Merck 2014 Annual Report Download - page 247
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242 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
The changes of financial assets allocated to Level 3 and measured
at fair value were as follows:
€ million 2014 2013
Net book value as of January 1 – –
Additions due to the acquisition of AZ Electronic Materials S.A. 10.8 –
Transfers into Level 3 out of Level 1/ Level 2 – –
Fair value changes
Gains (+) / losses (–) recognized in profit or loss – –
Gains (+) / losses (–) recognized in other comprehensive income 0.5 –
Sales – –
Transfers out of Level 3 into Level 1/ Level 2 – –
Net book value as of December 31 11.3
–
Gains and losses from Level 3 assets are reported in other compre-
hensive income in the consolidated statement of comprehensive
income under the item “fair value adjustments” related to available-
for-sale financial assets. If the discount factor used for fair value
determination was higher by one percentage point, other compre-
hensive income would decrease by €2.1 million.
Balance sheet netting is not possible. From an economic perspec-
tive, netting is only possible with derivatives. This possibility results
from the framework agree
ments on derivatives trading which the
Group enters into with
commercial banks.
The Group
does not
offset financial assets and financial liabilities in its balance sheet.
The following table presents the potential netting volume of
the reported derivative financial assets and liabilities:
Potential netting volume
€ million
as of Dec. 31, 2014 Gross presentation Netting Net presentation
Due to master netting
agreements
Due to financial
collateral
Potential net
amount
Derivative financial assets 511.2 – 511.2 70.5 – 440.7
Derivative financial liabilities –188.4 – –188.4 – 70.5 – –117.9
Potential netting volume
€ million
as of Dec. 31, 2013 Gross presentation Netting Net presentation
Due to master netting
agreements
Due to financial
collateral
Potential net
amount
Derivative financial assets 149.0 – 149.0 45.9 – 103.1
Derivative financial liabilities – 61.5 – – 61.5 – 45.9 – –15.6