NEOPOST_REGISTRATION_DOCUMENT_2017
5
Financial statements
Consolidated financial statements
Derivative instrument details The instruments in the portfolio are listed below, according to type, currency and maturity.
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Cross currency swap - Lender EUR/Borrower USD
EUR/USD
-
18.3/20.0
27.4/30.0
Swap – buyer
EUR
-
125.0
29.5
Swap – receiver
USD
-
40.0
-
Cap – buyer
USD
-
55.0
-
EUR
130.0
-
-
Floor – receiver
USD
-
30.0
-
Floor – buyer
EUR
-
18.3
-
DERIVATIVE INSTRUMENTS QUALIFIED AS FAIR VALUE HEDGE
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Swap – buyer
EUR
-
125.0
29.5
DERIVATIVE INSTRUMENTS QUALIFIED AS CASH FLOW HEDGE
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Cross currency swap
EUR/USD
-
-
27.4/30.0
Swap – receiver
USD
-
40.0
-
Cap – buyer
USD
-
55.0
-
Floor – buyer
USD
-
30.0
-
INSTRUMENTS NOT ELIGIBLE FOR HEDGE ACCOUNTING
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Cross currency swap - Lender EUR/Borrower USD
EUR/USD
-
18.3/20.0
-
Cap – buyer
EUR
130.0
-
-
Floor – buyer
EUR
-
18.3
-
Instrument valuations Derivative instruments are recognized in accordance with the accounting principles and methods presented in note 11-4-1. All interest rate derivative instruments are thus valued on the balance sheet and in the income statement at their market value, in accordance with IAS 39. As of 1 February 2013 and according to IFRS 13 standard, Neopost set up a credit risk methodology concerning the valuation of financial instruments. In light of the immaterial impacts of credit risk, Neopost decided not to recognize them in the financial statements at 31 January 2018.
Changes in the market value of instruments not eligible for hedge accounting have been charged in their entirety to the income statement. The ineffective portion of instruments eligible for hedge accounting, plus the time value of these instruments, has been charged to net financial expense. Changes in the intrinsic value of these instruments have been recognized as a restatement of net assets.
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REGISTRATION DOCUMENT 2017 / NEOPOST
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