DHL 2000 Annual Report Download - page 133

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generate cost savings in comparison with alternative
forms of financing.The interest rate hedging contracts
include forward rate agreements (FRAs) and cross
currency swaps.
M arket values (fair values)
The fair values of derivative financial instruments are
as follows:
The fair value of a primary financial instruments is the
price obtainable on the market, i.e.the price at which
a financial instrument can be freely traded in a current
transaction between two parties.
With respect to borrowings of the Deutsche Post Group
the table below shows a comparison of the respective
carrying amounts with the market values.
Market values deviating from the carrying amounts
result from changed market interest rates on borrow-
ings of the same maturity and risk structure.
Due to short term to maturity or valuation in accor-
dance with the market of all other primary financial
instruments,there are no significant differences be-
tween the reported carrying amounts and fair values.
125
Notes
Nominal value
2000
Positive
market value
2000
Negative
market value
2000
Interest-rate-related products
OTC products
Interest rate swaps 0 0 0
FRAs 200 0 – 1
Interest rate options 0 0 0
Stock exchange traded products
Interest rate futures 0 0 0
Interest rate options 0 0 0
Currency-related products
OTC products
Forward exchange deals 517 0 – 15
Currency options 414 0 – 13
Currency swaps 921 36 0
Cross currency swaps 207 7 0
Stock exchange traded products
Currency options 0 0 0
Currency futures 0 0 0
2,259 43 – 29
Difference
2000
Carrying
amount
1999
M arket
value
1999
Difference
1999
M arket
value
2000
Carrying
amount
2000
Bonds 990990
Amounts owed to banks 1,080 1,107 27 952 896 – 56
Interest-bearing liabilities to affiliated companies 1 1 0 0 0 0
Interest-bearing liabilities to associates 1 1 0 0 0 0
Liabilities from finance leasing 83 83 0 38 38 0
Other borrowings 1,239 1,231 – 8 788 788 0
2,413 2,432 19 1,787 1,731 – 56
in € millions
in € millions