The carrying amounts and fair values of recognised financial instruments are as follows:

Due to their mostly short terms, the fair values of receivables due from suppliers, trade receivables and liabilities as well as cash and cash equivalents essentially correspond to their carrying amounts.

Of the total carrying amount of investments of €199 million (previous year: €11 million), €12 million (previous year: €11 million) are recognised at historical cost because a fair value cannot reliably be determined. These concern off-exchange financial instruments without an active market. The Company currently does not plan to dispose of the investments recognised at historical cost. Listed investment totalling €187 million (previous year: €0 million) are measured at fair value outside of profit or loss.

The measurement of the fair value of bonds, liabilities to banks and promissory note loans is based on the market interest rate curve following the zero-coupon method in consideration of credit spreads. The amounts comprise the interest prorated to the closing date.

Other financial liabilities include liabilities from commitments from stock tender rights of non-controlling interests in the amount of €347 million (previous year: €389 million), which are subsequently measured at fair value outside of profit or loss.

The fair values of all other financial assets and liabilities that are not listed on an exchange correspond to the present value of payments underlying these balance sheet items. The calculation was based on the applicable country-specific yield curves as of the closing date.

The following table depicts the financial instruments that are recognised at fair value in the balance sheet. These are classified into a 3-level fair value hierarchy whose levels reflect the degree of closeness to the market of the data used in the determination of the fair values:

The measurement of securities (level 1) is carried out based on quoted market prices on active markets.

Interest rate swaps and forex transactions (all level 2) are measured using the mark-to-market method based on quoted exchange rates and market yield curves.

The fair value of commodity derivatives (level 2) is calculated as the average of the past month’s price noted on the exchange.

No transfers between levels 1 and 2 were effected during the reporting period.

Level 3 includes the fair values of liabilities from stock tender rights of non-controlling interests. The fair value measurement is based on the respective contract design.

Fair values of liabilities from stock tender rights, which are determined on the basis of the discounted cash flow method, are based on expected future cash flows over a detailed planning period of 3 to 5 years plus a perpetuity. The assumed growth rate for the perpetuity is 1.9 to 9.3 percent. The respective local WACC is used as the discount rate. In the financial year 2012, discount rates ranged from 9.5 to 17.6 percent. If individual interest rates were to increase by 10.0 percent, the fair value of these liabilities would decline by €7 million.

The fair values of other liabilities from stock tender rights are determined on the basis of historical sales and/or income, multiplied by contractually agreed multipliers, or correspond to the non-controlling interests’ share in the net assets of the respective company as of the closing date. They essentially relate to current liabilities which in some cases will lead to a cash outflow in 2013. As a result, the fair values of the latter 2 valuation groups are not subject to sensitivity fluctuations.

Of changes in value of stock tender rights recognised as of 31 December 2012, €21 million result in a decline in goodwill. In addition, transaction costs of €23 million were incurred.