20. Other financial assets/liabilities

Other financial assets/liabilities include derivative financial instruments carried at fair value through profit or loss.

Excel

2014

2013

(€ in thousands)

Assets

Liabilities

Assets

Liabilities

Derivatives at fair value through profit or loss

1,186

–23

376

–236

The notional principal amounts of the outstanding forward foreign exchange and option contracts on 31 December 2014 were €54 million (2013: €69 million).

All the group's outstanding options and forwards have a contractual maturity of less than one year.

Accounting policy

Derivatives are initially and subsequently measured at fair value. Gains or losses arising from changes in fair value of derivatives are recognised in the income statement, except for derivatives designated as hedging instruments, in a highly effective hedge relationship, for which cash flow hedge accounting is applied. Transaction costs are expensed in the income statement.