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