11. Financial Instruments

The tables below shows the carrying amounts and fair values of financial assets and financial liabilities, as well as their classification in the fair value hierarchy.

Financial Assets as of 30.09.2015

Financial Liabilities as of 30.09.2015

Financial Assets as of 30.09.2014

Financial Liabilities as of 30.09.2014

In the first nine months of 2015, gains of € 121 thousand (previous year: € 173 thousand) were recognised in the income statement on financial assets and/or liabilities held at fair value through profit and loss. These primarily relate to interest rate hedges with no effective hedging relationship as per IAS 39.

In the reporting year, changes of € 189 thousand (previous year: € 155 thousand) in the fair value of financial instruments designated as hedging instruments (interest rate swaps) were recognised directly in equity.

The interest rate swaps disclosed covered a total amount of € 9,277 thousand (previous year: € 13,101 thousand). Of these, financial instruments covering an amount of € 6,303 thousand (previous year: € 7,381 thousand) with a market value of € - 176 thousand (previous year: € - 430 thousand) were held as part of cash flow hedging relationships to hedge future cash flows from interest-bearing liabilities as of the balance sheet date. The hedged cash flows are expected to occur within 13 months. The amount covered by interest rate swaps is restated in line with the anticipated repayment of the loans over the term of the derivative. The fixed interest rate for the financial liabilities (interest rate swaps) is 3.82 % to 4.33 %. The remaining term of the derivatives is up to 13 months.

There are no material differences between the carrying amounts and fair values of the financial instruments reported under non-current financial liabilities. The discount rates used for liabilities to related parties (particularly the finance lease liabilities included in this item) are between 4.21 % and 5.56 %.

In the third quarter of 2015, the € 65 million loan granted by HGV (the holding company above the HHLA Group) to the Real Estate subgroup (see also the 2014 Annual Report, page 151) was repaid following the placement of promissory note loans with a lower interest rate. Promissory note loans with a total volume of € 70 million were issued to banks and € 5 million to other creditors.

The valuation methods and key unobservable input factors for calculating fair value are described in the Notes to the Consolidated Financial Statements as of 31 December 2014.