31 Mar 2016 | 31 Mar 2015 | 31 Dec 2015 | ||||
M€ | Positive | Negative | Net | Net | Net | |
Interest rate derivatives | ||||||
Interest rate swaps, cash flow hedges | 0.6 | -61.8 | -61.2 | -48.1 | -40.9 | |
Interest rate options, cash flow hedges | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Interest rate derivatives, not in hedge accounting | 0.0 | -10.1 | -10.1 | -10.0 | -7.6 | |
Electricity derivatives | 0.4 | -2.0 | -1.6 | -1.0 | -1.2 | |
Total | 1.0 | -73.9 | -72.9 | -59.1 | -49.7 | |
M€ | 31 Mar 2016 | 31 Mar 2015 | 31 Dec 2015 | |
Interest rate derivatives | ||||
Interest rate swaps, cash flow hedges | 710.1 | 486.0 | 690.4 | |
Interest rate options, cash flow hedges | 0.0 | 0.0 | 0.0 | |
Interest rate derivatives, not in hedge accounting | 38.0 | 38.8 | 38.0 | |
Total | 748.1 | 524.8 | 728.4 | |
Electricity derivatives, MWh | 250,714 | 226,823 | 245,494 | |
The interest risk of the market loans and commercial papers is hedged with interest rate derivatives according to VVO Group’s treasury policy. The targeted hedging ratio is 50–100%. The hedging ratio was 72 (65) per cent at the end of the review period and the average maturity of the interest rate derivatives was 7.2 (5.5) years.
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