DHL 2013 Annual Report Download - page 206

If there is an active market for a nancial instrument (e. g.,
stock exchange), the fair value is determined by reference to the
market or quoted exchange price at the balance sheet date. If no
fair value is available in an active market, the quoted prices in an
active market for similar instruments or recognised valuation tech-
niques are used to determine fair value. e valuation techniques
used incorporate the key factors determining the fair value of the
nancial instruments using valuation parameters that are derived
from the market conditions as at the balance sheet date. Counter-
party risk is analysed on the basis of the current credit default
swaps signed by the counterparties. e fair values of other non-
current receivables and held-to-maturity nancial investments
with remain ing maturities of more than one year correspond to
the present values of the payments related to the assets, taking into
account current interest rate parameters.
Cash and cash equivalents, trade receivables and other receiv-
ables have predominantly short remaining maturities. As a result,
their carrying amounts as at the reporting date are approximately
equivalent to their fair values. Trade payables and other liabilities
generally have short remaining maturities; the recognised amounts
approximately represent 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.
As no future cash ows can be reliably determined, the fair values
cannot be determined using valuation techniques. e shares of
these entities are recognised at cost. ere are no plans to sell or
derecognise signicant shares 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. Available-for-sale nancial assets measured at
fair value relate to equity and debt instruments.
Financial assets at fair value through prot or loss include
securities to which the fair value option was applied, in order to
avoid accounting inconsistencies. ere is an active market for
these assets, which are recognised at fair value.
e following table presents the classes of nancial instru-
ments recognised at fair value and not recognised at fair value by
the level in the fair value hierarchy to which they are assigned:
Financial assets and liabilities
 m
Level 1 1 Level 2 2 Level 3 3 TotalClass
Financial assets and liabilities: 
Non-current financial assets 157 765 190 1,112
Current financial assets 611 210 0 821
Total financial assets 768 975 190 1,933
Non-current financial liabilities 4,221 447 0 4,668
Current financial liabilities 927 402 2 1,331
Total financial liabilities 5,148 849 2 5,999
Financial assets and liabilities: 
Non-current financial assets 137 770 132 1,039
Current financial assets 24 228 0 252
Total financial assets 161 998 132 1,291
Non-current financial liabilities 4,210 366 3 4,579
Current financial liabilities 0 357 46 403
Total financial liabilities 4,210 723 49 4,982
1 Level : quoted market prices.
2 Level : measurement using key inputs based on observable market data.
3 Level : measurement using key inputs not based on observable market data.
202 Deutsche Post DHL 2013 Annual Report
Notes
Other disclosures
Consolidated Financial Statements