MICHELIN - 2008 ANNUAL REPORT

The breakdown by currency and maturity is presented in the tables below.
(in EUR million) 31 December 2008 31 December 2007
EUR
CHF
GBP
Other
Within one year
19
–
1
4
Between one
and five years
71
2
15
19
More than
five years
33
–
–
–
Total Within one year Between one
and five years
123
2
16
23
17
–
1
5
7
36
5
17
More than
five years
66
–
15
6
Total 24 107 33 164 23 65 87 175
Total
90
36
21
28
16 Derivative financial instruments
As mentioned in note 3 (hedging policy), some derivatives, while complying with the Group’s financial risk management policies do not qualify or have not been designated as hedging instruments for
hedge accounting purposes.
Derivative assets
(in EUR million) 31 December 2008 31 December 2007
Total derivative assets (note 25)
Interest-rate derivatives in fair value hedges
Derivatives not designated as hedging instruments
– Currency derivatives
– Interest-rate derivatives
– Other derivatives
Fair values
13
141
3
–
Contractual
amounts
280
2,002
227
–
Fair values
8
12
–
6
Contractual
amounts
157 2,509 26 2,366
Less long-term portion included in non-current financial assets (notes 15)
Interest-rate derivatives in fair value hedges
Derivatives not designated as hedging instruments
– Interest-rate derivatives
– Other derivatives
(5)
(3)
–
(60)
(227)
–
(8)
–
(6)
(220)
(204)
(21)
(8) (287) (14) (445)
Short-term portion included in current financial assets (note 21) 149 2,222 12 1,921
220
1,921
204
21
110 2008 Consolidated Financial Statements of Michelin Group