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Values of derivative financial instruments
As of the closing date, the fair values of the derivative financial instruments are as follows:
Transaction volume Positive fair value Negative fair value
in € million 2012 2011 2012 2011 2012 2011
Foreign exchange forward contracts 1,011.1 905.5 27.0 5.8 12.2 40.3
– without a hedging relationship 1,011.1 905.5 27.0 5.8 12.2 40.3
Foreign exchange options/collars 66.4 200.1 1.6 – – 3.1
– without a hedging relationship 66.4 200.1 1.6 – – 3.1
Other derivative financial instruments 381.5 924.7 13.0 58.0 7.2 –
– without a hedging relationship 381.5 924.7 13.0 58.0 7.2 –
Total derivative financial instruments 1,459.0 2,030.3 41.6 63.8 19.4 43.4
Depending on the market value on the closing date, derivative financial instruments are
classified as miscellaneous receivables and other assets (if the fair value is positive) or
as other liabilities (if the fair value is negative). The par method is used in determining
the fair values of foreign exchange forward contracts.
Further disclosures on financial instruments
The carrying amount of the financial instruments by valuation category and the fair value
of the individual classes of financial instruments are provided in the following table.
Cash margins have been paid to margin accounts pledged as security. The pledge will
end in each case at the maturity of the transaction underlying the pledge. As of the
balance sheet date, cash margins totaling € 4.5 million were reported under other current
receivables; on the closing date of the previous year, the cash margins received totaled
€ 25.1 million and were reported under other current liabilities.