DHL 2001 Annual Report Download - page 150
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•Derivatives – Classification by counterparties
The following table presents the positive and nega-
tive fair values of derivatives by counterparty:
The effects of the first-time application of IAS 39
relating to the recognition of derivatives and the
adjustments to the carrying amounts of balance
sheet items designated as hedged items within the
meaning of hedge accounting in accordance with
IAS 39 are as follows:
42.1.3 Fair values of primary financial instruments
In accordance with IAS 39.166 in conjunction with
IAS 32, both the carrying amounts and the fair
values must be disclosed for financial instruments
carried at amortized cost.As defined by IAS 39,
fair value is the amount at the balance sheet date
for which an asset could be exchanged, or a liability
settled, between knowledgeable, willing parties in
an arm’s length transaction.
If there is an active market for a financial instru-
ment (e.g. a stock exchange), the fair value is expressed
by the market or exchange price at the balance sheet
date.As there is not an active market for all assets,
the fair value of such instruments must be calcu-
lated by using investment techniques (in particular
the discounted present value method and option
pricing models). The parameters factored into the
calculation of fair value are based on market condi-
tions at the balance sheet date.
The fair values are compared with the carrying
amounts (amortized cost) of the financial instru-
ments, classified by balance sheet item:
150
Maturities
Less than three months 120 87 53 83
Three months to one year 395 133 63 165
One to five years 653 1,071 434 214
More than five years 540 1,122 355 98
1,708 2,413 905 560
Positive
fair values
2001
Negative
fair values
2001
Negative
fair values
2001
Positive
fair values
2001
Hedging derivatives Trading derivatives
in €m
Negative
fair values
2001
Classification by counterparties
Positive
fair values
2001
in €m
Banks in OECD countries 2,519 2,729
Public institutions in OECD countries 94 244
Other counterparties in OECD countries 0 0
2,613 2,973
in €m 2001
Effects of first-time application of IAS 39
Value of derivatives after recognition at fair values -380
thereof:
Trading derivatives:
Economic hedging derivatives 256
Hedging derivatives:
Fair value hedges -636
Changes in the carrying amount of underlyings that are a
component of effective hedges for hedge accounting purposes 624
less deferred taxes from initial remeasurement -110
Total amount net of deferred taxes 134