SOMFY - Annual financial report 2019
07 CONSOLIDATED FINANCIAL STATEMENTS
Amount at 31 December 2018
Assets and liabilities at amortised cost (1) (Fair value equal to net book value)
Financial assets and liabilities (2) (Fair value recognised in items of other comprehensive income)
Financial assets and liabilities (3) (Fair value recognised in income statement )
Fair value hierarchy (2) & (3)
€ thousands
Assets Non-current financial assets Current financial assets Cash and cash equivalents Liabilities Non-current financial liabilities Current financial liabilities
3,849
2,340
1,510
– –
Level 3
448
448
– –
259,345
259,035
310
Level 2
11,597 25,650
4,912 7,557
3,122
3,563
Level 3 Level 3
99
17,994
Non-current derivative instruments
168
–
-28
196
Level 2
The net book value of current assets and liabilities is deemed to be a reasonable approximation of their fair value due to their short-term nature. For variable rate borrowings and debt, net book value is deemed to be a reasonable approximation of their fair value. The fair value of derivative instruments and cash equivalents is established with reference to observable market data (Level 2). Non-consolidated equity investments, as well as earnouts and options related to business acquisitions are measured at their balance sheet
fair value, based in particular on the future earnings prospects of the businesses acquired (Level 3). There has been no change in the method of determining fair value for any category during the period.
Note 7.2.5 Cash and cash equivalents
Cash includes bank balances (bank assets and overdrafts) and cash in hand. Cash equivalents are short-term and very liquid deposits, easily convertible into a known amount of cash and subject to a negligible risk of unfavourable change in value.
€ thousands
31/12/19 253,874 133,673 387,547
31/12/18 228,969 30,376 259,345
Cash
Cash equivalents
CASH AND CASH EQUIVALENTS
Cash equivalents are mainly interest-bearing current accounts and term deposits with maturities of less than three months.
111
SOMFY – ANNUAL FINANCIAL REPORT 2019
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