STATEMENT OF CASH FLOWS
7 NOTES TO THE CONSOLIDATED BALANCE SHEET .1 GOODWILL AND OTHER INTANGIBLE ASSETS
7.23 ADDITIONAL DISCLOSURES REGARDING FINANCIAL INSTRUMENTS
7.23.1 Carrying amounts, recognised figures and fair values according to measurement categories The following table shows the book values and fair values of the individual financial assets and liabilities for each indi-vidual category of financial instrument and transfers them to the corresponding balance sheet positions:
Of which Financial
instruments Of which Financial
instruments Valuation category according
to IAS 39 31 Dec. 2014 Book
value Fair
value 31 Dec. 2013 Book
value Fair
value
ASSETS € million € million € million € million € million € million
Non-current assets
Other financial assets 11.7 11.7 11.6 0.1 0.1 0.1
Of which equity investments Financial assets held for sale 0.0 0.0 0.0 0.0 0.0 0.0
Of which derivative financial instruments
(HfT) Financial assets recognised at fair
value through profit and loss 0.0 0.0 0.0 0.1 0.1 0.1
Of which other Loans and receivables 11.7 11.7 11.6 0.0 0.0 0.0
Current assets
Trade receivables, other financial assets 226.1 226.1 226.1 171.4 171.4 171.4
Of which trade receivables, other
financial assets Loans and receivables
226.1 226.1 226.1 171.4 171.4 171.4
Of which securities (HfT) Financial assets recognised at fair
value through profit and loss 0.0 0.0 0.0 0.0 0.0 0.0
Of which derivative financial instruments
(HfT) Financial assets recognised at fair
value through profit and loss 0.0 0.0 0.0 0.0 0.0 0.0
Cash and cash equivalents Loans and receivables 695.4 695.4 695.4 29.9 29.9 29.9
LIABILITIES Non-current liabilities
Financial liabilities 152.9 152.9 149.8 720.4 720.4 685.5
Of which financial liabilities Financial liabilities recognised
at amortised cost 152.9 152.9 149.8 695.4 695.4 660.5
Of which derivative financial instruments
(hedge accounting) n.a.
0.0 0.0 0.0 25.0 25.0 25.0
Other financial liabilities 17.3 17.3 20.4 21.4 21.4 23.2
Of which other financial liabilities Financial liabilities recognised
at amortised cost 15.9 15.9 19.0 21.4 21.4 23.2
Of which from finance leases n.a. 1.4 1.4 1.4 0.0 0.0 0.0
Current liabilities
Trade payables Financial liabilities recognised
at cost 89.6 89.6 89.6 73.4 73.4 73.4
Financial liabilities 4.5 4.5 4.5 116.4 116.4 116.4
Of which financial liabilities Financial liabilities recognised at
amortised cost 4.5 4.5 4.5 116.4 116.4 116.4
Of which derivative financial instruments
(HfT) Financial liabilities recognised at
fair value through profit and loss 0.0 0.0 0.0 0.0 0.0 0.0
Other financial liabilities 24.9 24.9 24.9 41.7 41.7 41.7
Of which other financial liabilities Financial liabilities recognised
at amortised cost 24.4 24.4 24.4 41.7 41.7 41.7
Of which from finance leases n.a. 0.5 0.5 0.5 0.0 0.0 0.0
Aggregated according to valuation categories, the above values are as follows:
Loans and receivables 933.2 933.1 201.3 201.3
Financial assets held for sale 0.0 0.0 0.0 0.0
Financial assets recognised at fair
value through profit and loss 0.0 0.0 0.1 0.1
Financial liabilities recognised
at amortised cost 287.3 287.3 948.3 915.2
As the sale has been completed, there are no assets and liabilities classified as held for sale as at the reporting date.
Consequently, there are no book values and fair values of the individual financial assets and liabilities for each category of financial instruments, which in the previous year were classified as held for sale.
The following table shows the allocation of our derivative financial assets and debts valued at market value to the three levels of the Fair Value Hierarchy:
Level 1 Level 2 Level 3 Total Previous year
€ million € million € million € million € million
Non-current derivative assets 0.0 0.0 0.0 0.0 0.1
Securities 0.0 0.0 0.0 0.0 0.0
Current derivative assets 0.0 0.0 0.0 0.0 0.0
Non-current derivative liabilities 0.0 0.0 0.0 0.0 25.0
Current derivative liabilities 0.0 0.0 0.0 0.0 0.0
All derivative financial instruments were cancelled in 2014 in conjunction with the sale. As at the reporting date there are no assets or liabilities classified as held for sale.
The fair values of the financial assets and liabilities recognised at amortised cost are allocated to the three levels of the Fair Value Hierarchy as follows:
Level 1 Level 2 Level 3 Total Previous year
€ million € million € million € million € million Non-current assets from loans and
receivables 0.0 11.6 0.0 11.6 0.0
Current assets from loans and receivables 0.0 226.1 0.0 226.1 171.4
Non-current liabilities from financial
liabilities 140.1 9.7 0.0 149.8 685.5
Non-current liabilities from other
financial liabilities 0.0 20.4 0.0 20.4 23.2
Current trade payables 0.0 89.6 0.0 89.6 73.4
Current liabilities from financial liabilities 4.5 0.0 0.0 4.5 116.4
Current liabilities from other financial
liabilities 0.0 24.9 0.0 24.9 41.7
The levels of the Fair Value Hierarchy and their application to the assets and liabilities are described below:
– Level 1: Listed market prices for identical assets or liabilities on active markets
– Level 2: Information other than listed market prices, which is directly (e.g. prices) or indirectly (e.g. derived from prices) observable, and
– Level 3: Information for assets and liabilities, which is not based on observable market data.
The fair values of the assets and liabilities allocated to Level 2 are calculated on the basis of input factors directly derivable from the market, such as interest rates. They derive from the discounting of future payment streams with the corresponding input factors. Our own credit risk, derived from the bond listed on the market, is also considered here.
Of the other financial assets (non-current), € 0.0 million (31 December 2013: € 0.0 million) relates to equity investments, the market values of which cannot be calculated due to the lack of an active market. They are valued at cost.
Trade receivables, other financial assets, as well as cash and cash equivalents typically do not have residual terms. As a result, their book values correspond to the fair value as at the reporting date.
The financial liabilities include loans from financial institutions and a bond. The fair value of the loans owed to finan-cial institutions and the fair value of non-current other liabilities are calculated from the discounted payment streams.
A risk and term-adequate interest rate corresponding to RHÖN-KLINIKUM AG was applied for the discounting. The fair values of the liabilities are allocated to Level 2 of the Fair Value Hierarchy because of the input factors observable on the market. The time value of the bond is calculated by multiplying nominal value with the price on the last trading day of the reporting year and is therefore allocated to Level 1 of the Fair Value Hierarchy.
The book values on the reporting date of the accounts payable and other financial liabilities with short residual terms correspond to the fair values.
The fair value of the liabilities from finance leases has been calculated using the market interest curve as at the report-ing date and corresponds to the current book value.
7.23.2 Net gains or losses by measurement categories
From exchange
profits
From subsequent valuation
From disposal
Net result At fair
value Value
adjustment 2014 2013
€ million € million € million € million € million € million
Loans and receivables 0.0 0.0 4.6 3.7 8.3 9.9
Derivative financial instruments
(hedge accounting) 0.0 0.1 0.0 26.8 26.9 0.0
Financial liabilities recognised at amortised
cost 0.0 0.0 0.0 34.8 34.8 0.0
Total 0.0 0.1 4.6 65.3 70.0 9.9
+ = Expenditure - = Income
The net result from the subsequent valuation of loans and receivables comprises income and costs from value adjust-ments on the trade receivables. The disposal includes the irrecoverably derecognised receivables, netted with income from payments from receivables written down in the past.
During the financial year, there were no costs or income from liabilities at amortised cost.
7.23.3 Financial liabilities (maturity analysis)
The following table shows the contractually agreed (undiscounted) interest and capital repayments of the original financial liabilities and of the derivative financial instruments, including the financial liabilities recognised as held for sale:
Payment outflows
2015 2016-2021 >2021
€ million € million € million
Financial liabilities - 6.1 -159.7 0.0
Trade payables -89.6 0.0 0.0
Derivatives 0.0 0.0 0.0
Other financial liabilities -24.4 - 9.0 -11.1
Liabilities from finance leases - 0.6 -1.4 0.0
-120.7 -170.1 -11.1
The following table shows the maturity analysis for the previous year:
Payment outflows
2014 2015-2020 >2020
€ million € million € million
Financial liabilities -140.5 -769.1 -14.5
Trade payables -156.2 0.0 0.0
Derivatives 0.0 -25.1 - 0.5
Other financial liabilities -101.0 - 9.0 -17.5
Liabilities from finance leases -1.9 -7.4 -31.9
-399.6 -810.6 -64.4
The balance includes all financial liabilities which were agreed on the balance sheet date and for which payments were already contractually agreed. Planned payments for future new liabilities have not been included in the calculation.
Interest payments have been included under the agreements, which were valid as at the reporting date, in the future cash flow payments. Current liabilities and liabilities agreed as cancellable at any time have been included in the re-spective shortest period.
8 STATEMENT OF CASH FLOWS
The cash flow statement shows how the cash and cash equivalents of the RHÖN-KLINIKUM Group changed over the course of the reporting year as result of cash receipts and outgoings. The effects of acquisitions, disinvestments and other changes to the consolidation group have been eliminated. In compliance with IAS 7 (Cash flow statements), a dis-tinction is drawn between payment streams from operative and investment activities and from financing. The liquidi-ty recorded in the financing account includes cash in hand, cheques and bank balances. For the purposes of the cash flow statement, the short-term current account credits are deducted from the cash and cash equivalents. A transition is provided by the notes on cash and cash equivalents.
The success from the deconsolidation of subsidiaries of € 1.3 billion includes the companies transferred in 2014 to Frese-nius / Helios and to third parties. The amount of € 1.3 billion relates to the transaction with FreseFrese-nius / Helios. From the transaction with Fresenius / Helios, the Group received € 3.0 billion, € 0.6 billion of which was used to repay financial debts, € 1.6 billion to buy back shares and € 0.1 billion to construct the particle therapy unit in Marburg.
The cash flow statement includes € 4.6 million (previous year: € 24.0 million) of outstanding construction invoices and profits from derivative financial instruments of € 0.1 million (previous year: € 0.0 million) not through profit and loss.
Payments to non-controlling interests totalled € 1.0 million (previous year: € 2.4 million). Other equity capital transac-tions of € 2.4 million (previous year: € 0.8 million) with non-controlling interests relate to the payment of the purchase price from the increase in shares in Altmühlklinik-Leasing-GmbH in the previous year.
The cash flow statement shows the change in cash and cash equivalents between two reporting dates. These cash and cash equivalents in the RHÖN-KLINIKUM Group exclusively involve income from continuing business activities as no businesses have been discontinued.
9 SHAREHOLDINGS