DHL 2014 Annual Report Download - page 209

Level  mainly comprises equity instruments measured at fair value
and debt instruments measured at amortised cost.
In addition to nancial assets and nancial liabilities meas-
ured at amortised cost, commodity, interest rate and currency
deriva tives are reported under Level . e fair values of the deriv-
atives are measured on the basis of discounted expected future cash
ows, taking into account forward rates for currencies, interest
rates and commodities (market approach). For this purpose, price
quotations observable on the market (exchange rates, interest rates
and commodity prices) are imported from information platforms
customary in the market into the treasury management system.
e price quotations reect actual transactions involving similar
instruments on an active market. Any currency options used are
measured using the Black-Scholes option pricing model. All sig-
nicant inputs used to measure the derivatives are observable on
the market.
Level  mainly comprises the fair values of equity investments
and options associated with    transactions. ese options are
measured using recognised valuation models, taking plausible
assumptions into account. e fair values of the derivatives depend
largely on nancial ratios. Financial ratios strongly inuence the
fair values of assets and liabilities. Increasing nancial ratios lead to
higher fair values, whilst decreasing nancial ratios result in lower
fair values.
No nancial instruments were transferred between levels
in nancial year . e following table shows the eect on net
gains and losses of the nancial instruments categorised within
level  as at the reporting date:
Unobservable inputs (Level )
 m
1 Jan. 2014
Gains and
losses
( recognised
in profit and
loss) 1
Gains
and losses
(recognised
in) 2 Additions Disposals 31 Dec. 2014
Assets
Equity instruments 93 0 53 0 –14 132
Liabilities
Debt instruments 000 0 0 0
Derivatives
Equity derivatives 2–1 0 0 0 1
1 Jan. 2013
Gains and
losses
( recognised
in profit and
loss) 1
Gains
and losses
(recognised
in) 2 Additions Disposals 31 Dec. 2013
Assets
Equity instruments 28 0 41 24 0 93
Liabilities
Debt instruments 1–1 0 0 0 0
Derivatives
Equity derivatives 48 – 43 0 0 –3 2
1 Fair value losses were recognised in other finance costs.
2 Unrealised gains were recognised in the   revaluation reserve.
Deutsche Post  Group —  Annual Report
203
Consolidated Financial Statements — NOTES — Other disclosures