The Group uses currency forwards and currency swaps to hedge the cash flow risk from future foreign currency operating revenue and expenses. The fair values of currency forwards and currency swaps amounted to €–15 million at the reporting date (previous year: €–18 million). The hedged items will have an impact on cash flow by 2017.
The risks from the purchase of diesel and marine diesel fuels, which cannot be passed on to customers, were hedged using com- modity swaps that will affect cash flow by 2017. The fair value of these cash flow hedges amounted to €–25 million (previous year: €–3 million).
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48.4 additional disclosures on the financial instruments used in the Group
The Group classifies financial instruments in line with the respective balance sheet items. Since the Group did not classify any financial
instruments as held to maturity in the reporting period or in the previous financial year, this measurement category is omitted in the overview. The following table reconciles the classes to the categories given in IAS 39 and their respective fair values as at the reporting date:
Reconciliation of carrying amounts in the balance sheet at 31 December 2015 € m
Carrying amount Carrying amount by IAS 39 measurement category
Other financial instruments outside the scope of IAS 39
Fair value of financial instruments under IFRS 7 Financial assets and liabilities at fair value
through profit or loss
Available-for-sale financial assets
Loans and receivables / other financial liabilities
Derivatives designated as hedging instruments
Lease receivables / finance lease liabilities
Trading Fair value option
ASSETS
Non-current financial assets 1,113
at cost 867 0 0 11 806 0 50 867
at fair value 246 0 128 108 0 10 0 246
Trade receivables 7,694
at cost 7,694 0 0 0 7,694 0 0 n. a.
Other current assets 2,172
at cost 868 0 0 0 868 0 0 n. a.
outside IFRS 7 1,304 0 0 0 0 0 0 n. a.
Current financial assets 179
at cost 110 0 0 0 105 0 5 n. a.
at fair value 69 7 0 27 0 35 0 69
Cash and cash equivalents 3,608 0 0 0 3,608 0 0 n. a.
total ASSETS 14,766 7 128 146 13,081 45 55 –
EQUITY AND LIABILITIES
Non-current financial liabilities 1 4,625
at cost 4,608 0 0 0 4,467 0 141 5,192
at fair value 17 0 0 0 0 17 0 17
Other non-current liabilities 234
at cost 142 0 0 0 142 0 0 142
outside IFRS 7 92 0 0 0 0 0 0 n. a.
Current financial liabilities 553
at cost 445 0 0 0 419 0 26 n. a.
at fair value 108 46 0 0 0 62 0 108
Trade payables 7,069
at cost 7,069 0 0 0 7,069 0 0 n. a.
Other current liabilities 4,255
at cost 355 0 0 0 355 0 0 n. a.
outside IFRS 7 3,900 0 0 0 0 0 0 n. a.
total EQUITY AND LIABILITIES 16,736 46 0 0 12,452 79 167 –
1 The Deutsche Post AG and Deutsche Post Finance B. V. bonds included in non-current financial liabilities are carried at amortised costs. Where required, the carrying amounts of the unwound
interest rate swaps were adjusted. One of the Deutsche Post Finance B. V. bonds was designated as a fair value hedge as at the reporting date. A basis adjustment was recognised for the effective portion of the hedge in accordance with IAS 39. The bonds are therefore recognised neither at full fair value nor at amortised cost. The convertible bond issued by Deutsche Post AG in December 2012 had a fair value of €1,318 million as at the balance sheet date. The fair value of the debt component at the balance sheet date was €1,004 million.
Reconciliation of carrying amounts in the balance sheet at 31 December 2015 € m
Carrying amount Carrying amount by IAS 39 measurement category
Other financial instruments outside the scope of IAS 39
Fair value of financial instruments under IFRS 7 Financial assets and liabilities at fair value
through profit or loss
Available-for-sale financial assets
Loans and receivables / other financial liabilities
Derivatives designated as hedging instruments
Lease receivables / finance lease liabilities
Trading Fair value option
ASSETS
Non-current financial assets 1,113
at cost 867 0 0 11 806 0 50 867
at fair value 246 0 128 108 0 10 0 246
Trade receivables 7,694
at cost 7,694 0 0 0 7,694 0 0 n. a.
Other current assets 2,172
at cost 868 0 0 0 868 0 0 n. a.
outside IFRS 7 1,304 0 0 0 0 0 0 n. a.
Current financial assets 179
at cost 110 0 0 0 105 0 5 n. a.
at fair value 69 7 0 27 0 35 0 69
Cash and cash equivalents 3,608 0 0 0 3,608 0 0 n. a.
total ASSETS 14,766 7 128 146 13,081 45 55 –
EQUITY AND LIABILITIES
Non-current financial liabilities 1 4,625
at cost 4,608 0 0 0 4,467 0 141 5,192
at fair value 17 0 0 0 0 17 0 17
Other non-current liabilities 234
at cost 142 0 0 0 142 0 0 142
outside IFRS 7 92 0 0 0 0 0 0 n. a.
Current financial liabilities 553
at cost 445 0 0 0 419 0 26 n. a.
at fair value 108 46 0 0 0 62 0 108
Trade payables 7,069
at cost 7,069 0 0 0 7,069 0 0 n. a.
Other current liabilities 4,255
at cost 355 0 0 0 355 0 0 n. a.
outside IFRS 7 3,900 0 0 0 0 0 0 n. a.
total EQUITY AND LIABILITIES 16,736 46 0 0 12,452 79 167 –
1 The Deutsche Post AG and Deutsche Post Finance B. V. bonds included in non-current financial liabilities are carried at amortised costs. Where required, the carrying amounts of the unwound
interest rate swaps were adjusted. One of the Deutsche Post Finance B. V. bonds was designated as a fair value hedge as at the reporting date. A basis adjustment was recognised for the effective portion of the hedge in accordance with IAS 39. The bonds are therefore recognised neither at full fair value nor at amortised cost. The convertible bond issued by Deutsche Post AG in December 2012 had a fair value of €1,318 million as at the balance sheet date. The fair value of the debt component at the balance sheet date was €1,004 million.
189
Reconciliation of carrying amounts in the balance sheet at 31 December 2014 € m
Carrying amount Carrying amount by IAS 39 measurement category
Other financial instruments outside the scope of IAS 39
Fair value of financial instruments under IFRS 7 Financial assets and liabilities at fair value
through profit or loss
Available-for-sale financial assets
Loans and receivables / other financial liabilities
Derivatives designated as hedging instruments
Lease receivables / finance lease liabilities
Trading Fair value option
ASSETS
Non-current financial assets 1,363
at cost 907 0 0 24 834 0 49 906
at fair value 456 53 114 264 0 25 0 456
Trade receivables 7,825
at cost 7,825 0 0 0 7,825 0 0 n. a.
Other current assets 2,415
at cost 1,048 0 0 0 1,048 0 0 n. a.
outside IFRS 7 1,367 0 0 0 0 0 0 n. a.
Current financial assets 351
at cost 68 0 0 0 61 0 7 n. a.
at fair value 283 37 0 208 0 38 0 283
Cash and cash equivalents 2,978 0 0 0 2,978 0 0 n. a.
total ASSETS 14,932 90 114 496 12,746 63 56 –
EQUITY AND LIABILITIES
Non-current financial liabilities 1 4,683
at cost 4,671 0 0 0 4,480 0 191 5,461
at fair value 12 0 0 0 0 12 0 12
Other non-current liabilities 255
at cost 160 0 0 0 160 0 0 160
outside IFRS 7 95 0 0 0 0 0 0 n. a.
Current financial liabilities 486
at cost 353 0 0 0 334 0 19 n. a.
at fair value 133 75 0 0 0 58 0 133
Trade payables 6,922
at cost 6,922 0 0 0 6,922 0 0 n. a.
Other current liabilities 4,196
at cost 390 0 0 0 390 0 0 n. a.
outside IFRS 7 3,806 0 0 0 0 0 0 n. a.
total EQUITY AND LIABILITIES 16,542 75 0 0 12,286 70 210 –
1 The Deutsche Post AG and Deutsche Post Finance B. V. bonds included in current and non-current financial liabilities were partly designated as hedged items in a fair value hedge and are
thus subject to a basis adjustment. The bonds are therefore recognised neither at full fair value nor at amortised cost. Non-current financial liabilities also include the convertible bond issued by Deutsche Post AG in December 2012. The listed bond had a fair value of €1,384 million at 31 December 2014. The fair value of the debt component was €1,006 million.
If there is an active market for a financial instrument (e. g. stock exchange), the fair value is determined by reference to the market or quoted exchange price at the balance sheet date. If no fair value is available in an active market, the quoted prices in an active mar- ket for similar instruments or recognised valuation techniques are used to determine fair value. The valuation techniques used incor- porate the key factors determining the fair value of the financial instruments using valuation parameters that are derived from the market conditions as at the balance sheet date. Counterparty risk is analysed on the basis of the current credit default swaps signed by the counterparties. The fair values of other non-current receivables and held-to-maturity financial investments with remaining matur- ities of more than one year correspond to the present values of the payments related to the assets, taking into account current interest rate parameters.
Cash and cash equivalents, trade receivables and other receiv- ables have predominantly short remaining maturities. As a result, their carrying amounts as at the reporting date are approximately equivalent to their fair values. Trade payables and other liabilities generally have short remaining maturities; the recognised amounts approximately represent their fair values.
The financial assets classified as available for sale include shares in partnerships and corporations for which there is no active market in the amount of €11 million (previous year: €24 million).