For accounts receivable, trade, other receivables and miscellaneous assets, loans, cash and cash equivalents, as well as trade accounts payable and other liabilities, the carrying amount approximates the fair value. Participations which are not traded on an active market and whose fair value could not be reliably determined are recognized at amortized cost and are reported in ‘other financial assets’.
The carrying amount of participations which are traded on an active market and hence recognized at fair value amounted to €805 million on December 31, 2009 (December 31, 2008: €1,049 million). They are included in the item ‘shares in other participations’.
For more information, see Note 13
The carrying amount of financial indebtedness amounted to €14,819 million on December 31, 2009 (December 31, 2008: €14,514 million). The fair value of financial indebtedness amounted to €15,621 million at the end of 2009 (end of 2008: €14,822 million). The fair value of financial debt is determined on the basis of interbank interest rates. The difference between book and fair values results primarily from changes in market interest rates.
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|
Carrying value of financial instruments (million €) |
| |
|---|---|---|
|
|
2009 |
2008 |
|
Financial assets at fair value through profit or loss |
255 |
1,380 |
|
Financial liabilities at fair value through profit or loss |
328 |
1,333 |
|
Derivatives designated as hedging instruments under cash flow hedge accounting |
36 |
(121) |
|
Loans and receivables |
9,531 |
9,956 |
|
Cash and cash equivalents |
1,835 |
2,776 |
|
Available-for-sale financial assets |
1,369 |
1,581 |
|
Liabilities measured at amortized cost |
19,865 |
19,600 |
|
Thereof financial indebtedness |
14,819 |
14,514 |
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|
Net gains and losses from financial instruments (million €) |
| |
|---|---|---|
|
|
2009 |
2008 |
|
Receivables and loans |
(209) |
201 |
|
Thereof interest result |
89 |
138 |
|
Available-for-sale financial assets |
(7) |
(15) |
|
Thereof interest result |
1 |
1 |
|
Liabilities measured at amortized cost |
(499) |
(911) |
|
Thereof interest result |
(612) |
(523) |
|
Financial instruments at fair value through profit or loss |
(361) |
746 |
Net gains and losses of financial instruments comprise the results of valuations, the amortization of discounts, the recognition and derecognition of impairment losses, results from the translation of foreign currencies as well as interest, dividends and all other effects on the profit of financial instruments. The item ‘financial instruments at fair value through profit or loss’ contains only those gains and losses from instruments which are not designated as hedging instruments as defined by IAS 39. Net gains or net losses from available-for-sale financial assets contain income from write-downs/write-ups, interest, dividends and the transfers of valuation effects from stockholders’ equity on the sale of the securities and participations.
The net loss from receivables and loans, and net gains from financial liabilities measured at amortized cost relate primarily to results from the translation of foreign currencies.
The gains and losses from the valuation of securities and participations taken directly to equity of shareholders of BASF SE are shown in the Consolidated statements of recognized income and expense
