109 / 124
IN ’000 €
2014
2015
CARRYING
AMOUNT
FAIRVALUE
CARRYING
AMOUNT
FAIRVALUE
Private placement of bonds – fixed interest rate
96 000
100 368
Public bond – fixed interest rate
75 000
83 459
75 000
81 622
Interest-bearing loans – variable interest rate
46 000
46 000
41 600
41 600
Lease liabilities – fixed interest rate
15 104
15 203
11 993
12 157
Bank overdrafts
470
470
43
43
Transaction costs refinancing
-538
-538
-1 879
-1 879
TOTAL
136 036
144 594
222 757
233 911
The fair value of the public bond with fixed interest rate
(level 2) was measured by discounting the future cash flows
based on an interest rate of 2.20% for the part of the bond
with a maturity date in 2019 and 3.18% for the part of the
bond with a maturity date in 2023 (2014: 2.33%).
The fair value of the private bond with fixed interest rate
(Level 2) was measured by discounting the future cash flows
based on an interest rate of 2.53% for the bond with a term
of 7 years and 1.94% for the part of the bond with a term of
10 years.
An interest rate of 2.09% for the leased projectors and 3.18%
for the leased complex in Groningen (The Netherlands) was
used to measure the fair value of the lease liabilities (Level 2)
by discounting the future cash flows (2014: 2.32% for the
leased projectors; 3.31% for the leased complex).
The fair value of the other non-derivative financial assets
(loans and receivables) and liabilities (measured at amortized
cost) is equal to the carrying amount.
The following table gives the nominal or contractual amounts
and the clean fair value of all outstanding derivative financial
instruments (cash flow hedging instruments). The nominal or
contractual amounts reflect the volume of the derivative
financial instruments outstanding at the balance sheet date.
As such they represent the Group’s risk on these transactions.
AMOUNTS IN ’000 € UNLESS STATED OTHERWISE
2014
2015
NOMINALVALUE IN
’000 $
FAIR
VALUE
NOMINALVALUE IN
’000 $
FAIR
VALUE
Foreign currency
Foreign exchange forward contracts
1 200
27
2 000
64
TOTAL
1 200
27
2 000
64
At 31 December 2015 there were no outstanding interest rate
swaps. The fair value of foreign exchange forward contracts is
calculated as the discounted value of the difference between
the value of these contracts based on the exchange rate at
the balance sheet date and the contract value based on the
forward exchange rates at the same date.
The fair value of the derivative financial instruments is included in the Group’s statement of financial position as follows:
IN ’000 €
2014
2015
ASSETS
LIABILITIES
NETVALUE
ASSETS
LIABILITIES
NETVALUE
Non-current
Current
27
27
64
64
TOTAL
27
27
64
64
At 31 December 2015 the fair value of the contingent
considerations was € 1.3 million. This amount was
determined on the basis of the following assumptions:
★
★
The number of visitors of the new future complex in
Utrecht (The Netherlands) in the third year after opening;
★
★
The two existing complexes in Utrecht and the
complexes in Nieuwegein (The Netherlands) and
Rotterdam (The Netherlands) will continue to be leased
during the agreed term.
107
05 / FINANCIAL REPORT
KINEPOLIS GROUP
ANNUAL REPORT 2015