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 |