14 Annual financial statements 2015 Additional derivatives are used to hedge against fluctuations in commodity prices and the risk of changes in interest rates for subsidiaries. The hedges negotiated with external counterparties and the opposing derivatives with subsidiaries of equal volume ...
The fair values of interest rate swaps were determined by discounting the future cash flows based on the respective market interest rates and interest rate structure curves on the balance sheet date. The fair values of interest rate hedges/foreign exchange hedging transactions were det...