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ePaper created 2014-04-15, 13:56:41 | version 1.30.00
65notes Pursuant to Art. 3 (3) of the Restructuring Fund Regulation, a retroactive amount of € 10,602 (thousand) is not shown under other financial liabilities in the balance sheet. OTHER OPERATING EXPENSES This position contains expenses arising from accrued interest effects of € 2,162 (thousand) (previous year € 1,945 (thousand)) for established provisions. According to the newly drafted IDW RSHFA 3 € 70 (thousand) were entered for the first time under the item “Other Operating Expenses” when making provisions to reserves for partial retirement obligations (previous year: solely under the item Personnel Expenses). TAXES ON INCOME AND PROFIT The item “Taxes on Income and Profit” includes € 3,440 (thousand) of expenses incurred in other periods. OTHER OPERATING INCOME This item shows value added tax repayments including related interests of € 5,294 (thousand). Forward trades AND DERIVATIVES The following derivative transactions were made to hedge swings in interest rates or hedge against exchange rate risks. These figures do not include derivatives embedded in underlying basic transactions stated on the balance sheet. Nominal amounts (in millions of €) Residual term ≤≤ one year Residual term > one year ≤≤ five years Residual term > five years Total Fair value at date of record *) neg. (-) Interest-Rate-Related Transactions Interest rate swaps 4,812 20,261 33,306 58,379 -1,502 Interest rate options - Calls 31 104 43 178 9 - Puts 30 175 180 385 -18 Other interest rate contracts 50 275 2,030 2,355 50 Currency-Related Transactions Cross-currency swaps 461 1,079 1,645 3,185 7 Currency swaps 394 0 0 394 -3 *) Valuation methods: Interest rate swaps are valued using the present value method based on the current interest rate curve on the date of record. In doing so the cash flows are discounted using market interest rates appropriate for the related risks and remaining terms to maturity, interest that has been accrued but not yet paid is not taken into consideration. This approach is known as “clean price” valuation. The value of options is calculated using option price models and generally accepted basic assumptions. In general, the particular value of an option is calculated using the price of the underlying value, its volatility, the agreed strike price, a risk-free interest rate, and the remaining term to the expiration date of the option.