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CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
 12 Months Ended
Dec. 31, 2019
Financial Instruments [Abstract]  
CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
 
At December 31,
 
2019
 
2018
 
(€ thousand)
Financial derivatives
9,423

 
6,788

Other financial assets
1,986

 
3,386

Current financial assets
11,409

 
10,174


Current financial assets and other financial liabilities mainly relates to foreign exchange derivatives. The following table sets further the analysis of derivative assets and liabilities at December 31, 2019 and 2018.
 
At December 31,
 
2019
 
2018
 
Positive fair
value  
 
Negative fair
value
 
Positive fair
value
 
Negative fair
value
 
(€ thousand)
Cash flow hedge:
 
 
 
 
 
 
 
Foreign currency derivatives
8,039

 
(14,547
)
 
3,240

 
(10,853
)
Interest rate caps
87

 
—

 
555

 
—

Total cash flow hedges
8,126

 
(14,547
)
 
3,795

 
(10,853
)
Other foreign currency derivatives
1,294

 
(244
)
 
1,023

 
(489
)
Interest rate caps
3


—


1,970


—

Total
9,423

 
(14,791
)
 
6,788

 
(11,342
)
Foreign currency derivatives which do not meet the requirements to be recognized as cash flow hedges are presented as other foreign currency derivatives. Interest rate caps relate to derivative instruments required as part of certain of the funding from securitization programs.
The following tables provide an analysis by foreign currency of outstanding derivative financial instruments based on their fair value and notional amounts:
 
At December 31, 2019
 
At December 31, 2018
 
Fair Value
 
Notional Amount
 
Fair Value
 
Notional Amount
 
(€ thousand)
Currencies:
 
 
 
 
 
 
 
U.S. Dollar
2,826

 
1,338,800

 
(1,324
)
 
487,336

Pound Sterling
(4,639
)
 
175,247

 
613

 
138,609

Japanese Yen
923

 
272,183

 
(2,901
)
 
113,596

Swiss Franc
(1,716
)
 
87,632

 
(1,182
)
 
64,229

Chinese Yuan
55

 
57,094

 
(82
)
 
45,434

Other(1)
(2,817
)
 
106,491

 
322

 
116,476

Total amount
(5,368
)
 
2,037,447

 
(4,554
)
 
965,680

______________________________
(1)    Other mainly includes the Australian Dollar, the Hong Kong Dollar and the Canadian Dollar.
At December 31, 2019 and 2018, all derivative financial instruments had a maturity of twelve months or less.
Cash flow hedges
The effects recognized in the consolidated income statement mainly relate to currency risk management and in particular the exposure to fluctuations in the Euro/U.S. Dollar exchange rate for sales in U.S. Dollars.
The policy of the Group for managing foreign currency risk normally requires hedging of a portion of projected future cash flows from trading activities and orders acquired (or contracts in progress) in foreign currencies which will occur within the following 12 months. It is considered reasonable that the hedging effect arising from this and recorded in the cash flow hedge reserve will be recognized in the consolidated income statement, mainly during the following 12 months.
Derivatives relating to currency risk management are treated as cash flow hedges where the derivative qualifies for hedge accounting. The amount recorded in the cash flow hedge reserve will be recognized in the consolidated income statement according to the timing of the flows of the underlying transaction.
The Group reclassified gains and losses, net of the tax effect, from other comprehensive income/(loss) to the consolidated income statement as follows:
 
For the years ended December 31,
 
2019
 
2018
 
2017
 
(€ thousand)
Net (costs)/revenues
(22,055
)
 
3,777

 
19,724

Income tax benefit/(expense)
6,153

 
(1,054
)
 
(5,503
)
Total recognized in the consolidated income statement
(15,902
)
 
2,723

 
14,221


The ineffectiveness of cash flow hedges was not material for the years 2019, 2018 and 2017.