DHL 2001 Annual Report Download - page 152

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152
All instruments have less than one year to matu-
rity, with the exception of the cross-currency swaps.
Each hedging instrument is allocated to a hedged
item.
•Interest rate risk and interest rate management
Interest rate risk, i.e. the risk that the value of finan-
cial instruments may change due to interest rate
fluctuations on the capital markets,arises in partic-
ular in the case of receivables, liabilities and financial
instruments with more than one year to maturity.
Such maturities are relevant only to long-term invest-
ments and financial liabilities.
Deutsche Post World Net uses primary and
derivative financial instruments to optimize interest
costs and to diversify the interest rate risk.A primary
risk diversification effect is achieved by selective
portfolio building. Derivatives are used to adjust
the debt structure. Short-term Forward Rate Agree-
ments (FRAs) were traded in fiscal year 2001 for
this purpose.
•Fair values
The fair values of derivative financial instruments
are as follows:
The fair value of a primary financial instrument
is the price obtainable on the market, i.e. the price at
which the financial instrument can be freely traded
between two parties in a current transaction.
43. Contingent liabilities
Contingent liabilities are firstly possible obligations
whose existence will be confirmed only by the occur-
rence or non-occurrence of one or more uncertain
future events not wholly within the control of the
enterprise. Secondly they include existing obliga-
in €m
Interest rate products
OTC products
Interest rate swaps 0 0 0 0 0 0
FRAs 0 0 0 200 0 -1
Interest rate options 000
Currency derivatives
OTC products
Currency forwards 31 0 0 517 0 -15
Currency options 30 0 0 414 0 -13
Currency swaps 994 3 -12 921 36 0
Cross-currency swaps 207 13 -2 207 7 0
Exchange-traded products
Currency options 0 0 0 0 0 0
Currency futures 0 0 0 0 0 0
1,262 16 -14 2,259 43 -29
Fair values of derivatives
2001
Fair valuesNotional
amount
Fair values
positive negative positive negative
Notional
amount
2000