Merck 2008 Annual Report Download - page 137
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The net results of financial instruments by category are as follows:
2008 in € million
Interest Subsequent measurement
Disposal
gains/lossesWrite-downs Write-up
Loans and receivables 29.5 –10.1 5.2 –
Assets of the category
Held to maturity 3.8 – – 1.1
Available for sale 2.1 – – –0.2
Held for trading – –29.7 – –
Liabilities of the category
Carried at amortized cost –68.1 – – –
Held for trading – – – –
2007 in € million
Loans and receivables 40.9 –10.0 17.9 –
Assets of the category
Held to maturity 3.4 – – 0.1
Available for sale 17.3 – – 2.8
Held for trading – – – –
Liabilities of the category
Carried at amortized cost –251.1 – – –
Held for trading – – – –
In 2008, exchange rate gains of € 11.4 million resulting from receivables and payables
in operating business were recognized (2007: € 3.8 million). Expenses totaling € 18.2
million were recorded for hedging transactions in operating business (2007: income of
€ 7.7 million). Exchange rate losses of € 18.4 million (2007: exchange rate gains of
€ 8.5 million) were booked for financial receivables/payables. A loss of € 23.5 million
(2007: € 2.5 million) was booked for hedging of financing transactions.
The interest expense of the bond has been made variable through interest rate
swaps. The fair value measurement of the bond led to an expense of € 27.4 million
(2007: € 6.7 million). This was offset by the same amount of income from an interest
rate swap.
[41] Contingent liabilities
€ million
Dec. 31,
2008
thereof
subsidiaries
Dec. 31,
2007
thereof
subsidiaries
Bills endorsed and in circulation 0.1 – 0.1 –
Guarantees 71.2 – 57.4 –
Warranties 1.4 – 0.7 –
Other contingent liabilities 27.8 – 34.1 –
132 | Merck Annual Report 2008