The derivative financial instruments are as follows:
| | | | |
Derivative financial instruments |
|
|---|
in EUR thousands | Dec 31, 2025 | Dec 31, 2024 |
|---|
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities |
|---|
Interest rate swaps – cash flow hedges |
|
| 3,571 |
|
Interest rate swaps – held for trading | 1,312 | | | |
Foreign currency derivatives – held for trading | | 1,385 | | |
Foreign currency derivatives – cash flow hedges | 430 |
|
| 671 |
Foreign currency derivatives – fair value hedges | 510 | 763 | 1,415 | 84 |
Total | 2,252 | 2,148 | 4,986 | 755 |
|---|
Less long-term share |
|
|
|
|
Foreign currency derivatives – cash flow hedges | 14 |
|
|
|
Foreign currency derivatives – fair value hedges |
| | 571 | |
Interest rate swaps – cash flow hedges |
|
| 3,571 |
|
Long-term share | 14 |
| 4,142 |
|
|---|
Short-term share | 2,238 | 2,148 | 844 | 755 |
|---|
Further details on the use of hedging instruments can be found in NOTE 5 – FINANCIAL RISK MANAGEMENT.
i. Impacts of accounting for cash flow hedges on financial position, financial performance and cash flows
The impacts of foreign currency and interest rate-related hedging instruments on financial position, financial performance and cash flows are as follows:
| | | | | | | | |
Impacts of accounting for cash flow hedges on financial position, financial performance and cash flows |
|
|---|
in EUR thousands | Carrying amount as of
Dec 31, 2024
(Derivative
financial
assets [+] / Derivative financial
liabilities [–]) | Nominal amount | Average hedging rate in % | Hedging ratio1 | Maturity | Change in fair value of the hedging instrument since Jan 1 | Change in fair value of the hedged item used as the basis for recognizing hedge effectiveness for the period | Carrying amount of
hedged
item as of
Dec 31, 2024 |
Interest rate risk hedging – CFH | | 67,379 |
|
|
| -896 | 896 | 67,379 |
|---|
Interest rate swap USD | 3,571 | 67,379 | 1.41 | 1:1 | 2026 | -896 | 896 |
|
1_The currency forwards are denominated in the same currency as the highly probable future transactions, therefore the hedging ratio is 1:1. |
| | | | | | | | |
The effects of cash flow hedge accounting on financial position, financial performance and cash flows |
|
|---|
in EUR thousands | Nominal amount | Carrying amount as of Dec 31, 2025 | Balance sheet item that includes a hedging instrument | Other comprehensive income | Balance sheet |
Assets | Liabilities | Changes in the value of the hedging instrument | Hedging costs | Amount reclassified from the reserve to the cost of inventories | Hedging costs reclassified from the reserve to the cost of inventories |
Foreign exchange risk | | | | | | | | |
|---|
Forward exchange con-tracts – hedging of production costs for inventories | | 430 | | Derivative financial assets | | | 490 | 669 |
in EUR thousands | Nominal amount | Carrying amount as of Dec 31, 2024 | Balance sheet item that includes a hedging instrument | Other comprehensive income | Balance sheet |
Assets | Liabilities | Changes in the value of the hedging instrument | Hedging costs | Amount reclassified from the reserve to the cost of inventories | Hedging costs reclassified from the reserve to the cost of inventories |
Foreign exchange risk |
|
|
|
|
|
|
|
|
|---|
Forward exchange con-tracts – hedging of production costs for inventories | 11,268 |
| 671 | Derivative financial liabilities | -1,084 | 299 | -160 | 46 |
The effective portion of cash flow hedges and the reserve for hedging costs recognized in other comprehensive income, excluding deferred taxes, developed as follows:
| | | | |
Change in cash flow hedge reserve before tax |
|
|---|
in EUR thousands | Reserve for costs of hedging | Spot component of foreign currency derivatives | Interest rate swaps | Total |
Balance as of Jan 1, 2024 |
|
| 4,466 | 4,466 |
|---|
Reclassification to profit or loss | |
| -2,626 | -2,626 |
Net fair value changes | | | 1,731 | 946 |
Deferred and recognized hedging costs | | |
|
|
Balance as of Dec 31, 2024 | 253 | -924 | 3,571 | 2,900 |
|---|
Reclassification to profit or loss | | | -3,571 | -3,571 |
Reclassification to the acquisition costs of inventories | -515 | -669 | | -1,184 |
Net fair value changes | 615 | 1,646 |
| 2,261 |
Balance as of Dec 31, 2025 | 353 | 53 |
| 406 |
|---|
The gains and losses from interest rate swaps recognized in the hedge reserve in equity as of the reporting date are recognized in profit or loss on an ongoing basis until the loan liabilities are repaid. The gains and losses from foreign currency derivatives recognized in the hedge reserve in equity are short-term and are recognized in profit or loss within one year.
In fiscal years 2025 and 2024, no ineffective portion of cash flow hedges relating to foreign currency derivatives and interest rate swaps was recognized in profit or loss.
ii. Impacts of accounting for fair value hedges on financial position, financial performance and cash flows
The impacts of foreign currency-related hedging instruments on financial position, financial performance and cash flows were as follows:
| | | | | | | |
The effects of fair value hedge accounting on financial position and performance |
|
|---|
in EUR thousands | Carrying amount as of
Dec 31, 2025
(Derivative financial
assets
[+] / Derivative financial liabilities [–]) | Nominal amount (+ Buy / – Sell) | Average hedging rate | Hedging ratio | Maturity | Change in fair value of the spot component of the hedging instrument since Jan 1 | Change in fair value of the hedged item used as the basis for recognizing hedge effectiveness for the period |
Currency risk hedging FVH | | | | | | | |
|---|
Currency forwards CZK – EUR | -748 | 26,328 | 25.23 | 1:1 2 | ≤ 1 year | -392 | 392 |
Currency forwards SEK – EUR | 462 | 11,967 | 11.26 | 1:1 2 | ≤ 1 year | 469 | -469 |
Currency forwards GBP – EUR | 40 | 3,037 | 0.89 | 1:1 2 | ≤ 1 year | 34 | -34 |
1_The currency forwards for USD-EUR hedging are denominated in the same currency and have the same volume as the hedged net foreign exchange risk from external USD loans and intragroup monetary items in USD, therefore the hedging ratio is 1:1. 2_The currency forwards are denominated in the same currency and volume as the hedged risk from intragroup monetary items, therefore the hedging ratio is 1:1. |
| | | | | | | |
The effects of fair value hedge accounting on financial position and performance |
|
|---|
in EUR thousands | Carrying amount as of
Dec 31, 2024
(Derivative financial
assets
[+] / Derivative financial liabilities [-]) | Nominal amount (+ Buy / – Sell) | Average hedging rate | Hedging ratio | Maturity | Change in fair value of the spot component of the hedging instrument since Jan 1 | Change in fair value of the hedged item used as the basis for recognizing hedge effectiveness for the period |
Currency risk hedging FVH | | | | | | | |
|---|
Currency forwards JPY – SGD | -10 | 153 | 107.87 | 1:1 1 | ≤ 1 year | -4 | 4 |
Currency forwards CZK – EUR | -14 | -1,985 | 25.44 | 1:1 2 | ≤ 1 year | -8 | 8 |
Currency forwards SGD – EUR | 79 | 2,541 | 1.,45 | 1:1 2 | ≤ 1 year | 86 | -86 |
Currency forwards SGD – EUR | 628 | 24,569 | 1.46 | 1:1 2 | ≤ 1 year | 595 | -595 |
Currency forwards SEK – EUR | -59 | 4,320 | 11.3 | 1:1 2 | ≤ 1 year | -52 | 52 |
Currency forwards SEK – EUR | -2 | 6,981 | 11.39 | 1:1 2 | ≤ 1 year | 3 | -3 |
Currency forwards GBP – EUR | 133 | 12,060 | 0.84 | 1:1 2 | ≤ 1 year | 108 | -108 |
Currency forwards CHF – EUR | 5 | -1,062 | 0.92 | 1:1 2 | ≤ 1 year | — | — |
Currency forwards CZK – EUR | 571 | -25,337 | 25.23 | 1:1 2 | 2026 | 584 | -584 |
1_The currency forwards for USD-EUR hedging are denominated in the same currency and have the same volume as the hedged net foreign exchange risk from external USD loans and intragroup monetary items in USD, therefore the hedging ratio is 1:1. 2_The currency forwards are denominated in the same currency and volume as the hedged risk from intragroup monetary items, therefore the hedging ratio is 1:1. |
An overview of the gains and losses arising from fair value hedges recognized within the financial result is as follows:
| | |
Gains and losses from fair value hedges |
|
|---|
in EUR thousands | 2025 | 2024 |
|---|
Losses (-) / Gains (+) on hedged items | 2,314 | -1,379 |
Losses (-) / Gains (+) on hedging instruments | -2,433 | 1,342 |
| -119 | -37 |
|---|
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.