Derivative instruments
Fair values of derivative instruments | | | | |
| | | 31 March 2015 | 31 March 2014 | 31 December 2014 |
EUR million | Positive | Negative | Net | Net | Net |
Interest rate derivatives | | | | | |
| | Interest rate swaps, cash flow hedges | 1.0 | -49.1 | -48.1 | -30.7 | -45.4 |
| | Interest rate options, cash flow hedges | 0.0 | 0.0 | 0.0 | -0.2 | -0.1 |
| | Interest rate derivatives, not in hedge accounting | 0.0 | -10.0 | -10.0 | -4.1 | -8.3 |
Electricity derivatives | 0.5 | -1.5 | -1.0 | -1.5 | -0.9 |
Total | 1.5 | -60.6 | -59.1 | -36.4 | -54.8 |
| | | | | | | |
Nominal values of derivative instruments | | | | |
EUR million | 31 March 2015 | 31 March 2014 | 31 December 2014 | | |
Interest rate derivatives | | | | | |
| | Interest rate swaps, cash flow hedges | 486.0 | 394.1 | 404.3 | | |
| | Interest rate options, cash flow hedges | 0.0 | 14.7 | 14.2 | | |
| | Interest rate derivatives, not in hedge accounting | 38.8 | 39.7 | 38.8 | | |
Total | 524.8 | 448.5 | 457.3 | | |
Electricity derivatives, MWh | 226,823 | 258,874 | 230,087 | | |
| | | | | | | |
| | | | | | | |
The interest risk of the market based loans is hedged with interest rate derivatives according to VVO Group’s Treasury policy. The targeted hedging ratio is between 50–80%. The hedging ratio was 76 (75) per cent at the end of the period and the average maturity of the interest rate derivatives was 6.7 (6.0) years.
