Information on financial instruments
The carrying amounts and fair values of financial assets and liabilities in accordance with IFRS 7 are shown in the following table.
|
Jun. 30, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
in € million |
Carrying amount |
Fair value |
Carrying amount |
Fair value |
||
Financial assets |
|
|
|
|
||
Lease receivables1 |
2,545.6 |
2,482.0 |
2,314.4 |
2,245.9 |
||
Trade receivables |
1,727.0 |
1,727.0 |
1,755.8 |
1,755.8 |
||
Other financial assets |
247.4 |
247.4 |
253.0 |
253.0 |
||
thereof financial investments |
79.9 |
79.9 |
79.2 |
79.2 |
||
thereof financial receivables |
25.9 |
25.9 |
25.0 |
25.0 |
||
thereof other financial investments |
29.2 |
29.2 |
27.3 |
27.3 |
||
thereof sundry financial assets |
73.0 |
73.0 |
74.4 |
74.4 |
||
thereof derivative financial instruments |
39.4 |
39.4 |
47.1 |
47.1 |
||
Cash and cash equivalents |
271.6 |
271.6 |
311.8 |
311.8 |
||
|
|
|
|
|
||
Financial liabilities |
|
|
|
|
||
Financial liabilities |
1,550.2 |
1,548.2 |
1,522.4 |
1,513.3 |
||
thereof promissory notes |
627.1 |
636.0 |
696.0 |
705.4 |
||
thereof bonds |
498.6 |
487.1 |
498.0 |
478.9 |
||
thereof liabilities to banks |
271.3 |
271.8 |
272.4 |
273.0 |
||
thereof sundry financial liabilities |
153.2 |
153.2 |
56.0 |
56.0 |
||
Liabilities from lease business |
4,081.7 |
4,052.8 |
3,756.2 |
3,713.9 |
||
Liabilities from short-term rental business |
761.2 |
750.4 |
716.6 |
699.7 |
||
Trade payables |
1,288.8 |
1,288.8 |
1,194.0 |
1,194.0 |
||
Other financial liabilities |
846.1 |
827.4 |
884.5 |
857.0 |
||
thereof liabilities from procurement leases1 |
682.5 |
663.8 |
639.0 |
611.5 |
||
thereof sundry other financial liabilities and liabilities from accrued interest |
123.6 |
123.6 |
190.6 |
190.6 |
||
thereof derivative financial instruments |
40.0 |
40.0 |
54.8 |
54.8 |
||
|
||||||
Fair value measurement
The following tables show the assignment of fair values to the individual levels as defined by IFRS 13 for financial instruments measured at fair value. The assignment of the financial instruments to the individual levels and the valuation policies and processes used are the same as they were at December 31, 2023.
|
Fair Value Hierarchy |
|||
|---|---|---|---|---|
in € million |
Level 1 |
Level 2 |
Level 3 |
Jun. 30, 2024 |
Financial assets |
|
|
|
174.7 |
thereof financial investments |
– |
– |
79.9 |
79.9 |
thereof other financial investments |
– |
29.2 |
– |
29.2 |
thereof trade receivables |
– |
26.2 |
– |
26.2 |
thereof derivative financial instruments |
– |
39.4 |
– |
39.4 |
|
|
|
|
|
Financial liabilities |
|
|
|
40.0 |
thereof derivative financial instruments |
– |
40.0 |
– |
40.0 |
|
Fair Value Hierarchy |
|||
|---|---|---|---|---|
in € million |
Level 1 |
Level 2 |
Level 3 |
Dec. 31, 2023 |
Financial assets |
|
|
|
258.5 |
thereof financial investments |
– |
– |
79.2 |
79.2 |
thereof other financial investments |
– |
27.3 |
– |
27.3 |
thereof trade receivables |
– |
104.9 |
– |
104.9 |
thereof derivative financial instruments |
– |
47.1 |
– |
47.1 |
|
|
|
|
|
Financial liabilities |
|
|
|
54.8 |
thereof derivative financial instruments |
– |
54.8 |
– |
54.8 |
Level 3 essentially comprised the financial investments in Shanghai Quicktron Intelligent Technology Co., Ltd. and Zhejiang EP Equipment Co., Ltd., which are recognized under other financial assets. The fair value in each case was determined using a discounted cash flow method. The changes in fair value compared with the end of 2023 are attributable to the subsequent measurement of these financial investments. The material measurement parameters included, in each case, a WACC after taxes of 9.2 percent and a long-term growth rate of 1.0 percent. The following table shows the effects of changes in these material measurement parameters on fair value.
|
Change in long-term growth rate |
||
|---|---|---|---|
in € million |
–0.25% |
unchanged |
+0.25% |
Change in WACC after tax |
|
|
|
–1.0% |
8.9 |
11.3 |
13.9 |
unchanged |
–1.8 |
– |
1.9 |
+1.0% |
–10.2 |
–8.8 |
–7.3 |