14. Values of financial assets and liabilities by category

				31 Dec 2015
M€		Carrying value total	LEVEL 1	LEVEL 2	LEVEL 3	Fair value total
Financial assets
Measured at fair value
	Interest rate derivatives	1.9	-	1.9	-	1.9
	Electricity derivatives	0.8	0.8	-	-	0.8
	Available-for-sale financial assets	29.7	27.3	2.0	0.5	29.7

Measured at amortised cost
	Held-to-maturity investments	6.2	2.0	4.2	-	6.2
	Loans and receivables	19.0	19.0	-	-	19.0
	Trade receivables	3.6				3.6

Financial liabilities
	Measured at fair value
	Interest rate derivatives	-50.3	-	-50.3	-	-50.3
	Electricity derivatives	-2.0	-2.0	-	-	-2.0

Measured at amortised cost
	Other interest-bearing liabilities	1395.0	-	1395.0	-	1395.0
	Bond	99.6	-	100.0	-	100.0
	Trade payables	10.6				10.6

				31 Dec 2014
M€		Carrying value total	LEVEL 1	LEVEL 2	LEVEL 3	Fair value total
Financial assets
Measured at fair value
	Interest rate derivatives	1.1	-	1.1	-	1.1
	Electricity derivatives	0.5	0.5	-	-	0.5
	Available-for-sale financial assets	56.1	49.1	6.4	0.6	56.1

Measured at amortised cost
	Held-to-maturity investments	6.8	2.0	4.8	-	6.8
	Loans and receivables	6.0	6.0	-	-	6.0
	Trade receivables	4.3				4.3

Financial liabilities
	Measured at fair value
	Interest rate derivatives	-54.9	-	-54.9	-	-54.9
	Electricity derivatives	-1.5	-1.5	-	-	-1.5

Measured at amortised cost
	Other interest-bearing liabilities	1,750.6	-	1,750.6	-	1,750.6
	Bond	99.5	-	100.0	-	100.0
	Trade payables	15.0				15.0

The fair value of loans is the same as their nominal value. During the year there were no transfers between the fair value hierarchy levels.

A more detailed analysis of the fair values of interest rate derivatives included and not included in hedge accounting is presented in Note 22.

Financial assets and liabilities measured at fair value are classified into three fair value hierarchy levels in accordance with the reliability of the valuation technique:

Level 1:
The fair value is based on quoted prices for identical instruments in active markets.

Level 2:
A quoted market price exists in active markets for an instrument on the same terms, but the price may be derived from directly or indirectly quoted market data.

Level 3:
There is no active market for the instrument, the fair value cannot be reliably derived and input data used for the determination of fair value are not based on observable market data.

Level 3 reconciliation

Non-current assets held for sale

M€	31 Dec 2015	31 Dec 2014
Beginning of period		0,6
Deductions		0,0
End of period	0,5	0,6

Non-current assets held for sale on hierarchy level 3 are investments in unlisted securities. They are measured at cost, as their fair value cannot be reliably measured in the absence of an active market.