DHL 2009 Annual Report Download - page 203

If there is an active market for a  nancial instrument (e. g.
stock exchange), the fair value is expressed by the market or quoted
exchange price at the balance sheet date. If no market price is avail-
able in an active market, the quoted prices in an active market of
similar instruments or recognised valuation techniques are used to
determine fair value.  e valuation techniques used incorporate the
major factors establishing a fair value for the  nancial instruments
using valuation parameters which are derived from the market con-
ditions as at the balance sheet date. Counterparty risk is analysed
on the basis of the currently existing credit default swaps signed by
the counterparties.
 e fair values of other non-current receivables and  nancial
investments held to maturity with remaining maturities of more
than one year equal the present values of the payments related to the
assets, taking into account the current interest rate parameters.
Most of the cash and cash equivalents, trade receivables and
other receivables have short remaining maturities.  us, their carry-
ing amounts at the reporting date are largely equivalent to their
fair values. Trade payables and other liabilities generally have short
maturities; the amounts carried in the balance sheet are similar to
their fair values.
Available-for-sale  nancial assets include shares in partner-
ships and corporations in the amount of   million (previous year
  million).  ere is no active market for these instruments. Since
no future cash  ows can be reliably determined, the fair value can-
not be determined using valuation techniques.  e shares of these
entities are recognised at cost.  ere are no plans to sell or derec-
ognise a material number of the available-for-sale  nancial assets
recognised as at  December  in the near future. As in the
previous year, no signi cant shares measured at cost were sold in
the  nancial year.  e available-for-sale  nancial assets measured
at fair value relate to debt- and equity instruments.
 e  nancial assets measured at fair value through pro t
or loss include securities to which the fair value option was ap-
plied.  ese are instruments not acquired for the purpose of near-
term pro t-making.  ere is an active market for these assets.  e
amounts are recognised at fair value.
 e following table presents the methods used to determine
the fair value for each class:
Financial assets and liabilities: 
 m
Level 1 2 3
Class
Quoted
market prices
Measurement
by reference
to major
inputs based
on observable
market data
Measurement
by reference
to major inputs
not based
on observable
market data
Non-current fi nancial assets
at fair value 118 754 0
Current fi nancial assets
at fair value 1,605 31 0
Non-current fi nancial
liabilities at fair value 0– 84 0
Current fi nancial liabilities
at fair value 0– 57 0
As part of selling the shares of Deutsche Postbank ,
Deutsche Post  entered into a forward transaction with Deutsche
Bank  which falls within the scope of  . (g) applicable as of
 December  and was therefore not accounted for at its posi-
tive fair value.  e fair value of  , million was determined using
signi cant market data (Level ).
No assets were reclassi ed in the  nancial years  and
.
Deutsche Post DHL Annual Report 
186