Reebok 2008 Annual Report Download - page 190
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186 Consolidated Financial Statements Notes
The additional forward starting US dollar interest rate swap with a notional amount of
US $ 16 million was entered into in 2008 in anticipation of a lease that is expected to be fi nalised
in the fourth quarter of 2009. This swap is not part of a hedge relationship. The negative fair
value at December 31, 2008 of € 2 million was recorded in the income statement.
The existing interest rate swaps and cross-currency interest rate swaps had a total negative
fair value of € 7 million (2007: negative € 10 million) and a total positive fair value of € 8 million
(2007: € 4 million) as at December 31, 2008.
Fair value risks from fi nancing with private placements in US dollars, Japanese yen and
Australian dollars are hedged with cross-currency interest rate swaps in Japanese yen
and Australian dollars and one US dollar interest rate swap amounting to a total notional
equivalent of € 105 million (2007: € 101 million). The aim of cross-currency swap hedges in
Australian dollars and Japanese yen was to turn the fi nancing into euro while retaining the
fi nancing method. The intent of the US dollar interest rate swap was to obtain variable fi n ancing.
The total positive € 7 million fair value (2007: negative € 7 million), which was recorded directly
in the income statement as incurred, was compensated by negative fair value effects of the
hedged items in an amount of € 7 million (2007: € 6 million).
All euro-denominated interest rate swaps qualify as cash fl ow hedges pursuant to IAS 39. They
relate to euro private placements with variable interest rates for a notional amount of € 279 mil-
lion (2007: € 279 million). The goal of these hedges is to lower exposure to increasing short-term
euro interest rates. The negative fair value of € 6 million (2007: negative € 1 million) was cred-
ited in hedging reserves.
Notes to the Consolidated Income Statement
24 Other operating income
Other operating income consists of the following:
Other operating income
€ in millions
Year ending
Dec. 31, 2008
Year ending
Dec. 31, 2007
Income from accounts receivable previously written off 2 1
Income from release of accruals and provisions 28 20
Gains from disposal of fi xed assets 10 21
Income from the recognition of negative goodwill see Note 4 21 —
Other revenues 42 38
Total 103 80