacement values Positive / negative replacement values
         
Assets        
Gross amount of financial assets before offsetting 517,617 806,014 221,469 252,950
Gross amount of financial liabilities that have been offset with financial assets in the balance sheet -126,590 -313,968 -118,169 -121,135
Net amount of financial assets in the balance sheet 391,027 492,046 103,300 131,815
         
Net amount 391,027 492,046 103,300 131,815
  31.12.2015 31.12.2014 31.12.2015 31.12.2014
        Restated*
  Other current liabilities / receivables Other current liabilities / receivables Negative / positive replacement values Negative / positive replacement values
         
Liabilities        
Gross amount of financial liabilities before offsetting -494,614 -754,947 -195,323 -242,511
Gross amount of financial assets that have been offset with financial liabilities in the balance sheet 126,590 313,968 118,169 121,135
Net amount of financial liabilities in the balance sheet -368,024 -440,979 -77,154 -121,376
         
Net amount -368,024 -440,979 -77,154 -121,376