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100 Consolidated Financial Statements
Notes
Fair value of financial instruments
Carrying amount and fair value for each class of financial asset and liability is presented in the table below.
as of August 31, 2008 Loans and
Fair value receivables through profit and loss – trading1 Financial Available Derivatives Total carrying Fair value liabilities at for sale used in amount amortized hedging costs
in thousands of CHF Cash equivalents Short-term deposits Trade receivables Derivative financial assets Financial assets Other assets Total assets Bank overdrafts Short-term debt Trade payables Derivative financial liabilities Long-term debt Other liabilities Total liabilities 35,172 947 331,336 301,621 209 48,676 416,131 301,621 – 59,736 397,648 465,846 209 36,032 55,431 19,399 35,172 947 331,336 321,020 209 84,708 773,392 59,736 397,648 465,846 299,310 621,892 257,645 2,102,077 35,172 947 331,336 321,020 209 84,708 773,392 59,736 397,648 465,846 299,310 564,601 257,645 2,044,786
247,745 621,892 104,741 1,649,863
51,565 152,904 204,469
–
247,745
–
1 The category “fair value through profit and loss – trading” mainly includes derivatives held in subsidiaries with the broker/trader status and does not mean that they are held for trading.
as of August 31, 2007 Loans and
Fair value receivables through profit and loss – trading1
Financial Available liabilities at for sale amortized costs
Derivatives Total carrying Fair value used in amount hedging
in thousands of CHF Cash equivalents Short-term deposits Trade receivables Derivative financial assets Financial assets Other assets Total assets Bank overdrafts Short-term debt Trade payables Derivative financial liabilities Long-term debt Other liabilities Total liabilities 35,714 5,424 297,469 76,670 7,266 32,390 370,997 76,670 – 60,874 349,662 384,708 7,266 36,973 128,687 91,714 35,714 5,424 297,469 168,384 7,266 69,363 583,620 60,874 349,662 384,708 74,259 564,527 255,670 1,689,700 35,714 5,424 297,469 168,384 7,266 69,363 583,620 60,874 349,662 384,708 74,259 551,536 255,670 1,676,709
16,311 564,527 172,438 1,532,209
57,948 83,232 141,180
–
16,311
–
1 The category “fair value through profit and loss – trading” mainly includes derivatives held in subsidiaries with the broker/trader status and does not mean that they are held for trading.
Capital management
It is the Group’s policy to maintain a sound capital base to support the continued development of the business. The Board of Directors seeks to maintain a prudent balance between debt and equity. In compliance with bank covenants, the minimal target solvency ratio (equity in % of total assets, adjusted for derivative financial instruments on a netted basis) is set at 20%.
