Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2015-05-06, 08:22:31 | version 1.38.0
108 Cash and cash equivalents, other financial assets, other financial liabilities, liabilities to banks, trade receivables, and trade payables mostly have short terms to maturity. No fair values were presented for these financial instruments, because they were approximately equal to their carrying amounts. Other investments within other financial assets were measured at cost, because no fair value could be reliably determined as there was no market for them and their future cash flows are uncertain. b) Fair value measurement The securities classified as available for sale are mainly exchange traded. Listed market prices and valuation models with valuation parameters based on observable market data are used to determine the fair value of most of them. The fair values of derivatives that are traded in an active market are determined based on market prices. Suitable valuation methods taking into account observable market data at the balance sheet date are used to determine the fair values of derivatives that are not traded in an active market. The fair value of interest rate swaps is calculated as the present value of estimated future cash flows. The fair value of currency forwards is calculated on the basis of the par method based on market data on the balance sheet date. The actual market prices achievable on the balance sheet date may differ from the values calculated in this way. Generally accepted option pricing models (Black-Scholes method) are used to measure the fair value of options. Credit risk is determined using the add-on method and deducted directly from the positive or negative fair value of derivatives. The DCF method based on inputs observable in the market is used to calculate the fair value of loans, bonds, registered bonds, promissory note loans, and lease liabilities.