• 23. Unsettled derivative financial instruments
CONSOLIDATED FINANCIAL STATEMENTS OF EMMI GROUP

23. Unsettled derivative financial instruments

 

 

31.12.2020

 

 

31.12.2019

 

 

Positive value

Negative value

Purpose

Positive value

Negative value

Purpose

Forward currency transactions

1,916

3,649

Hedging

4,649

792

Hedging

Other forward transactions

228

Hedging

29

Hedging

Total forward transactions

2,144

3,649

4,678

792

Thereof to hedge future cash flows

1,234

452

1,381

792

Total recognised in the balance sheet

910

3,197

3,297

Similar to the underlying transactions, currency forwards used to hedge future cash flows are not recognised in the balance sheet. The result of these derivative instruments is recognised in the income statement upon occurrence of the transaction hedged. Derivative financial instruments used to hedge balance sheet positions in foreign currencies are recognised as securities in the current assets or other payables in the current liabilities respectively. Corresponding changes in value are recognised in the financial result.

Emmi also has options to acquire additional shares in a number of Group companies with minority interests. At the same time, put options have been granted in general to the counterparties. These options are not recognised in the balance sheet as they represent derivatives on equity instruments of the own organisation, which are explicitly excluded from the scope of Swiss GAAP FER 27. The strike price of these options is generally based on the corresponding enterprise value at the exercise date and cannot currently be reliably measured. The exercise date varies depending on the agreement. The maturities range from short-term to unlimited options.