Airbus 2015 Annual Report Download - page 253

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 71 l
Notes to the IFRSConsolidatedFinancialStatements
2.
2.7 Capital Structure and Financial Instruments
31December 2014 Fair value through
profit or loss
Fair value
for hedge
relations Available- for-sale
Loans and receivables
and financial liabilities
at amortised cost Other(3)
Financial
instruments
total
(In € million)
Held for
trading Designated Fair value Fair value Amortised cost Fair value Book value Fair value
Assets         
Other investments and other
long-term financial assets       
 Equity investments(1)(2) 0 0 0 617 0 0 0 617 617
 Customer financings(3) 0 0 0 0 426 426 17 443 443
 Other loans 0 0 0 0 876 876 0876 876
Trade receivables 0 0 0 0 6,798 6,798 06,798 6,798
Other financial assets       
 Derivative instruments(6) 266 0444 0 0 0 0 710 710
 Non-derivative instruments 0 0 0 0 1,040 1,040 01,040 1,040
Securities 0 4 0 9,168 0 0 0 9,172 9,172
Cash and cash equivalents 03,261 01,744 2,266 2,266 07, 271 7,271
Total 266 3,265 444 11,529 11,406 11,406 17 26,927 26,927
Liabilities       
Financing liabilities       
 Issued bonds and
commercial papers 0 0 0 0 (3,918) (4,227) 0(3,918) (4,227)
 Liabilities to banks and
other financing liabilities 0 0 0 0 (3,235) (3,291) 0(3,235) (3,291)
 Finance lease liabilities(4) 0 0 0 0 0 0 (198) (198) (198)
Other financial liabilities       
 Derivative nstruments(7)
i (370) 0(5,133) 0 0 0 0 (5,503) (5,503)
 European Governments
refundable advances(5) 0 0 0 0 (6,528) (6,528) 0(6,528) (6,528)
 Other (137) 0 0 0 (1,234) (1,234) 0(1,371) (1,371)
Trade liabilities 0 0 0 0 (10,183) (10,183) 0(10,183) (10,183)
Total (507) 0(5,133) 0(25,098) (25,463) (198) (30,936) (31,301)
(1) Other than those accounted for under the equity method.
(2) For certain unlisted equity investments price quotes are not available and fair values may not be reliably measurable using valuation techniques because the range of reasonable
fair value estimates is significant and the probabilities of the various estimates within the range cannot be reasonably assessed. These equity investments are accounted for
at cost, and their fair values as reported in the table above equal their carrying amounts. As of 31December 2014, the aggregate carrying amount of these investments was
€ 409million.
(3) This includes finance lease receivables, which are not assigned to an IAS39 measurement category, but reported as “other”.
(4) Finance lease liabilities are accounted for in accordance with IAS17 in a manner that is similar, though not identical in all respects, to amortised-cost accounting under IAS39.
They are therefore assigned to the category “other”.
(5) The European Governments refundable advances of € 6,528million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature
and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the
various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production.
(6) This includes credit value adjustments of € -18million, of which € -7million is recognised in OCI.
(7) This includes debit value adjustments of € 31million, of which € 18million is recognised in OCI.
Fair Value Hierarchy
Fair value of financial instruments — The fair value of quoted
investments is based on current market prices. If the market
for financial assets is not active, or in the case of unlisted
financial instruments, the Group determines fair values by
using generally accepted valuation techniques on the basis
of market information available at the end of the reporting
period. Derivative instruments are generally managed on the
basis of the Group’s net exposure to the credit risk of each
particular counterparty and fair value information is provided
to the Group’s key management personnel on that basis.
Forthese derivative instruments, the fair value is measured
based on the price that would be received to sell a net long
position, or transfer a net short position, for a particular credit
risk exposure as further described below.
Depending on the extent the inputs used to measure fair values
rely on observable market data, fair value measurements may
be hierarchised according to the following levels of input:
 Level1: quoted prices (unadjusted) in active markets for
identical assets and liabilities.
Financial Statements 2015
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Annual Report 2015 Financial Statements 2015
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