(5) Derivative financial instruments

The derivative financial instruments held by the LANXESS Group comprise forward exchange contracts and are capitalized in the consolidated financial statements for fiscal 2013 at a total fair value of €78 million (2012: €44 million). Instruments with a negative fair value totaling €34 million (2012: €14 million) are recognized as liabilities.

Derivative Financial Instruments
 
€ million Dec. 31, 2012
       
  Notional
amount
Positive
fair values
Negative
fair values
       
Current forward exchange contracts 2,000 28 (10)
Non-current forward exchange contracts 470 16 (4)
  2,470 44 (14)
 
Derivative Financial Instruments
 
€ million Dec. 31, 2013
       
  Notional
amount
Positive
fair values
Negative
fair values
       
Current forward exchange contracts 2,037 58 (22)
Non-current forward exchange contracts 401 20 (12)
  2,438 78 (34)
 

Cash flow hedges

As of December 31, 2013, the unrealized gains recognized in other comprehensive income in 2013 or earlier periods from currency hedging contracts that qualify for hedge accounting amounted to €5 million (2012: €8 million). In 2013, €5 million was reclassified from equity to profit or loss due to the realization of the hedged transactions and recognized as a gain (2012: €23 million recognized as a loss). Currency hedging contracts concluded to hedge future sales in foreign currencies had a total notional amount of €967 million (2012: €945 million). As of December 31, 2013, these contracts had positive fair values of €35 million (2012: €21 million) and negative fair values of €30 million (2012: €8 million). Contracts with a total notional amount of €712 million (2012: €649 million) were due within one year. The hedged cash flows will be realized within the next three years.

The LANXESS Group expects that, of the unrealized gains on currency hedges recognized in other comprehensive income in 2013, €7 million will be reclassified from equity to profit or loss in 2014, while €2 million of the unrealized losses will be reclassified in 2015 (2012: €3 million of unrealized gains in 2013 and €5 million of unrealized gains in 2014).

Information on the maturity structure of derivative assets and liabilities is given in Note [35].