Page 125 - Restamax Plc Annual Report 2017
P. 125

Trade and other receivables

             The original book value of the receivables corresponds to their fair value, since the effect of discounting is not
             relevant when considering the maturity of the receivables.

             Financial assets recorded at fair value through profit or loss

             Financial assets recorded at fair value through profit or loss include financial asset items that have been acquired to
             be held for trading or that are classified to be recorded at fair value through profit or loss upon original recording.

             Financial liabilities
             The fair values of liabilities are based on discounted cash flows. The discount rate used has been the rate at which the
             Group could take out a similar external loan on the closing date. The total interest consists of the risk-free interest
             and a company-specific risk premium. The re-pricing date for the loans is 31 December, which means that the book
             values for the loans correspond to their market values.

             Trade payables and other liabilities
 EUR thousand  Other assets  Liabilities related to financing
 Cash and cash   Liquid   Loans within   Loans in more   The original book value of the trade and other receivables corresponds to their fair value, since the effect of
 equivalents/  investments  one year  than one year
 credit Accounts  Total  discounting is not relevant when considering the maturity of the receivables.
 Net liabilities 31 December 2016  1,871.1  -7,797.7  -24,765.2  -30,691.8
 Cash flows  698.9  -4,246.2  -9,254.8  -12,802.1  Fair value hierarchy for financial assets measured at fair value
 Acquisitions of subsidiaries - loans  -261.6  -261.6
 Net liabilities 31 December 2017  2,570.0  0.0  -12,044.0  -34,281.5  -43,755.5  31/12/2017
              EUR thousand                                 Level 1       Level 2        Level 3        Total
              Assets
              Financial assets available for sale
               - equity securities                            0.0            0.0           0.0           0.0
              Assets in total                                 0.0           0.0            0.0           0.0

              31/12/2016
              EUR thousand                                 Level 1       Level 2        Level 3        Total
              Assets
              Financial assets available for sale
               - equity securities                            0.0            0.0           0.0           0.0
              Assets in total                                 0.0           0.0            0.0           0.0

             During the financial period which has ended, there were no transfers between the fair value hierarchy levels 1, 2 or 3.
             The fair values at hierarchy level 1 are based on the quoted prices of similar asset items or liabilities on the market. The
             shares and holdings of the Group consist of unquoted items.
             The fair values for instruments at level 2 are based on significantly different input information than the quoted prices
             at level 1, but are nevertheless based on information (i.e. prices) or indirect information (i.e. derived from prices). In
             determining the fair value of these instruments, the Group uses generally accepted measurement models whose input
             information is largely based on verifiable market data.
             The fair values of instruments at level 3 are based on input information concerning the asset item or liability that is
             not based on verifiable market data; instead, they are largely based on the management’s estimates and their use in
             generally accepted measurement models.

             Other available-for-sale financial assets have been measured at acquisition cost, since the fair value cannot be reliably
             determined.












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