7. Financial instruments

7.1. Carrying amounts in accordance with IFRS 9

In accordance with IFRS 9 or IFRS 16, the carrying amounts of financial assets and liabilities are grouped into classes or measurement categories as follows:

 

 

Category acc. to IFRS 9

 

Carrying amount
31.03.2022
EUR 1,000

 

Carrying amount
30.09.2021
EUR 1,000

Investments

 

 

 

50,253.0

 

30,836.0

Shares in affiliated companies

 

FVOCI

 

4,905.2

 

1,580.7

Other investments

 

FVOCI

 

45,347.8

 

29,255.3

 

 

 

 

 

 

 

Other financial assets

 

 

 

126,302.6

 

80,318.4

Lendings to companies in which an interest is held

 

AC

 

72,207.0

 

5,186.4

Other lendings

 

AC

 

7,732.6

 

6,544.3

Fixed term deposits

 

AC

 

4,971.9

 

24,847.2

Securities FVOCI

 

FVOCI

 

11,061.2

 

12,631.5

Securities FVPL

 

FVPL

 

30,329.9

 

31,109.0

 

 

 

 

 

 

 

Derivative financial instruments (non-current and current)

 

 

 

773,933.0

 

371,702.0

Derivatives designated as hedging instruments (cash flow hedge)

 

n/a

 

318,120.9

 

211,765.5

Derivatives designated as hedging instruments (fair value hedge)

 

n/a

 

12,247.5

 

5,412.4

Derivatives not designated as hedging instruments

 

FVPL

 

443,564.6

 

154,524.1

 

 

 

 

 

 

 

Receivables and other assets (non-current and current) acc. to the Statement of Financial Position

 

 

 

1,092,453.5

 

469,016.7

Thereof non-financial assets

 

 

 

114,787.9

 

86,351.6

Thereof financial assets

 

 

 

977,665.6

 

382,665.1

Trade receivables

 

AC

 

466,565.0

 

259,902.2

Receivables from affiliated companies

 

AC

 

193.8

 

252.4

Receivables from joint arrangements and associated companies

 

AC

 

89,841.1

 

5,076.8

Other financial assets

 

AC

 

421,065.7

 

117,433.7

 

 

 

 

 

 

 

Fixed term deposits and short-term investments

 

 

 

71,709.0

 

105,775.3

Fixed term deposits

 

AC

 

61,904.4

 

85,816.1

Short-term investments

 

FVPL

 

9,804.6

 

19,959.2

 

 

 

 

 

 

 

Cash and cash equivalents

 

AC

 

341,625.3

 

219,197.3

 

 

 

 

 

 

 

Total financial assets

 

 

 

2,341,488.5

 

1,190,494.1

 

 

 

 

 

 

 

Financial liabilities (non-current and current)

 

 

 

673,773.8

 

670,096.9

Bonds

 

FLAC

 

301,158.1

 

301,231.8

Liabilities to banks

 

FLAC

 

12,443.0

 

6,530.5

Lease liabilities

 

IFRS 16

 

112,575.0

 

114,748.8

Other financial liabilities

 

FLAC

 

247,597.7

 

247,585.8

 

 

 

 

 

 

 

Trade payables (current)

 

FLAC

 

242,323.6

 

162,178.9

 

 

 

 

 

 

 

Derivative financial instruments (non-current and current)

 

 

 

1,253,582.8

 

517,384.3

Derivatives designated as hedging instruments (cash flow hedge)

 

n/a

 

362,408.1

 

179,434.5

Derivatives designated as hedging instruments (fair value hedge)

 

n/a

 

44,260.0

 

9,986.3

Derivatives not designated as hedging instruments

 

FVPL

 

477,972.4

 

153,924.2

Included margin payments

 

n/a

 

368,942.3

 

174,039.3

 

 

 

 

 

 

 

Other liabilities (non-current and current) acc. to the Statement of Financial Position

 

 

 

424,937.7

 

231,417.6

Thereof non-financial liabilities

 

 

 

196,495.4

 

150,359.7

Thereof financial liabilities

 

 

 

228,442.3

 

81,057.9

Liabilities to affiliated companies

 

FLAC

 

22,511.7

 

9,292.5

Liabilities to joint arrangements and associated companies

 

FLAC

 

43,122.7

 

2,774.3

Other financial liabilities (non-current and current)

 

FLAC

 

162,807.9

 

68,991.1

 

 

 

 

 

 

 

Total financial liabilities

 

 

 

2,398,122.5

 

1,430,718.0

 

 

 

 

 

 

 

Carrying amounts grouped to measurement categories according to IFRS 9

 

 

 

 

 

 

Financial Assets at Amortized Costs (AC)

 

 

 

1,466,106.8

 

724,256.4

Financial Assets at Fair Value through Other Comprehensive Income (FVOCI)

 

 

 

61,314.2

 

43,467.5

Financial Assets at Fair Value through Profit or Loss (FVPL)

 

 

 

483,699.1

 

205,592.3

Financial Liabilities at Amortized Cost (FLAC)

 

 

 

1,031,964.7

 

798,584.9

Financial Liabilities at Fair Value through Profit or Loss (FVPL)

 

 

 

477,972.4

 

153,924.2

7.2. Measurement at fair value

7.2.1. Fair value of financial assets and liabilities that are measured regularly at fair value

Pursuant to IFRS 13, financial instruments that are measured at fair value are classified within a fair value hierarchy. In view of possible uncertainties relating to possible estimates of the fair values, a distinction is made between three levels:

Level 1: Measurement on the basis of a published price quotation for identical assets or liabilities in an active market.

Level 2: Measurement on the basis of inputs that are observable either directly or indirectly in the market and measurements based on prices quoted in inactive markets.

Level 3: Measurement on the basis of inputs not observable in the market.

If the inputs used to determine the fair value of an asset or liability are attributable to different levels of the fair value hierarchy, the measurement at fair value is wholly assigned to the fair value hierarchy level that corresponds to the lowest input which, in the aggregate, is material for the measurement.

The financial instruments measured at fair value are assigned to levels 1 to 3 as follows:

31.03.2022

 

Carrying amount
EUR 1,000

 

Measurement at market prices
Level 1
EUR 1,000

 

Measurement on the basis of inputs observable on the market
Level 2
EUR 1,000

 

Other measurement methods
Level 3
EUR 1,000

 

Total fair value
EUR 1,000

Assets

 

 

 

 

 

 

 

 

 

 

Shares in affiliated companies (FVOCI)

 

4,905.2

 

 

 

4,905.2

 

4,905.2

Other investments (FVOCI)

 

45,347.8

 

2,080.6

 

 

43,267.2

 

45,347.8

Securities (FVOCI)

 

11,061.2

 

11,061.2

 

 

 

11,061.2

Securities (FVPL)

 

30,329.9

 

30,329.9

 

 

 

30,329.9

Derivatives designated as hedging instruments (cash flow hedge)

 

318,120.9

 

 

318,120.9

 

 

318,120.9

Derivatives designated as hedging instruments (fair value hedge)

 

12,247.5

 

 

12,247.5

 

 

12,247.5

Derivatives not designated as hedging instruments (FVPL)

 

443,564.6

 

 

443,564.6

 

 

443,564.6

Fixed term deposits and short-term investments (FVPL)

 

9,804.6

 

9,804.6

 

 

 

9,804.6

Total

 

875,381.7

 

53,276.3

 

773,933.0

 

48,172.4

 

875,381.7

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments (cash flow hedge)

 

362,408.1

 

 

362,408.1

 

 

362,408.1

Derivatives designated as hedging instruments (fair value hedge)

 

44,260.0

 

 

44,260.0

 

 

44,260.0

Derivatives not designated as hedging instruments (FVPL)

 

477,972.4

 

 

477,972.4

 

 

477,972.4

Total

 

884,640.5

 

 

884,640.5

 

 

884,640.5

30.09.2021

 

Carrying amount
EUR 1,000

 

Measurement at
market prices
Level 1
EUR 1,000

 

Measurement on the basis of inputs
observable on
the market
Level 2
EUR 1,000

 

Other measurement methods
Level 3
EUR 1,000

 

Total fair value
EUR 1,000

Assets

 

 

 

 

 

 

 

 

 

 

Shares in affiliated companies (FVOCI)

 

1,580.7

 

 

 

1,580.7

 

1,580.7

Other investments (FVOCI)

 

29,255.3

 

1,938.5

 

 

27,316.8

 

29,255.3

Securities (FVOCI)

 

12,631.5

 

12,631.5

 

 

 

12,631.5

Securities (FVPL)

 

31,109.0

 

31,109.0

 

 

 

31,109.0

Derivatives designated as hedging instruments (cash flow hedge)

 

211,765.5

 

 

211,765.5

 

 

211,765.5

Derivatives designated as hedging instruments (fair value hedge)

 

5,412.4

 

 

5,412.4

 

 

5,412.4

Derivatives not designated as hedging instruments (FVPL)

 

154,524.1

 

 

154,524.1

 

 

154,524.1

Fixed term deposits and short-term investments (FVPL)

 

19,959.2

 

19,959.2

 

 

 

19,959.2

Total

 

466,237.7

 

65,638.2

 

371,702.0

 

28,897.5

 

466,237.7

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments (cash flow hedge)

 

179,434.5

 

 

179,434.5

 

 

179,434.5

Derivatives designated as hedging instruments (fair value hedge)

 

9,986.3

 

 

9,986.3

 

 

9,986.3

Derivatives not designated as hedging instruments (FVPL)

 

153,924.2

 

 

153,924.2

 

 

153,924.2

Total

 

343,345.0

 

 

343,345.0

 

 

343,345.0

Level 3 financial instruments have developed as follows:

 

 

2021/2022
EUR 1,000

 

2020/2021
EUR 1,000

Carrying amount as of 01.10.

 

28,897.5

 

27,568.1

Gains (losses) – not recognised in profit or loss

 

16,838.4

 

1,160.6

Additions

 

3,241.8

 

35.0

Disposals

 

-905.7

 

Transfers

 

-35.0

 

Currency translation

 

135.4

 

133.8

Carrying amount

 

48,172.4

 

28,897.5

The impairment reversal of EUR 16,838.4 thousand (previous year: EUR 1,923.7 thousand) relates to Other Investments (FVOCI). The fair value of these Other Investments is determined using a measurement method based on capitalisation of earnings. Essential input factors are the cash flow assumptions from planning and the discount rate. The impairment of other investments in the Czech Republic amounts to EUR 0.0 thousand (previous year: EUR 763.1 thousand). The resulting income of EUR 16,838.4 thousand (previous year: EUR 1,160.6 thousand) through equity was recognised as other comprehensive income in the item “Change in value of investments and securities FVOCI”.

An increase (reduction) of the cash flow assumptions by 25% would have resulted in an increase (reduction) of the OCI in the amount of EUR 7,888.8 thousand (EUR -7,888.8 thousand) (previous year: EUR 4,702.4 thousand (EUR -4,702.4 thousand)). An increase (reduction) of the discount rate by 50 basis points would have resulted in a reduction (increase) of the OCI in the amount of EUR -1,950.9 thousand (EUR 2,246.9 thousand) (previous year: EUR -1,116.1 thousand (EUR 1,278.2 thousand)).

7.2.2. Valuation techniques and inputs used in measuring fair values

In general, the fair values of the financial assets and liabilities correspond to their market prices on the reporting date. If active market prices are not directly available, then – if they are not of minor significance – the fair values are calculated using recognised actuarial measurement models and current market parameters (in particular interest rates, exchange rates and the credit rating of contractual partners). This is done by discounting the cash flows from the financial instruments to the reporting date.

The following valuation methods and inputs were used:

Financial instruments

 

Level

 

Valuation techniques

 

Inputs

Other investments

 

3

 

Capital value-oriented

 

Assumptions concerning cash flows, interest rates, planning

Listed securities, mutual funds

 

1

 

Market value-oriented

 

Nominal values, stock market price, net asset value

Listed energy futures

 

1

 

Market value-oriented

 

Settlement price determined at stock exchange

Non-listed energy forwards

 

2

 

Capital value-oriented

 

Forward price curve derived from stock exchange prices, interest rate curve, credit risk of contractual partners on a net basis

Gas and gas-oil swaps

 

2

 

Capital value-oriented

 

Cash flows already fixed or determined using forward rates, interest rate curve, credit risk of contractual partners

Interest rate swaps

 

2

 

Capital value-oriented

 

Cash flows already fixed or determined using forward rates, interest rate curve, credit risk of contractual partners

7.2.3. Fair values of financial assets and liabilities that are not measured regularly at fair value, however for which the fair value must be disclosed

The items trade receivables, receivables from affiliated companies, receivables from joint arrangements and associated companies, other financial assets, as well as fixed term deposits and current investments are characterised by predominantly short remaining terms. This means that their carrying amounts as of the reporting date roughly represent their fair value. If they are material and have a fixed interest rate, then the fair value of non-current lendings corresponds to the present value of the payments associated with the assets, taking into consideration the current market parameters in each case (interest rates, credit spreads).

Trade payables, liabilities to affiliated companies, liabilities to joint arrangements and associated companies and other financial liabilities usually have short remaining terms. The values on the balance sheet are approximately the fair values. If they are material and bear interest at a fixed rate, the fair value of financial liabilities is determined using the present value of the payments associated with the liabilities, taking into consideration the respectively applicable market parameters (interest rates, credit spreads).

The following financial assets and liabilities have a fair value different from the carrying amount:

 

 

Category acc. to IFRS 9

 

Carrying amount
31.03.2022
EUR 1,000

 

Fair Value
31.03.2022
EUR 1,000

 

Carrying amount
30.09.2021
EUR 1,000

 

Fair value
30.09.2021
EUR 1,000

 

Level

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Other financial assets

 

 

 

79,939.6

 

81,286.2

 

11,730.7

 

12,521.0

 

 

Lendings to companies in which an interest is held

 

AC

 

72,207.0

 

73,464.5

 

5,186.4

 

5,847.9

 

Stufe 3

Other lendings

 

AC

 

7,732.6

 

7,821.7

 

6,544.3

 

6,673.1

 

Stufe 3

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

548,755.8

 

574,653.1

 

548,817.6

 

607,949.5

 

 

Bonds

 

FLAC

 

301,158.1

 

328,431.0

 

301,231.8

 

344,823.0

 

Stufe 1

Other financial liabilities

 

FLAC

 

247,597.7

 

246,222.1

 

247,585.8

 

263,126.5

 

Stufe 3

The fair values of the Level 3 financial liabilities disclosed above were determined in agreement with generally accepted valuation techniques based on discounted cash flow analyses. Material input is the discount rate, which takes into account the expected credit loss of the counterparty.

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