DHL 2013 Annual Report Download - page 207

e fair values of currency forwards were measured on the
basis of discounted expected future cash ows, taking forward rates
on the foreign exchange market into account. e currency options
were measured using the Black-Scholes option pricing model.
Level  includes commodity, interest rate and currency
deriv atives. e fair values of the derivatives (currency forwards,
interest rate and commodity swaps) are measured on the basis of
discounted expected future cash ows, taking into account for-
ward rates for currencies, interest rates and commodities (mar-
ket 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 mar-
ket 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 signicant inputs
used to measure derivatives are observable on the market. Level 
mainly comprises the fair values of equity investments and options
entered into in connection with    transactions. ese equity
investments and options are measured using recognised valuation
models, taking plausible assumptions into account; measurement
depends largely on nancial ratios.
No nancial instruments were transferred between levels in
nancial year . e 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
At
1 Jan. 2013
Gains and
losses
(recognised in
profit or loss)
Gains and
losses
(recognised
in )Additions Disposals
At
31 Dec. 2013
Assets
Equity instruments 28 0 41 1 24 0 93
Liabilities
Debt instruments 1–1 2 0 0 0 0
Derivatives
Equity derivatives 48 – 43 2 0 0 –3 2
1 Unrealised gains were recognised in the   revaluation reserve.
2 Fair value losses were recognised in other finance costs.
e net gains and losses on nancial instruments classied
in accordance with the individual   measurement categories
are as follows:
Net gains and losses by measurement category
 m
2012 2013
Loans and receivables –111 –107
Financial assets and liabilities at fair value
through profit or loss
Trading –337 41
Fair value option 0 0
Other financial liabilities 2 3
e net gains and losses mainly include the eects of the
fair value measurement, impairment and disposals (disposal
gains / losses) of nancial instruments. In nancial year , an
option entered into in the context of an    transaction was
derecognised, resulting in an impact on prot or loss. e amount
reported for the trading category in the previous year related to the
measurement of the forward and the options entered into to trans-
fer the remaining shares in Deutsche Postbank . Dividends and
interest are not taken into account for the nancial instruments
measured at fair value through prot or loss. Disclosures on net
gains or losses on available-for-sale nancial assets can be found
in Note .. Income and expenses from interest and commis-
sion agreements of the nancial instruments not measured at fair
value through prot or loss are explained in the income statement
disclosures.
203Deutsche Post DHL 2013 Annual Report
Notes
Other disclosures
Consolidated Financial Statements