Note 8 Derivatives

Derivatives are measured at fair value. As at year-end 2016 and 2015, there were no derivative instruments on the balance sheet.

In 2016, a bond was issued under the Euro Medium Term Notes Programme. The fixed-rate bond loan was converted into a floating-rate loan using an interest rate swap. The interest rate swap was settled simultaneously with the issue of the bond loan, yielding a profit that has been recognised in the finance income.

Financing was raised in 2016 under the Euro Commercial Paper Programme, denominated in foreign currency. In order to eliminate currency risks, the foreign currency was immediately converted into euros by means of foreign exchange swaps.