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66 NIKON REPORT 2015
15. Derivatives
The Group enters into derivative contracts, including foreign
exchange forward contracts, currency option contracts, foreign
currency swap contracts and interest rate swap contracts to hedge
foreign exchange risk and interest rate exposures. The Group does
not hold or issue derivatives for trading purposes. Derivatives are
subject to market risk and credit risk. Market risk is the exposure
created by potential uctuations in market conditions, including
changes in interest or foreign exchange rates. Credit risk is the
possibility that a loss may result from a counterparty’s failure to
perform according to the terms and conditions of the contract.
Because the counterparties to the Group’s derivative contracts are
limited to major international nancial institutions, the Group does
not anticipate any losses arising from credit risk.
Derivative transactions entered into by the Group have been
made in accordance with internal policies that regulate the authori-
zation and credit limit amount.
(a) Derivative transactions to which hedge accounting is not applied at March 31, 2014 and 2015 were as follows:
Millions of Yen
Contract
Amount
Contract
Amount Due
after One Year Fair Value
Unrealized
(Loss) Gain
2014
F orward exchange
contracts:
Selling USD ¥ 33,421 ¥ (13) ¥ (13)
Selling EUR 12,820 (340) (340)
Selling Other 27,608 (110) (110)
Buying JPY (69) (1) (1)
Buying USD (13,992) 87 87
Buying EUR (20)
Buying Other (144)
Total ¥ (377)
Currency swap contracts:
Y en receipt,
Brazil Real payment ¥ 1,142 ¥ 666 ¥ 9 ¥ 9
Y en receipt,
Thai Baht payment 10,387 7,533 (1,902) (1,902)
Total ¥(1,893)
Millions of Yen Thousands of U.S. Dollars
Contract
Amount
Contract
Amount Due
after One Year Fair Value
Unrealized
(Loss) Gain Contract Amount
Contract
Amount Due
after One Year Fair Value
Unrealized
(Loss) Gain
2015 2015
F orward exchange
contracts:
Selling USD ¥ 17,458 ¥ 10 ¥ 10 $ 145,275 $ 80 $ 80
Selling EUR 11,674 530 530 97,144 4,408 4,408
Selling Other 12,239 (215) (215) 101,850 (1,786) (1,786)
Buying JPY (38) (319)
Buying USD (16,567) 57 57 (137,862) 471 471
Buying Other (608) 4 4 (5,060) 38 38
Total ¥ 386 $ 3,211
Currency swap contracts:
Y en receipt,
Brazil Real payment ¥ 665 ¥ 113 ¥ 113 $ 5,538 $ 941 $ 941
Y en receipt,
Thai Baht payment 7,533 ¥4,679 (2,867) (2,867) 62,684 $38,934 (23,858) (23,858)
Total ¥(2,754) $(22,917)
Notes to Consolidated Financial Statements