Mercedes 2015 Annual Report Download - page 244

E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 251
Financial assets recognized at fair value through profit or loss
include derivative financial instruments not used in hedge
accounting. These financial instruments as well as derivative
financial instruments used in hedge accounting comprise:
– derivative currency hedging contracts; the fair values
of cross currency interest rate swaps are determined on the
basis of the discounted estimated future cash flows using
market interest rates appropriate to the remaining terms of
the financial instruments. The valuation of currency forwards
is based on market quotes of forward curves; currency
options were measured using price quotations or option
pricing models using market data.
– derivative interest rate hedging contracts; the fair values
of interest rate hedging instruments (e.g. interest rate swaps)
are calculated on the basis of the discounted estimated
future cash flows using the market interest rates appropriate
to the remaining terms of the financial instruments.
– derivative commodity hedging contracts; the fair values
of commodity hedging contracts (e.g. commodity forwards)
are determined on the basis of current reference prices
with consideration of forward premiums and discounts.
Other receivables and assets are carried at amortized
cost. Because of the predominantly short maturities
of these financial instruments, it is assumed that the fair
values approximate the carrying amounts.
Financing liabilities
The fair values of bonds, loans, commercial paper, deposits
in the direct banking business and liabilities from ABS transac-
tions are calculated as present values of the estimated future
cash flows. Market interest rates for the appropriate terms are
used for discounting.
Trade payables
Due to the short maturities of these financial instruments,
it is assumed that their fair values are equal to the carrying
amounts.
Carrying amounts and fair values of financial instruments
At December 31, 2015 At December 31, 2014
Carrying
amount Fair value
Carrying
amount Fair value
In millions of euros
Financial assets
Receivables from financial services 73,514 73,837 61,679 62,057
Trade receivables 9,054 9,054 8,634 8,634
Cash and cash equivalents 9,936 9,936 9,667 9,667
Marketable debt securities
Available-for-sale financial assets 8,273 8,273 6,634 6,634
Other financial assets
Available-for-sale financial assets 3,049 3,049 2,269 2,269
thereof equity instruments measured at fair value 2,303 2,303 1,647 1,647
thereof equity instruments measured at cost 746 746 622 622
Financial assets recognized at fair value through profit or loss 203 203 97 97
Derivative financial instruments used in hedge accounting 1,363 1,363 1,296 1,296
Other receivables and financial assets 2,839 2,839 2,325 2,325
108,231 108,554 92,601 92,979
Financial liabilities
Financing liabilities 101,142 101,759 86,689 88,043
Trade payables 10,548 10,548 10,178 10,178
Other financial liabilities
Financial liabilities recognized at fair value through profit or loss 263 263 359 359
Derivative financial instruments used in hedge accounting 3,120 3,120 2,317 2,317
Miscellaneous other financial liabilities 8,977 8,977 8,030 8,030
124,050 124,667 107,573 108,927
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