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The fair value of the majority of the financial instruments does not differ materially from the book value, with
the exception of a number of loans and other payables with a fixed rate. The fair value of these instruments
is disclosed below.
The fair value and the related hierarchy of the aforementioned financial instruments are:
As at 31 December 2016
As at 31 December 2015
CARRYING
AMOUNT
FAIR VALUE
HIERACHY
CARRYING
AMOUNT
FAIR VALUE
HIERACHY
Assets
Derivatives
80,804
80,804
2
55,934
55,934
2
Financial assets available for sale
115,379
115,379
1
-
-
-
Liabilities
Derivatives
- 9,656
- 9,656
2
- 14,867
- 14,867
2
Interest bearing loans with fixed interest rates
- 761,431
- 779,607
3
- 717,306
- 779,830
3
Derivatives
The composition of outstanding derivatives at year-end is presented below.
2016
WITHIN ONE YEAR
AFTER ONE YEAR
TOTAL
USD forward selling (in US dollar)
- 181,748
- 14,347
- 196,095
USD forward buying (in US dollar)
38,628
-
38,628
Forward selling of other currencies (average contract rates in EUR)
- 88,100
- 28,562
- 116,662
Forward buying of other currencies (average contract rates in EUR)
136,288
20,620
156,908
Fuel hedges (in US dollar)
947
-
947
Interest rate swaps (in EUR)
59,669
-
59,669
2015
WITHIN ONE YEAR
AFTER ONE YEAR
TOTAL
USD forward selling (in US dollar)
- 170,625
- 55,984
- 226,609
USD forward buying (in US dollar)
31,160
1,768
32,928
Forward selling of other currencies (average contract rates in EUR)
- 107,484
- 26,790
- 134,274
Forward buying of other currencies (average contract rates in EUR)
106,607
14,993
121,600
Fuel hedges (in US dollar)
- 6,103
-
- 6,103
Interest rate swaps (in EUR)
5,386
73,402
78,788
The remaining time to maturity of these derivatives is directly related to the remaining time to maturity of the
relating underlying contracts in the order book.
Cash flows from forward currency buying and selling can be rolled forward at the settlement date if they
differ from the underlying cash flows.
The results on effective cash flow hedges are recognized in Group equity as follows:
2016
2015
Hedging reserve as at 1 January
- 15,207
- 19,039
Movement in fair value of effective cash flow hedges recognized in Group equity
- 2,004
- 41,502
Transferred to the statement of profit or loss
15,265
48,515
Total directly recognized in Group equity
13,261
7,013
Taxation
- 2,034
- 3,181
Directly charged to hedging reserve (net of taxes)
11,227
3,832
Change in fair value of cash flow hedges from joint ventures and associated companies, after
taxation
6,365
-
Reclassification of hedge reserve to statement of profit or loss
- 6,290
-
75
-
Balance of hedging reserve as at 31 December
- 3,905
- 15,207
117
ANNUAL REPORT 2016 – BOSKALIS