30. Derivative Financial Instruments

The fair value of the derivative financial instruments is as follows:

in thousands of EUR

31 December 2014

31 December 2013

Assets

Liabilities

Assets

Liabilities

Interest rate derivatives – cash flow hedges

-

4,025

-

5,664

Currency derivatives – cash flow hedges

800

20

143

347

Currency derivatives – fair value hedges

91

-

-

-

Total

891

4,045

143

6,011

Less non-current portion:

Interest rate derivatives – cash flow hedges

-

2,508

-

4,629

Current portion

891

1,537

143

1,382

The valuation of the derivatives is based on valuations provided by banks and third parties.

Interest rate derivatives

The nominal amount of the syndicated loans (see note 24) hedged by interest rate derivatives amounts to €420 million (2013: €550 million). The interest derivatives meet the requirements for hedge accounting in full.

Currency derivatives

The Group has transactional cash flows in multiple currencies and is exposed to the volatility of these currencies against the euro. Group policy is to hedge between 25% and 80% of the transactional cash flows based on a rolling 12-month forecast. The exposure to USD, CZK, PLN, CLP, CHF and HUF has been (partially) hedged. Derivative financial instruments are aimed at reducing the exposure to adverse currency change. Some of the currency derivatives qualify for hedge accounting. The fair value is recorded in the hedging reserve in equity for the effective part and in the Income Statement for the ineffective part. At the end of 2014 the notional principal amounts of these outstanding forward foreign exchange contracts were:

in thousands of EUR

31 December 2014

31 December 2013

Currency

USD

24,134

12,527

CZK

4,176

-

PLN

2,893

4,719

CLP

1,366

2,901

CHF

1,159

-

HUF

300

7,560

GBP

-

4,969

All these foreign exchange deals are partially hedging underlying forecasted transactions of Group entities in the corresponding foreign currency.