DHL 2012 Annual Report Download - page 203

e forward and the put and call options on the shares of
Deutsche Postbank  were recognised in the equity price trans-
actions item in the previous year. e options were exercised in
February .
In addition to those shown in the table, there are other
derivatives with a fair value of – million (previous year:
– million) that are the result of    transactions.
  
Interest rate swaps were used to hedge the fair value risk of
xed-interest euro-denominated liabilities. e fair values of these
interest rate swaps amount to  million (previous year:  mil-
lion). As at  December , there was also a  million (previous
year:  million) adjustment to the carrying amount of the under-
lying hedged item arising from an interest rate swap unwound
in the past. e adjustment to the carrying amount is amortised
over the remaining term of the liability using the eective interest
method, and reduces future interest expense.
e cross-currency swaps existing at  December  (fair
value in previous year: – million) expired in , as planned.
e following table gives an overview of the gains and
losses arising from the hedged items and the respective hedging
transactions:
Ineffective portion of fair value hedges
 m
2011 2012
Gains (+) on hedged items 19 1
Losses (–) on hedging transactions –21 –1
Balance (ineffective portion) –2 0
  
e Group uses currency forwards and swaps to hedge the
cash ow risks from future foreign currency operating revenue and
expenses. e fair values of currency forwards and swaps amounted
to – million at the reporting date (previous year: – million).
e hedged items will aect cash ow until .
Currency forwards with a fair value of  million (previous
year: – million) as at the reporting date were entered into to
hedge the currency risk of future lease payments denominated in
foreign currencies. e payments for the hedged items are made in
instalments, with the nal payment due in .
Risks arising from xed-interest foreign currency invest-
ments were hedged using synthetic cross-currency swaps, with
the investments being transformed into xed-interest euro invest-
ments. ese synthetic cross-currency swaps hedge the currency
risk, and their fair values at the reporting date amounted to  mil-
lion (previous year:  million).
e risks from the purchase of diesel and marine diesel fuels,
which cannot be passed on to customers, were hedged using com-
modity swaps that will aect cash ow in . e fair value of
these cash ow hedges amounted to  million as at year-end (pre-
vious year:  million).
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Other disclosures
199