29. Financial instruments

The following table presents the group's financial instruments according to the categories as defined in IAS 39:

Excel

(€ in thousands)

Loans and receivables

Assets/liabilities at fair value through profit or loss

Other financial assets/liabilities at amortised cost

Total

AS AT 31 DECEMBER 2014

ASSETS

Other financial assets

0

1,186

0

1,186

Trade receivables

133,266

0

0

133,266

Cash and cash equivalents

152,949

0

0

152,949

TOTAL

286,215

1,186

0

287,401

LIABILITIES

Trade payables

0

0

88,218

88,218

Other financial liabilities

0

23

0

23

Borrowings

0

0

48,925

48,925

TOTAL

0

23

137,143

137,166

AS AT 31 DECEMBER 2013

ASSETS

Other financial assets

0

376

0

376

Trade receivables

115,429

0

0

115,429

Cash and cash equivalents

257,785

0

0

257,785

TOTAL

373,214

376

0

373,590

LIABILITIES

Trade payables

0

0

82,337

82,337

Other financial liabilities

0

236

0

236

Borrowings

0

0

173,437

173,437

TOTAL

0

236

255,774

256,010

Accounting policy

Financial assets

The group classifies its financial assets in the following categories: at fair value through profit or loss and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Financial assets at fair value through profit or loss

Derivatives are categorised at fair value through profit or loss unless they are designated as hedges. Derivatives are recorded as financial assets when their fair value is a positive number; otherwise the derivative is classified as a financial liability. All derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates and are accounted for at trade date.

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has substantially transferred all risks and rewards of ownership.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than twelve months after the balance sheet date, which are classified as non-current assets. Loans and receivables are initially recognised at fair value and subsequently measured at amortised cost (if the effect of time value is material) using the effective interest method, less any impairment. The group's financial assets classified in the category 'Loans and receivables' comprise 'Trade receivables' and 'Cash and cash equivalents' in the balance sheet (note 18. Trade receivables and note 21. Cash and cash equivalents).

Financial liabilities and equity instruments

Financial liabilities and equity instruments issued by the group are classified according to the substance of the contractual arrangements entered into, and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

Fair value estimation

The group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy should have the following levels:

The fair value of financial assets/liabilities carried at fair value through profit or loss and the derivatives in a hedging relationship is determined using valuation techniques that maximise the use of observable market data where it is available and which rely as little as possible on entity-specific estimates. In accordance with the fair value hierarchy established by IFRS 7, these types of inputs classify as level 2 inputs.