The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves. The fair value of finance lease obligations was determined using discounted cash flow models on market interest rates available to the Company for similar transactions at the relevant date.

Due to their short maturity and the current low level of interest rates, the carrying amounts of credit lines and bank overdrafts approximate fair value.

The fair values and carrying amounts of financial assets categorized as loans and receivables and available for sale securities for the considered reporting periods were as follows:

		03/31/2014					12/31/2013
		carrying amount			fair value		carrying amount			fair value
Thousands of Euros
Loans and receivables
Cash and cash equivalents		7,772			7,772		33,459			33,459
Trade receivables		1,639			1,639		1,003			1,003
Financial assets		2,277			2,255		2,305			2,287
Available for sale
Financial assets		20,035			20,035		-			-
Total		31,723			31,701		36,767			36,749

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