Audi 2015 Annual Report Download - page 266

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
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35.4 / RECONCILIATION STATEMENT FOR FINANCIAL INSTRUMENTS MEASURED ACCORDING TO LEVEL 3
EUR million 2015 2014 1)
Positive fair values of level 3 derivative financial instruments as of Jan. 1 18 31
Income (+) and expense (–) recognized in the financial result –1 +1
Income (+) and expense (–) recognized in other comprehensive income +0 +2
Settlements –6 – 11
Transfer from level 3 to level 2 0 –4
Positive fair values of level 3 derivative financial instruments as of Dec. 31 11 18
Income (+) and expense (–) recognized in the financial result from level 3
derivative financial instruments still held at Dec. 31 –1 +1
1) The previous year was adjusted to take account of the other participations.
EUR million 2015 2014 1)
Negative fair values of level 3 derivative financial instruments as of Jan. 1 227 176
Income (–) and expense (+) recognized in the financial result +108 + 101
Income (–) and expense (+) recognized in other comprehensive income +1 +3
Settlements – 99 – 47
Transfer from level 3 to level 2 – 15 –6
Negative fair values of level 3 derivative financial instruments as of Dec. 31 222 227
Income (–) and expense (+) recognized in the financial result from level 3
derivative financial instruments still held at Dec. 31 + 108 + 101
1) The previous year was adjusted to take account of the other participations.
The residual value hedging model is categorically allocated to
level 3. The transfer from level 3 to level 2 contains commodity
futures for whose measurement it is no longer necessary to
extrapolate the exchange rates because they can now be
observed again on the active market.
The effects of changes in the market price of used cars resulting
from hedging arrangements are shown in detail under Note 36.4,
“Market risks.”
Opportunities and risks resulting from the fair value fluctua-
tions in derivative financial instruments measured according to
level 3 are calculated within the Audi Group by means of sensi-
tivity analyses. In this way, the effects of changes in commodity
price listings on profit after tax and equity are simulated.
A 10 percent rise or fall in the commodity prices of commodity
futures measured according to level 3 at December 31, 2015
would have no impact on equity (previous year: EUR 1 million).
The positive or negative effect on profit after tax of such a rise
or fall would be EUR 1 (6) million.
35.5 / FINANCIAL INSTRUMENTS MEASURED AT COST
EUR million Dec. 31, 2015 Level 1 Level 2 Level 3
Trade receivables 4,097 – 4,097 –
Other financial assets 2,345 – 2,345 –
Cash funds 12,375 7,218 5,156 –
Fair values of financial assets measured at amortized cost 18,816 7,218 11,598 –
Trade payables 7,204 – 7,204 –
Financial liabilities 1,885 – 1,885 –
Other financial liabilities 4,315 – 4,315 –
Fair values of financial liabilities measured at amortized cost 13,403 – 13,403 –