DHL 2014 Annual Report Download - page 203
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 |
New interest rate swaps with a volume of million were entered
into and designated as fair value hedges in to hedge the fair
value risk of the xed-interest euro-denominated bond falling due
in . As at December , the interest rate swaps desig-
nated as fair value hedges amounted to a total volume of . bil-
lion. e fair value of these hedging instruments was million
as at the reporting date (previous year: – million). 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
2013 2014
Gains (+) on hedged items 11 0
Losses (–) on hedging transactions –11 –1
Balance (ineffective portion) 0–1
e Group uses currency forwards and currency swaps to hedge
the cash ow risk from future foreign currency operating revenue
and expenses. e fair values of currency forwards and currency
swaps amounted to – million at the reporting date (previous
year: million). e hedged items will have an impact on cash
ow by .
e synthetic cross-currency swaps existing at the re-
porting date (previous year: million) expired as planned in .
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 aect cash ow in . e fair value of
these cash ow hedges amounted to – million (previous year:
million).
Deutsche Post Group — Annual Report
197
Consolidated Financial Statements — NOTES — Other disclosures