Mercedes 2013 Annual Report Download - page 239

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F | Consolidated Financial Statements | Notes to the Consolidated Financial Statements
Financial assets recognized at fair value through profit or loss
include derivative financial instruments not used in hedge
accounting. These financial instruments as well as derivative
financial instruments used in hedge accounting comprise:
– derivative currency hedging contracts; the fair values
of currency forwards and cross currency interest rate swaps
are determined on the basis of the discounted estimated
future cash flows using market interest rates appropriate
to the remaining terms of the financial instruments. Currency
options were measured using price quotations or option
pricing models using market data.
– derivative interest rate hedging contracts; the fair values
of interest rate hedging instruments (e.g. interest rate swaps)
are calculated on the basis of the discounted estimated
future cash flows using the market interest rates appropriate
to the remaining terms of the financial instruments.
– derivative commodity hedging contracts; the fair values
of commodity hedging contracts (e.g. commodity forwards)
are determined on the basis of current reference prices
with consideration of forward premiums and discounts.
Financial assets recognized at fair value through profit and loss
also include the option held by Daimler to sell shares in RRPSH
to Rolls-Royce (see also Note 13). The fair value of this option
has been determined with the use of an option pricing model;
estimated future cash flows and, to the extent available, market
parameters were applied. Furthermore, the equity interest
in Tesla Motors, Inc. (Tesla) is hedged respectively limited against
equity price risk or equity price chance through a combination
of put options purchased and call options sold.
Other receivables and assets are carried at amortized cost.
Because of the predominantly short maturities of these financial
instruments, it is assumed that the fair values approximate
the carrying amounts.
Financing liabilities. The fair values of bonds, loans, commercial
paper, deposits in the direct banking business and liabilities
from ABS transactions are calculated as the present values
of the estimated future cash flows. Market interest rates for
the appropriate terms are used for discounting.
Carrying amounts and fair values of financial instruments
At December 31, 2013 At December 31, 2012
Carrying
amount Fair value
Carrying
amount Fair value
In millions of euros
Financial assets
Receivables from financial services 50,770 51,115 49,060 49,722
Trade receivables 7,803 7,803 7,543 7,543
Cash and cash equivalents 11,053 11,053 10,996 10,996
Marketable debt securities
Available-for-sale financial assets 7,066 7,066 5,598 5,598
Other financial assets
Available-for-sale financial assets 2,052 2,052 2,031 2,031
thereof equity instruments measured at fair value 1,452 1,452 1,440 1,440
thereof equity instruments carried at cost 600 600 591 591
Financial assets recognized at fair value through profit or loss 350 350 341 341
Derivative financial instruments used in hedge accounting 1,703 1,703 1,364 1,364
Other receivables and assets 2,136 2,136 2,224 2,224
82,933 83,278 79,157 79,819
Financial liabilities
Financing liabilities 77,738 79,026 76,251 77,661
Trade payables 9,086 9,086 8,832 8,832
Other financial liabilities
Financial liabilities recognized at fair value through profit or loss 413 413 253 253
Derivative financial instruments used in hedge accounting 395 395 620 620
Miscellaneous other financial liabilities 7,468 7,468 7,576 7,576
95,100 96,388 93,532 94,942
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