Mercedes 2013 Annual Report Download - page 245

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F | Consolidated Financial Statements | Notes to the Consolidated Financial Statements
In 2013, the discontinuation of cash flow hedges as a result
of non-realizable hedged items resulted in losses of €8 million
(2012: €11 million).
The maturities of the interest rate hedges and cross currency
interest rate hedges as well as of the commodity hedges corre-
spond with those of the underlying transactions. The realization
of the underlying transactions of the cash flow hedges is
expected to correspond with the maturities of the hedging trans-
actions shown in table  F.88. As of December 31, 2013,
Daimler utilized derivative instruments with a maximum matu-
rity of 36 months (2012: 37 months) as hedges for currency
risks arising from future transactions.
Hedges of net investments in foreign operations. Daimler
also partially hedges the foreign currency risk of selected
investments with the application of derivative financial instru-
ments.
Nominal values of derivative financial instruments.
Table  F.88 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.
Most of the hedging transactions for which the effects
from the mark-to-market valuation of the hedging instrument
and the underlying transaction to a large extent offset each
other in the consolidated statement of income are not classified
for hedge accounting treatment.
Even if derivative financial instruments do not or no longer
qualify for hedge accounting, these instruments are still hedging
financial risks from the operative business. If the hedged
item does not exist anymore or is not expected to occur any-
more, the hedging instrument will be terminated.
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, 2013 At December 31, 2012
Nominal values
Maturity
≤ 1 year
Maturity
> 1 year Nominal values
In millions of euros
Hedging of currency risks from receivables/liabilities
Forward exchange contracts 5,747 5,743 4 5,624
Cross currency interest rate swaps 4,776 1,108 3,668 7,047
thereof cash flow hedges 1,305 544 761 1,046
thereof fair value hedges 2,541 264 2,277 2,472
Hedging of currency risks from forecasted transactions
Forward exchange contracts and currency options 30,439 21,211 9,228 31,794
thereof cash flow hedges 29,525 20,297 9,228 30,421
Hedging of currencey risks of net investments in foreign operations
Currency swaps
thereof hedging of net investments in foreign operations 1,898 1,898 – –
Hedging of interest rate risks from receivables/liabilities
Interest rate swaps 29,656 6,144 23,512 26,249
thereof cash flow hedges 3,837 1,125 2,712 2,295
thereof fair value hedges 22,775 3,681 19,094 22,717
Hedging of commodity price risks from forecasted transactions
Forward commodity contracts 1,389 654 735 1,598
thereof cash flow hedges 1,059 440 619 1,111
Total nominal values of derivative financial instruments 73,905 36,758 37,147 72,312
thereof cash flow hedges 35,726 22,406 13,320 34,873
thereof fair value hedges 25,316 3,945 21,371 25,189
F.88