Financial liabilities

In the transition to IFRS the Group has classified the financial liabilities as either financial liabilities at fair value through profit or loss (derivative liabilities) or financial liabilities recognized at amortized cost (other financial liabilities). Other financial liabilities mainly comprise various borrowings and are carried at amortized cost using the effective interest rate method.

The carrying amounts of the Group’s financial liabilities were adjusted for the opening IFRS balance sheet at 1 January 2014 in respect of unaccrued loan fees. The amount of the adjustment was not significant.