Annual Financial Report for the period from1st of January to the 31st of December 2013
103
4.2 Financial Instruments
The Group’s financial instruments consist mainly of deposits with banks, bank overdrafts, FX spot and forwards,
trade accounts receivable and payable, loans to and from subsidiaries, associates, joint ventures, investments
in bonds, dividends payable and lease obligations.
The financial instruments presented in the financial statements are categorized in the tables below:
4.3 Fair Value Measurements
The following table presents financial assets and liabilities measured at fair value in the statement of financial
position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into
three levels based on the significance of inputs used in measuring the fair value of the financial assets and
liabilities. The fair value hierarchy has the following levels:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based on the lowest level of
significant input to the fair value measurement.
The Group’s financial assets and liabilities measured at fair value in the statement of financial position are
grouped into the fair value hierarchy for 31/12/2013 and 31/12/2012 as follows:
