Fair values of financial instruments

  

30 June 2015

31 December 2014

EUR million

Carrying value total

LEVEL 1

LEVEL 2

LEVEL 3

Fair value total

Carrying value total

LEVEL 1

LEVEL 2

LEVEL 3

Fair value total

Assets and liabilities at fair value

          
 

Interest rate derivatives

-43.1

-

-43.1

-

-43.1

-53.8

-

-53.8

-

-53.8

 

Electricity derivatives

-1.1

-1.1

-

-

-1.1

-0.9

-0.9

-

-

-0.9

 

Available-for-sale financial assets

39.4

36.9

2.0

0.5

39.4

56.1

49.1

6.4

0.6

56.1

            

Assets and liabilities at amortised cost

          
 

Held-to-maturity investments

6.8

2.0

4.8

-

6.8

6.8

2.0

4.8

-

6.8

 

Loans and receivables

5.0

5.0

-

-

5.0

6.0

6.0

-

-

6.0

 

Other interest-bearing debt

1787.5

-

1,787.5

-

1,787.5

1,750.6

-

1,750.6

-

1,750.6

 

Bond

99.5

-

100.0

-

100.0

99.5

-

100.0

-

100.0

            

The fair value of the loans is equal to the nominal amount of the loan.

     

There has not been any changes between fair value hierachy levels during the reporting period.

Financial assets and liabilities that are valued at fair value are classified on three  hierarchy levels according to the estimated reliability of the valuation method:

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

Level 2: A market price quoted on the active market exists for similar instrument. The price may, however, be derived directly or indirectly from quoted price information.

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

            

LEVEL 3 reconciliation

          

Available-for-sale financial assets

         
            

EUR million

  

30 June 2015

  

31 December 2014

    

Beginning of period

  

0.6

  

0.6

    

Deductions

  

0.0

  

0.0

    

End of period

  

0.5

  

0.6

    
            

Available-for-sale financial assets at hierachy level 3 are unquoted shares measured at historical cost less any impairment losses as their fair values cannot be measured reliably.