DHL 2014 Annual Report Download - page 208

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 mar-
ket for similar instruments or recognised valuation techniques are
used to determine fair value. e valuation techniques used incor-
porate 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. Counterparty risk
is analysed on the basis of the current credit default swaps signed
by the counterparties. e fair values of other non-current receiv-
ables and held-to-maturity nancial investments with remaining
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.
e available-for-sale nancial assets measured at fair value
relate to equity and debt instruments. ey include shares in
partner ships and corporations in the amount of  million (pre-
vious year:  million) for which there is no active market.
As no future cash ows can be reliably determined, the fair
values cannot be determined using valuation techniques. e
equity of partnerships and corporations that are measured at
cost was reduced by  million in the nancial year. 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.
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 se-
curities to which the fair value option was applied, in order to avoid
accounting inconsistencies. ere is an active market for these as-
sets, which are recognised at fair value.
e following table presents the nancial instruments recog-
nised at fair value and those nancial instruments whose fair value
is required to be disclosed; the nancial instruments are presented
by the level in the fair value hierarchy to which they are assigned.
e simplication option under  . a was exercised for
cash and cash equivalents, trade receivables, other assets, trade
payables and other liabilities with predominantly short maturities.
eir carrying amounts as at the reporting date are approximately
equivalent to their fair values. Not included are nancial invest-
ments in equity instruments for which there is no quoted price in
an active market and which therefore have to be measured at cost.
Financial assets and liabilities
 m
Level 1 1 Level 2 2 Level 3 3 TotalClass
 December 
Financial assets
Non-current financial assets 246 961 132 1,339
Current financial assets 208 75 0 283
Total 454 1,036 132 1,622
Financial liabilities
Non-current liabilities 5,004 409 0 5,413
Current liabilities 0 132 1 133
Total 5,004 541 1 5,546
 December  4
Financial assets
Non-current financial assets 157 765 93 1,015
Current financial assets 611 140 0 751
Total 768 905 93 1,766
Financial liabilities
Non-current liabilities 4,221 454 0 4,675
Current liabilities 927 34 2 963
Total 5,148 488 2 5,638
1 Quoted prices for identical instruments in active markets.
2 Inputs other than quoted prices that are directly or indirectly observable for instruments.
3 Inputs not based on observable market data.
4 Prior-period amounts adjusted, Note .
Deutsche Post  Group —  Annual Report
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