Derivative instruments
Fair values of derivative instruments
| | | | 30 Jun 2016 | | 30 Jun 2015 | 31 Dec 2015 |
M€ | Positive | Negative | Net | Net | Net |
Interest rate derivatives | | | | | |
| | Interest rate swaps, cash flow hedges | 0.5 | -71.9 | -71.4 | -36.1 | -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 | -10.7 | -10.7 | -7.0 | -7.6 |
| | | | | | | |
Electricity derivatives | 0.5 | -1.5 | -1.0 | -1.1 | -1.2 |
| | | | | | | |
Total | 1.0 | -84.1 | -83.1 | -44.1 | -49.7 |
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Nominal values of derivative instruments
M€ | 30 Jun 2016 | 30 Jun 2015 | 31 Dec 2015 |
Interest rate derivatives | | | |
| | Interest rate swaps, cash flow hedges | 905.0 | 502.1 | 690.4 |
| | Interest rate options, cash flow hedges | 0.0 | 0.0 | 0.0 |
| | Interest rate derivatives, not in hedge accounting | 38.0 | 38.3 | 38.0 |
Total | 943.0 | 540.4 | 728.4 |
| | | | | |
Electricity derivatives, MWh | 239,022 | 278,734 | 245,494 |
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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 74 (65) per cent at the end of the review period and the average maturity of the interest rate derivatives was 7.2 (6.2) years.
