28. Derivatives

Fair values of derivative instruments

MEUR Positive Negative 31 Dec 2016
Net
Positive Negative 31 Dec 2015 Net
Non-current





Interest rate swaps, cash flow hedge 0.5 -35.9 -35.4 1.1 -34.2 -33.1
Cross-currency and interest rate swaps, cash flow hedge - -18.5 -18.5 - -13.6 -13.6
Non-current derivatives, total 0.5 -54.4 -53.9 1.1 -47.8 -46.7



Current





Interest rate swaps, cash flow hedge - -1.1 -1.1 - -0.1 -0.1
Foreign exchange forward contracts, cash flow hedge - - - - -0.8 -0.8
Current derivatives, total 0.0 -1.1 -1.1 0.0 -0.9 -0.9














Derivatives, Total 0.5 -55.5 -55.0 1.1 -48.7 -47.6



MEUR



31 Dec 2016 31 Dec 2015
Nominal values of derivative instruments





Interest rate swaps, cash flow hedge



661.3 499.6
Cross-currency and interest rate swaps, cash flow hedge



106.0 108.3
Foreign exchange forward contracts, cash flow hedge



- 1.6
Total



767.3 609.4
Change in fair value of designated interest rate hedges, booked to hedge reserve in other comprehensive income, totalled EUR -3.4 (2.9) million and that of foreign exchange hedges totalled EUR 0.6 (2.6) million. Interest rate swaps are used to hedge interest cash flows against fluctuation in market interest rates. Cross-currency and interest rates swaps additionally hedge the currency risks of interest and repayment cash flows of loan contracts denominated in foreign currency. Currency forward contracts are used to hedge contractual cash flow relating to binding purchase agreements denominated in foreign currency. Interest rate hedges have maturities ranging between 1–10 years and forward contracts 1 year. Typically netting agreements are applied to derivative contracts, however the contracts are represented in gross value in financial statements. The method of presentation has no significant impact on figures on reporting or comparative period.