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(8) Liabilities
The face value of derivatives entered into for currency and interest rate risk
was 16.8 million Euro (2002: 90.1 million Euro).
The positive net fair value of these instruments as of December 31, 2003 was
4.8 million Euro (2002: 2.9 million Euro). As of December 31, 2003, the face value
of currency futures concluded for hedging foreign exchange risks and still open
was 47.6 million Euro (2002: 17.3 million Euro). All these transactions were conventional
currency futures. The positive net fair value of these instruments as of December
31, 2003 was 0.3 million Euro (2002: 2.5 million Euro).
Of the total volume of derivatives, 84.4 percent (2002: 16.1 percent) had a term of more than one year.
The following positive and negative fair values of derivative financial instruments are included in other assets and other liabilities respectively:
Interest rate risks mainly arise in the case of long-term items. There are no
significant risks as a result of changes in interest rates.