(28) Fair values of financial instruments by class and category

The table below provides a reconciliation of the individual classes and categories of IAS 39 to the items of the statement of financial position and the fair values as at 30 June 2018:

EUR '000

 

Carrying amount 30/06/2018

 

Fair value 30/06/2018

 

 

 

 

 

Non-current financial assets

 

 

 

 

Loans and receivables

 

71

 

71

Non-current trade and other receivables

 

 

 

 

Loans and receivables

 

39,653

 

39,653

Current trade and other receivables

 

 

 

 

Loans and receivables

 

23,626

 

23,626

Cash and cash equivalents

 

 

 

 

Loans and receivables

 

59,464

 

59,464

 

 

122,814

 

122,814

EUR '000

 

Carrying amount 30/06/2018

 

Fair value 30/06/2018

 

 

 

 

 

Non-current financial liabilities

 

 

 

 

Other financial liabilities

 

0

 

0

Other non-current financial liabilities

 

 

 

 

Derivatives

 

0

 

0

Other

 

2,550

 

2,550

Non-current liabilities from finance leases

 

 

 

 

Financing liabilities

 

6,726

 

7,478

Non-current trade payables

 

 

 

 

Other financial liabilities

 

9,724

 

9,724

Current financial liabilities

 

 

 

 

Other financial liabilities

 

0

 

0

Current liabilities from finance leases

 

 

 

 

Financing liabilities

 

1,969

 

1,969

Current trade payables

 

 

 

 

Other financial liabilities

 

54,597

 

54,597

Other current financial liabilities

 

 

 

 

Other financial liabilities

 

34,659

 

34,659

 

 

110,225

 

110,977

Due to the reconciliation from IAS 39 to IFRS 9 as at 30 June 2019, financial instruments under IFRS 7 were reclassified in line with the format of the statement of financial position. The table below provides a reconciliation of the individual classes and categories of IFRS 9 to the items of the statement of financial position and the fair values as at 30 June 2019:

Measurement category in accordance with IFRS 9

EUR '000

 

Carrying amount 30/06/2019

 

Fair value 30/06/2019

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

At amortised cost

 

 

 

 

Non-current financial assets

 

52

 

52

Non-current trade and other receivables

 

5,263

 

5,263

Current trade and other receivables

 

30,061

 

30,061

Cash and cash equivalents

 

55,865

 

55,865

 

 

 

 

 

At fair value through profit or loss

 

 

 

 

Receivables intended for factoring

 

4,480

 

4,480

Total

 

95,721

 

95,721

EUR '000

 

Carrying amount 30/06/2019

 

Fair value 30/06/2019

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

At amortised cost

 

 

 

 

Other non-current financial liabilities

 

0

 

0

Non-current lease liabilities

 

8,381

 

8,963

Non-current trade payables

 

1,500

 

1,500

Other trade payables

 

7,204

 

7,204

Current lease liabilities

 

3,127

 

3,163

Current trade payables

 

60,650

 

60,650

Other current financial liabilities

 

33,655

 

33,655

Total

 

114,517

 

115,135

Any necessary transfers between the levels of the fair value hierarchy take place as at the end of the financial year in which the event triggering them occurs. There were no reclassifications in the current financial year. The fair value of all aforementioned financial instruments is assigned to level 2.

Due to their short residual terms, the carrying amounts reported for current trade receivables and payables and cash are roughly equivalent to their fair values.

Non-current trade receivables and liabilities are discounted to present value and accrue interest. In these cases, the carrying amounts largely correspond to fair value.

Receivables that can potentially be sold as part of factoring are recognised at fair value through profit or loss on the basis of the business model in accordance with the requirements of IFRS 9. The fair value is measured by discounting the cash flows. The measurement models takes into account the present value of the expected payments, discounted using a risk-adjusted discount rate. Borussia Dortmund regularly receives an individually-calculated discount rate from the factor (30 June 2019: 2.85%). Thus, the fair value would increase (decrease) at the same rate if the discount rate were lower (higher). Since the changes in fair value are recognised in the income statement, the table below presents the effects on earnings as at the end of the reporting period:

EUR '000

 

 

 

 

 

Carrying amount of receivables intended for factoring ( 1 July 2018 )

 

32,175

Additions

 

4,750

Disposals

 

-32,175

Gains/losses recognised through profit or loss

 

261

Other changes in connection with initial application

 

-531

Carrying amount of receivables intended for factoring (30/06/2019)

 

4,480

The fair value of other financial assets and liabilities is measured using the discounted cash flow valuation technique. The discount rates used were taken from the "Yields on listed Federal securities" as published by the Bundesbank at the end of the reporting period, plus a risk premium.

The discount rates valid at the end of the reporting period had matching maturities and formed the basis of the valuation model.

14th match day / 08.12.2018

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