Income Effect According to Valuation Categories The following table provides the net result from financial instruments according to the mea- surement categories. The net financial result contains interest income, interest expense, gains and losses from the sale of financial instruments, dividends received and additionally, changes in the fair value of derivative financial instruments not designated in a hedging relationship. The net financial result reported only includes income and expense related to financial instruments and their categories. Interest expense from employee benefit and lease obligations as well as changes in the fair values and interest recognized in connection with hedge accounting are therefore not included. The net operating result includes impair- ments of trade accounts receivable. Net financial result Net operating result Net result Loans and receivables 2014 3,578 (1,607) 1,971 2015 15,984 (857) 15,126 Available-for-sale financial assets 2014 712 0 712 2015 (496) 0 (496) Financial liabilities measured at amortized cost 2014 (8,756) 0 (8,756) 2015 (7,992) 0 (7,992) Financial instruments at fair value through profit or loss 2014 (2,079) 0 (2,079) 2015 (11,132) 0 (11,132) Total 2014 (6,545) (1,607) (8,152) 2015 (3,637) (857) (4,494) The net financial result includes interest income generated by financial instruments measured at amortized cost amounting to € 2.1 million and € 1.8 million in 2015 and 2014, respec- tively. Total interest expense amounts to € 8.0 million and € 8.8 million in 2015 and 2014, respectively. Interest income and interest expense are measured by applying the effective interest method. Risk Analysis Liquidity Risk: To assure the solvency and financial flexibility of ALTANA, the Company retains a liquidity reserve through cash and cash equivalents and lines of credit. The following tables show the contractual amortization including the undiscounted inter- est payments for non-derivative and derivative financial instruments with a positive and a negative fair value. All non-derivative and derivative financial instruments as of December 31, 2015 and 2014, respectively, for which contractual payments had already been agreed, are included in the table. Variable interest payments resulting from non-derivative financial instruments were estimated based on the interest rates applicable at the respective report- 128 Notes to Consolidated Financial Statements
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