15 Other liabilities
|
CHF million |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
Social security |
|
14 |
|
13 |
|
Other non-interest-bearing liabilities |
|
36 |
|
55 |
|
Derivative financial instruments |
|
23 |
|
36 |
|
Other tax liabilities (e.g. withholding tax) |
|
27 |
|
22 |
|
Total |
|
100 |
|
126 |
|
– Thereof short term |
|
53 |
|
80 |
|
– Thereof long term |
|
47 |
|
46 |
Derivative financial instruments
GF uses financial instruments as part of its Corporation-wide risk management approach. Currency risks from accounts receivable, accounts payable, and financing in foreign currencies are partially hedged. The only hedging instruments employed are forward exchange contracts and currency swaps with a maximum maturity of twelve months. The hedging of other underlying assets consists of hedging against price fluctuations relating to the purchase of raw materials and energy.
Positive market values are reported in the balance sheet under the item “Marketable securities”, while negative values are recognized under “Other liabilities”.
The following table shows the (gross) market value of the derivative financial instruments as of 31 December 2016 and 2015, broken down by investment category:
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
2015 |
|
CHF million |
|
Contract- or nominal value |
|
Positive market value |
|
Negative market value |
|
Contract- or nominal value |
|
Positive market value |
|
Negative market value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange (e.g. forward exchange contracts) |
|
367 |
|
2 |
|
–6 |
|
340 |
|
3 |
|
–2 |
|
Other underlyings |
|
67 |
|
2 |
|
–17 |
|
104 |
|
2 |
|
–34 |
|
Total |
|
434 |
|
4 |
|
–23 |
|
444 |
|
5 |
|
–36 |
