Liabilities are recognised at their repayment amounts or, where necessary, at present value.

Liabilities from finance leases are carried at the present value of future leasing payments. Apart from derivative financial instruments, other liabilities are measured at amortised cost, which is basically equivalent to their fair values.

Trade payables are measured at amortised cost.

The other financial debt item includes the present value of payment obligations resulting from puttable instruments. According to IAS 32, agreements involving an obligation to purchase equity instruments represent a financial liability in the amount of the present value of the purchase price, irrespective of whether fulfilment of this obligation is dependent on an option right being exercised by the contractual partner and of the probability of such right being exercised. Accordingly, minority interests are recognised as current or non-current debt in line with the contractual arrangements. These financial obligations are measured at fair value in accordance with IAS 39 (2008). The difference between the exercise price and the carrying amount of the minority interests is treated as a purchase price obligation dependent on future events by analogy with the requirements for the presentation of business combinations, unless other contractual arrangements require application. The earnings distributed to minority shareholders are recognised as financing expenses, as are changes in the present value of the potential payment obligations.