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DES - Online Annual Report 2009

Other disclosures:
30. Financial instruments and risk management

Carrying amounts, valuations and fair values according to measurement category

    Balance sheet amount in line with IAS 39 Balance sheet amount in line with IAS 39
in € thousands Measurement category pursuant to IAS 39 Carrying amount 31 Dec 2009 Amortised cost Cost Fair value reported in equity Fair value recognised in income Fair value 31 Dec 2009 Carrying amount 31 Dec 2008 Amortised cost Cost Fair value reported in equity Fair value recognised in income Fair value 31 Dec 2008
* Corresponds to level 2 of the IFRS 7 fair value hierarchy
Financial assets                          
Non-current financial assets AfS 24,756   15,381 9,375*   24,756 30,316 3,145 15,381 11,790*   30,316
Trade receivables LaR 2,557 2,557       2,557 2,717 2,717       2,717
Other assets LaR 1,807 853   954   1,807 2,093 1,034   1,059   2,093
Other financial investments HtM 1,600 1,600       1,600 1,740 1,740       1,740
Cash and cash equivalents LaR 81,914 81,914       81,914 41,671 41,671       41,671
                           
Financial liabilities                          
Bank loans and overdrafts FLAC 934,195 934,195       968,000 899,808 899,808       940,764
Right to redeem of limited partners FLAC 123,035 123,035       123,035 117,320 117,320       117,320
Trade payables FLAC 1,071 1,071       1,071 3,039 3,039       3,039
Other liabilities FLAC 22,893 3,392   19,501*   22,893 25,001 10,455   14,546*   25,001
                           
Aggregated according to measurement category pursuant to IAS 39:                          
Loans and receivables (LaR)   86,278 85,324   954   86,278 46,481 45,422   1,059   46,481
Available for sale (AfS)   24,756   15,381 9,375   24,756 30,316 3,145 15,381 11,790   34,056
Held to maturity (HtM)   1,600 1,600       1,600 1,740 1,740       1,740
Financial liabilities measured at amortised cost (FLAC)   1,081,194 1,061,693   19,501   1,114,999 1,045,168 1,030,622   14,546   1,086,124
    Balance sheet amount in line with IAS 39 Balance sheet amount in line with IAS 39
in € thousands Measurement category pursuant to IAS 39 Carrying amount 31 Dec 2009 Amortised cost Cost Fair value reported in equity Fair value recognised in income Fair value 31 Dec 2009 Carrying amount 31 Dec 2008 Amortised cost Cost Fair value reported in equity Fair value recognised in income Fair value 31 Dec 2008
* Corresponds to level 2 of the IFRS 7 fair value hierarchy
Financial assets                          
Non-current financial assets AfS 24,756   15,381 9,375*   24,756 30,316 3,145 15,381 11,790*   30,316
Trade receivables LaR 2,557 2,557       2,557 2,717 2,717       2,717
Other assets LaR 1,807 853   954   1,807 2,093 1,034   1,059   2,093
Other financial investments HtM 1,600 1,600       1,600 1,740 1,740       1,740
Cash and cash equivalents LaR 81,914 81,914       81,914 41,671 41,671       41,671
                           
Financial liabilities                          
Bank loans and overdrafts FLAC 934,195 934,195       968,000 899,808 899,808       940,764
Right to redeem of limited partners FLAC 123,035 123,035       123,035 117,320 117,320       117,320
Trade payables FLAC 1,071 1,071       1,071 3,039 3,039       3,039
Other liabilities FLAC 22,893 3,392   19,501*   22,893 25,001 10,455   14,546*   25,001
                           
Aggregated according to measurement category pursuant to IAS 39:                          
Loans and receivables (LaR)   86,278 85,324   954   86,278 46,481 45,422   1,059   46,481
Available for sale (AfS)   24,756   15,381 9,375   24,756 30,316 3,145 15,381 11,790   34,056
Held to maturity (HtM)   1,600 1,600       1,600 1,740 1,740       1,740
Financial liabilities measured at amortised cost (FLAC)   1,081,194 1,061,693   19,501   1,114,999 1,045,168 1,030,622   14,546   1,086,124

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Non-current financial assets includes an investment defined as available-for-sale, which was reported in equity on the balance sheet date.

Investments measured using the equity method are reported at fair value. Any write-downs in the period under review are recognised in net profit or loss for the period.

Trade receivables, other assets and cash and cash equivalents have predominantly short residual terms, unlike interest rate swaps, which are recognised at their present value. The carrying amounts thus correspond to the fair value. The change in the present value of the long-term interest rate swap recognised was €106 thousand.

Other assets and other financial investments include non-current amounts which have been recognised at present value, taking into account the interest and market price parameters applicable on the reporting date.

Bank loans and overdrafts have long-term durations and are recognised at amortised cost. The fair value for Group loans is given in the notes under item 12 “Bank loans and overdrafts”. In total, interest expense of €49,680 thousand is included in net finance costs.

Trade payables and other liabilities with the exception of interest rate swaps – which are recognised at present value – usually have short residual terms. The carrying amounts thus correspond to the fair value.

Other liabilities include non-current amounts which have been recognised at present value, taking into account the interest and market price parameters applicable on the reporting date.

Interest from financial instruments is reported in net finance costs. The profit/loss share of minority shareholders of €8,164 thousand is also included in net finance costs.

Impairment charges on receivables are reported in property operating costs.

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