Notes to the consolidated financial statements (IFRS)

27. CARRYING AMOUNTS AND FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
         
  31 Dec 2015 31 Dec 2014
EUR million Carrying amounts Fair values Carrying amounts Fair values
Financial assets at fair value through profit or loss        
Trade and other receivables        
Other        
Non-current derivative receivables - - - -
Current derivative receivables 1) 1.6 1.6 1.4 1.4
Loans and receivables        
Non-current loan receivables, interest-bearing 4.8 4.8 6.2 6.2
Current loan receivables, interest-bearing 3.8 3.8 5.0 5.0
Trade and other receivables        
Trade receivables 255.4 255.4 279.9 279.9
Unbilled earned net sales 41.9 41.9 41.5 41.5
Accrued interest income 0.4 0.4 0.2 0.2
Cash and cash equivalents 156.2 156.2 160.6 160.6
Available-for-sale investments        
Other non-current assets 0.7 0.7 0.7 0.7
Financial assets total 464.8 464.8 495.5 495.5
         
Financial liabilities at fair value through profit or loss        
Current liabilities        
Trade and other payables        
Other accrued expenses        
Current derivative liabilities 1) 1.4 1.4 1.9 1.9
Financial liabilities measured at amortized cost        
Non-current liabilities        
Finance lease liability, non-current 5.5 5.5 0.0 0.0
Loans 99.5 104.9 100.8 104.1
Other non-current liabilities 1.5 1.5 2.1 2.1
Current liabilities        
Trade and other payables        
Trade payables 78.7 78.7 91.0 91.0
Interest 1.8 1.8 1.8 1.8
Finance lease liability 1.2 1.2 0.3 0.3
Loans 71.8 71.8 11.5 11.5
Financial liabilities total 261.4 266.8 209.4 212.7
         
 
Foreign exchange derivatives' fair values are calculated according to foreign exchange and interest rates on the closing date.
 
Loans and receivables and financial liabilities are held at amortized cost using the effective interest rate method. Their carrying amounts are considered to approximate their fair value, except for the fixed rate bond where carrying amount has not been adjusted to match the fair value. Fair value of bond has been calculated based on prevailing market rate at the end of the reporting period.
 
Finance leases have been shown separately as they remain within the scope of IFRS 7, although they are outside the scope of IAS 39.
 
Available-for-sale investments' fair value measurement is based on their initial value. The fair market value cannot be reliably estimated, due to lack of proper market for the assets.
 
Currently the company holds no assets in held-to-maturity category.
 
Fair value measurement of financial assets and liabilities
 
31 Dec 2015
EUR million Level 1 Level 2 Level 3 Total
Financial assets at fair value through profit or loss        
Derivatives - 1.6 - 1.6
Available-for-sale investments - - 0.7 0.7
         
Financial liabilities at fair value through profit or loss        
Derivatives - 1.4 - 1.4
         
31 Dec 2014
EUR million Level 1 Level 2 Level 3 Total
Financial assets at fair value through profit or loss        
Derivatives - 1.4 - 1.4
Available-for-sale investments - - 0.7 0.7
         
Financial liabilities at fair value through profit or loss        
Derivatives - 1.9 - 1.9
         
There were no transfers between levels 1 and 2 during the year.
         
There were no changes in Level 3 instruments for the year ended 31 December 2015.