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Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
Level 3 of the financial assets at fair value includes private equity interests. Private equity interests amount to 488. A significant
unobservable input for the valuation of these interests is the multiplier which is applied to the EBITDA. The average weighted
multiplier is 6.0, with a bandwidth of -1 and +1 of the multiplier.
in millions of euros
Balance on
1 January
2016
Fair value
changes
incorporated
in profit
or loss
Fair value
changes
incorporated
in OCI
Purchases
Sales
Settlements
Transfers
to or from
level 3
Balance on
31 December
2016
Assets
Financial assets held for trading
126
(11)
3
(34)
5
89
Financial assets designated at fair value
985
(20)
98
(575)
26
514
Derivatives
765
420
(650)
535
Available-for-sale financial assets
594
18
(51)
280
(299)
(2)
540
Liabilities
Derivatives
688
527
(2)
(700)
11
524
Financial liabilities designated at fair value
24
(1)
(10)
13
The table shows movements in the financial instruments which are stated at fair value in the statement of financial position and
which are classified in Level 3. The fair value adjustments in Level 3 which are included in equity are accounted for in the revaluation
reserves for available-for-sale financial assets.
In 2016 there were no significant transfers between level 1 and level 2.
in millions of euros
Balance on
1 January
2015
Fair value
changes
incorporated
in profit
or loss
Fair value
changes
incorporated
in OCI
Purchases
Sales
Settlements
Transfers
to or from
level 3
Balance on
31 December
2015
Assets
Financial assets held for trading
129
(23)
20
126
Financial assets designated at fair value
1,733
180
47
(974)
(1)
985
Derivatives
1,123
440
(833)
35
765
Available-for-sale financial assets
991
143
(52)
49
(420)
(81)
(36)
594
Liabilities
Derivatives
1,082
470
(1)
(838)
(25)
688
Financial liabilities designated at fair value
46
2
(22)
(2)
24
203
Notes to the consolidated financial statements