(32) Additional disclosure on financial instruments
Carrying amounts, amounts recognized and fair values by valuation category for the year under review are shown in the following table:
Carrying amounts, amounts recognized and fair values by valuation category for the previous year are shown in the following table:
The fair values were determined on the basis of market-related information available on the balance sheet date and using the methods and assumptions described below. Fair values are determined using generally accepted valuation methods based on discounted cash flow analyses and using current market prices observed for similar instruments.
Current interest rates at which comparable loans with identical maturities as of the balance sheet date could have been taken out are used to determine fair values of liabilities due to banks as well as of receivables and liabilities from financial services.
The carrying amounts of interest-bearing securities with short-term maturities nearly correspond to their fair values.
Liquid assets, trade account receivable and other financial assets largely have short maturities. Therefore, their carrying amounts as of the balance sheet date roughly correspond to their fair values.
It is assumed that the fair values of trade accounts payable and other financial liabilities correspond to the carrying amounts of these financial instruments owing to their short remaining terms to maturity.
As regards liabilities from the financing of trucks for short-term hire with variable interest rates, for reasons of simplicity, it is assumed that their fair values correspond to their carrying amounts since the interest rates agreed and realizable on the market are almost identical.
The carrying amounts of current, interest-bearing financial liabilities nearly correspond to their fair values.
Net results by valuation category:
Interest from financial instruments is stated as part of financial income (loss).
Net results from financial assets held to maturity (FAHtM) are stated in financial income (loss).
Net results from financial instruments held for trading (FAHfT/FLHfT) recognized at fair value are included in the cost of sales and in other operating income and expenses.