Note 21

21. DERIVATIVES    
     
Notional amounts of derivatives    
         
Includes the gross amount of all notional values for contracts that have not yet been settled or closed. The amount of notional value outstanding is not necessarily a measure or indication of market risk, as the exposure of certain contracts may be offset by other contracts.
     
EUR     31 Dec 2016 31 Dec 2015
Foreign exchange forward contracts     255 688 434.01 455 099 869.99
Forward contracts outside hedge accounting     255 688 434.01 429 899 869.99
Forward contracts within hedge accounting     - 25 200 000.00
Electricity price futures contracts outside hedge accounting     539 966.40 270 085.20
     
Fair values of derivatives    
     
Foreign exchange derivatives' fair values are calculated according to foreign exchange and interest rates on the closing date.    
     
The net fair values of derivative financial instruments at the balance sheet date     31 Dec 2016 31 Dec 2015
Foreign exchange forward contracts 1 315 609.00 1 332 938.46
Electricity price futures contracts 65 564.60 -101 680.75
     
Derivatives are used for economic purposes only.    
     
Gross positive fair values of derivatives     31 Dec 2016 31 Dec 2015
Foreign exchange forward contracts 2 956 526.50 4 050 797.33
Electricity price futures contracts outside hedge accounting 65 677.40 -
     
Gross negative fair values of derivatives     31 Dec 2016 31 Dec 2015
Foreign exchange forward contracts -1 640 917.50 -2 717 858.87
Electricity price futures contracts outside hedge accounting -112.80 -101 680.75
     
The Company has been hedging highly probable forecast transactions denominated in foreign currency externally with banks on behalf of its' subsidiaries with equal back-to-back internal transactions.
         
Fair value measurement of financial assets and liabilities    
         
31 Dec 2016
EUR Level 1 Level 2 Level 3 Total
Financial assets at fair value through profit or loss        
Derivatives - 3 022 203.90 - 3 022 203.90
Available-for-sale investments - - 292 265.99 292 265.99
         
Financial liabilities at fair value through profit or loss        
Derivatives - -1 641 030.30 - -1 641 030.30
         
31 Dec 2015
EUR Level 1 Level 2 Level 3 Total
Financial assets at fair value through profit or loss        
Derivatives - 4 050 797.33 - 4 050 797.33
Available-for-sale investments - - 292 265.99 292 265.99
         
Financial liabilities at fair value through profit or loss        
Derivatives - -2 819 539.62 - -2 819 539.62
         
See note 16 in Notes to the consolidated financial statements for breakdown on available-for-sale investments.      
         
There were no transfers between levels 1 and 2 during the year.
         
There were no changes in Level 3 instruments for the year ended 31 December 2016.