UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 166
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
19 Financial Risk Management and Financial Instruments (continued)
As at 31 December 2021
Level 1
Level 2
Level 3
€m
€m
€m
As at 31 December 2020
Level 1
Level 2
Level 3
€m
€m
€m
Financial Assets
Interest rate swaps
Foreign exchange contracts for hedging
-
0.3
-
-
0.6
19.2
-
Financial Liabilities
Deferred contingent consideration
Put option liabilities
Foreign exchange contracts for hedging
-
-
24.1
178.2
-
-
0.2
10.3
117.3
-
Translation
adjustment
The principal movements in Level 3 liabilities in 2021 are set out in the table below:
Balance
1 Jan
2021
€m
Deferred contingent consideration
Put option liabilities
Fair value Arising on
movement acquisition
€m
€m
€m
Balance
31 Dec
2021
€m
0.5
59.5
60.0
12.1
12.1
1.2
1.4
2.6
24.1
178.2
202.3
Fair value
movement
Arising on
acquisition
Translation
adjustment
€m
€m
€m
Balance
31 Dec
2020
€m
10.3
117.3
127.6
The principal movements in Level 3 liabilities in 2020 are set out in the table below:
Balance
1 Jan
2020
€m
Deferred contingent consideration
Put option liabilities
11.3
175.2
186.5
(0.7)
(20.4)
(21.1)
-
(0.3)
(37.5)
(37.8)
10.3
117.3
127.6
During the year ended 31 December 2021, the put liabilities were reassessed based on the most recent available financial information.
There were no other significant changes in the business or economic circumstances that affect the fair value of the remaining financial
assets and liabilities, no reclassifications and no transfers between levels of the fair value hierarchy used in measuring the fair value of the
financial instruments.
Except as detailed below, it is considered that the carrying amounts of financial assets and financial liabilities recognised at amortised
cost approximate their fair values. The fair value of the level 2 financial liabilities below has been determined through the use of external
market data available publicly.
As at 31 December 2021
Private placement loan notes
162 - 163
Carrying
amount
€m
Fair Value
1,377.1
1,498.2
As at 31 December 2020
Level
€m
2
Carrying
amount
€m
Fair Value
1,528.1
1,726.4
Level
€m
2
