Financial Assets measured at fair value by Fair Value Hierarchy
FINANCIAL STATEMENTS
December 31, 2012
Financial assets measured
at amortized cost
Financial assets measured at fair value
(in millions of
Note
Loans and
Receivables
Derivatives -
through
profit or loss
Derivatives -
through
equity
Available for
sale -
through
equity
Total
Non-Current
Investments in securities
11
11
11
Other financial assets
12
19
19
Derivative instruments
19
61
61
Current
Receivables
14
632
632
Investments in securities
11
93
93
Cash and cash equivalents
15
920
920
Total financial assets
1 571
61
104
1 736
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. IFRS 13 requires, for financial instruments that are measured in the balance sheet
at fair value the disclosure of fair value measurements by level of fair value measurement hierarchy. For financial instruments not
measured at fair value, the disclosure of their fair value and the fair value measurement level is necessary. The fair value
measurements have to be categorized by the following level of fair value measurement hierarchy:
Level 1: The fair value of a financial instrument that is traded in an active market is measured based on quoted (unadjusted)
prices for identical assets or liabilities. A market is considered as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual
and regularly occurring market transactions on an arm's length basis.
Level 2: The fair value of financial instruments that are not traded in an active market is determined by using valuation
techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, either directly
(i.e., as prices) or indirectly (i.e., derived from prices), the instrument is included in Level 2.
Level 3: If one or more of the significant inputs used in applying the valuation technique is not based on observable market
data, the financial instrument is included in Level 3.
December 31, 2014
(in millions of
Note
Level 1
Level 2
Level 3
Total
Non-Current
Available for sale - through equity
11
8
8
Derivatives - through profit or loss
19
9
9
Derivatives - through equity
19
Current
Available for sale - through equity
11
149
149
Derivatives - through profit or loss
19
2
2
Derivatives - through equity
19
Total financial assets measured at fair value
157
11
168
December 31, 2013
(in millions of
Note
Level 1
Level 2
Level 3
Total
Non-Current
Available for sale - through equity
11
8
8
Derivatives - through profit or loss
19
1
1
Derivatives - through equity
19
Current
Available for sale - through equity
11
126
126
Derivatives - through profit or loss
19
40
40
Derivatives - through equity
19
Total financial assets measured at fair value
134
41
175
