6. Financial Instruments, FAIR VALUE, AND hIERARCHY LEVELS
The following table shows the carrying values and fair values of financial instruments recognized in the consolidated balance sheet, analyzed by categories and hierarchy levels at year-end:
2014 | 2013 | ||||
CHF million | Level 1) | Carrying amount | Fair value | Carrying amount | Fair value |
Financial assets | |||||
Fair value through profit or loss | |||||
Derivatives | 1 | 3.3 | 3.3 | 7.9 | 7.9 |
Derivatives | 2 | 10.2 | 10.2 | 8.4 | 8.4 |
Marketable securities and short-term financial assets | 1 / 2 | 0.2 | 0.2 | 11.1 | 11.1 |
Total fair value through profit or loss | 13.7 | 13.7 | 27.4 | 27.4 | |
Held to maturity | |||||
Deposit | 2 | – | – | 100.0 | 100.0 |
Total held to maturity | – | – | 100.0 | 100.0 | |
Available for sale | |||||
Investments third parties | 3 | 2.3 | 2.3 | 2.3 | 2.3 |
Total available for sale | 2.3 | 2.3 | 2.3 | 2.3 | |
Total cash and cash equivalents, loans and receivables 2) | 1,160.7 | 1,160.7 | 1,303.1 | 1,353.6 | |
Total financial assets | 1,176.7 | 1,176.7 | 1,432.8 | 1,483.3 | |
Financial liabilities | |||||
Fair value through profit or loss | |||||
Derivatives | 1 | 1.0 | 1.0 | – | – |
Derivatives | 2 | 31.8 | 31.8 | 3.6 | 3.6 |
Total fair value through profit or loss | 32.8 | 32.8 | 3.6 | 3.6 | |
Bonds | 1 | 996.6 | 996.6 | – | – |
Loans 3) | 1.3 | 1.3 | 1.0 | 1.0 | |
Other non-current liabilities | 11.2 | 11.2 | 10.9 | 10.9 | |
Accounts payable | 190.1 | 190.1 | 181.5 | 181.5 | |
Other accounts payable | 41.8 | 41.8 | 40.6 | 40.6 | |
Bank and other borrowings 3) | 18.3 | 18.3 | 6.0 | 6.0 | |
Total loans and payables 3) | 1,259.3 | 1,259.3 | 240.0 | 240.0 | |
Total financial liabilities | 1,292.1 | 1,292.1 | 243.6 | 243.6 |
1) Level 1 – The fair value measurement of same financial instruments is based on quoted prices in active markets. Level 2 – The fair value measurement of same financial instruments is based on observable market data, other than quoted prices in Level 1. Level 3 – Valuation technique using non-observable data. For financial instruments with a short term maturity date it is expected that the carrying amounts are a reasonable approximation of the respective fair values.
2) Contains cash and cash equivalents, accounts receivable, other receivables, and loans to third parties.
3) See note 17.