Контекст
An estimation of fair value by means of an assessment of future cash flows and the setting of a discount interest rate on the basis of the rates close to the balance sheet date is subjective. For the majority of financial instruments, therefore, the aggregate assessment of fair value is not necessarily an indication of the disposal value of the financial instrument on the balance sheet date. The fair value is assessed, as stated, on the basis of the interest rates close to the balance sheet date and does not take interest rate volatility into account. Under the assumption of other interest rates, fair values will be obtained that may differ materially.