29. Financial instruments and risk management

Carrying amounts, valuations and fair values according to measurement category

* Corresponds to level 2 of the IFRS 7 fair value hierarchy
** The previous year’s figure has been restated.
    Balance sheet amount in line with IAS 39 Balance sheet amount in line with IAS 39
in € thousand Measurement category pursuant to IAS 39 Carrying amount 31 Dec 2011 Amortised cost Costs Fair value recognised in equity Fair value recognised in income Fair value 31 Dec 2011 Carrying amount 31 Dec 2010 Amortised cost Costs Fair value recognised in equity Fair value recognised in income Fair value 31 Dec 2010
Finanzielle Vermögenswerte *                          
Non-current financial assets AfS 27,815 15,381 15,381 12,434   27,815 23,885 0 15,381 8,505   23,886
Trade receivables LaR 5,606 5,606       5,606 3,481 3,481       3,481
Other assets** LaR 1,783 1,153   630   1,783 1,493 701   792   1,493
Cash and cash equivalents LaR 64,408 64,408       64,408 65,784 65,784       65,784
                           
Financial liabilities *                          
Bank loans and overdrafts FLAC 1,472,149 1,472,149       1,539,651 1,288,156 1,288,156       1,324,096
Right to redeem of limited partners FLAC 280,078 280,078       280,078 277,780 277,780       277,780
Trade payables FLAC 2,835 2,835       2,835 6,145 6,145       6,145
Other liabilities FLAC 45,999 7,924   38,075   45,999 27,641 6,473   21,168   27,641
                           
Aggregated according to measurement category pursuant to IAS 39:                          
Loans and receivables (LaR)   71,797 71,167   630   71,797 70,758 69,966   792   70,758
Available for sale (AfS)   27,815 0 15,381 12,434   27,815 23,886   15,381 8,505   23,886
Financial liabilities measured at amortised cost (FLAC)   1,801,061 1,762,986   38,075   1,868,563 1,599,722 1,578,554   21,168   1,635,662
* Corresponds to level 2 of the IFRS 7 fair value hierarchy
** The previous year’s figure has been restated.
    Balance sheet amount in line with IAS 39 Balance sheet amount in line with IAS 39
in € thousand Measurement category pursuant to IAS 39 Carrying amount 31 Dec 2011 Amortised cost Costs Fair value recognised in equity Fair value recognised in income Fair value 31 Dec 2011 Carrying amount 31 Dec 2010 Amortised cost Costs Fair value recognised in equity Fair value recognised in income Fair value 31 Dec 2010
Finanzielle Vermögenswerte *                          
Non-current financial assets AfS 27,815 15,381 15,381 12,434   27,815 23,885 0 15,381 8,505   23,886
Trade receivables LaR 5,606 5,606       5,606 3,481 3,481       3,481
Other assets** LaR 1,783 1,153   630   1,783 1,493 701   792   1,493
Cash and cash equivalents LaR 64,408 64,408       64,408 65,784 65,784       65,784
                           
Financial liabilities *                          
Bank loans and overdrafts FLAC 1,472,149 1,472,149       1,539,651 1,288,156 1,288,156       1,324,096
Right to redeem of limited partners FLAC 280,078 280,078       280,078 277,780 277,780       277,780
Trade payables FLAC 2,835 2,835       2,835 6,145 6,145       6,145
Other liabilities FLAC 45,999 7,924   38,075   45,999 27,641 6,473   21,168   27,641
                           
Aggregated according to measurement category pursuant to IAS 39:                          
Loans and receivables (LaR)   71,797 71,167   630   71,797 70,758 69,966   792   70,758
Available for sale (AfS)   27,815 0 15,381 12,434   27,815 23,886   15,381 8,505   23,886
Financial liabilities measured at amortised cost (FLAC)   1,801,061 1,762,986   38,075   1,868,563 1,599,722 1,578,554   21,168   1,635,662

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Investments measured using the equity method are reported at fair value. Any write-ups in the year under review are recognised in net profit or loss for the period.

Trade receivables, other assets and cash and cash equivalents, with the exception of interest rate swaps - which are recognised at present value – have predominantly short residual terms. The carrying amounts thus correspond to the fair value. The change in the present value of the long-term interest rate swap recognised was € 162 thousand (previous year: € 161 thousand).

Bank loans and overdrafts have long-term durations and are recognised at amortised cost. The fair value for Group loans is given in the notes under item 11 “Bank loans and overdrafts”. In total, interest expense of € 65,761 thousand (previous year: € 54,075 thousand) is included in net finance costs.

Trade payables and other liabilities, with the exception of interest rate swaps – which are recognised at present value – usually have short residual terms. The carrying amounts thus correspond to the fair value.

When measuring interest rate swaps, the interest and market price parameters applicable on the reporting date are applied.

Interest from financial instruments is reported in net finance costs. The profit/loss share of third-party shareholders of € 15,730 thousand (previous year: € 7,948 thousand) is also included in net finance costs.

Impairment charges on receivables are recognised in property operating costs.

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