27) Derivative financial instruments


Derivative financial instruments qualifying as effective hedging instruments within a hedging relationship have the following balances:

Derivative financial instruments

in €m

31.12.2011

31.12.2010

Positive market values – long-term

188

226

Positive market values – short-term

270

317

Negative market values – long-term

–16

–78

Negative market values – short-term

–20

–85

 

422

380

They relate to the following hedged items:

 

in €m

31.12.2011

31.12.2010

Fuel price hedges

141

311

Exchange rate hedges

163

–76

Interest rate hedges

118

145

Derivative financial instruments measured at fair value through profit or loss are shown in the following table:

Trading portion

in €m

31.12.2011

31.12.2010

Positive market values – long-term

155

124

Positive market values – short-term

144

167

Negative market values – long-term

–39

–33

Negative market values – short-term

–17

–18

 

243

240

The positive and negative market values shown are from derivatives that do not qualify under IAS 39 as effective hedging instruments within a hedging relationship as well as the fair values of options used for hedging.

Fair values are all calculated on the basis of recognised financial and mathematical methods, using publicly available market information.