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E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 257
Hedges of net investments in foreign operations
Daimler also partially hedges the foreign currency risk
of selected investments with the application of derivative
financial instruments.
Nominal values of derivative financial instruments
Table E.80 shows the nominal values of derivative financial
instruments entered into for the purpose of hedging currency
risks, interest rate risks and commodity price risks that
arise from the Group’s operating and/or financing activities.
Hedging transactions for which the effects from the measurement
of the hedging instrument and the underlying transaction to
a large extent offset each other in the consolidated statement
of income mostly not classify for hedge accounting.
Even if derivative financial instruments do not or no longer
qualify for hedge accounting, these instruments are still
hedging financial risks from the operating business. A hedging
instrument is terminated when the hedged item no longer
exists or is no longer expected to occur.
Explanations of the hedging of exchange rate risks, interest
rate risks and commodity price risks can be found in Note 32
in the sub-item finance market risk.
Nominal values of derivative financial instruments
At December 31, 2015 At December 31, 2014
Nominal values
Maturity
≤ 1 year
Maturity
> 1 year
Nominal values
In millions of euros
Hedging of currency risks from receivables/liabilities
Forward exchange contracts 7,073 7,073 – 5,513
Cross currency interest rate swaps 6,191 1,965 4,226 5,803
thereof cash flow hedges 2,560 850 1,710 2,137
thereof fair value hedges 505 377 128 2,926
Hedging of currency risks from forecasted transactions
Forward exchange contracts and currency options 51,490 28,078 23,412 41,621
thereof cash flow hedges 49,914 26,533 23,381 39,873
Hedging of currency risks of net investments in foreign operations
Currency swaps ––– 545
thereof hedging of net investments in foreign operations ––– 545
Hedging of interest rate risks from receivables/liabilities
Interest rate swaps 39,322 5,318 34,004 31,884
thereof cash flow hedges 3,104 799 2,305 1,647
thereof fair value hedges 29,771 3,490 26,281 27,384
Hedging of commodity price risks from forecasted transactions
Forward commodity contracts 1,388 605 783 1,460
thereof cash flow hedges 1,231 484 747 1,305
Total nominal values of derivative financial instruments 105,464 43,039 62,425 86,826
thereof cash flow hedges 56,809 28,666 28,143 44,962
thereof fair value hedges 30,276 3,867 26,409 30,310
E.80