PDF (3.6 MB) - Valora

Financial RepoRt ValoRa 2009
notEs to tHE consolIdatEd fInancIal statEmEnts
Finance lease commitments 2009 2008
in cHF 000
total payments (interest and amortisation) in year 719 840
Leases maturing
Within one year 974 1 409
Within 1-2 years 48 689
Within 2-3 years 18 97
Within 3-4 years 4 6
Total financial lease commitments 1 044 2 201
less future interest charges – 21 – 116
Total finance lease obligation (present value) 1 023 2 085
less current portion of finance lease obligation (see note 26) – 954 – 809
long-term finance lease obligation (see note 26) 69 1 276
Present value of future minimum payments under finance leases 2009 2008
in cHF 000
Within one year 954 1 339
Within 1-2 years 47 648
Within 2-3 years 18 92
Within 3-4 years 4 6
Total present value of future minimum lease payments 1 023 2 085
The other operating lease liabilities principally relate to leased vehicles. The finance leasing obligations
relate both to leased vehicles and leased coffee machines in use at Valora outlets.
33 rIsK MANAGEMENT ANd dErIVATIVE FINANCIAl INsTrUMENTs
The international scale of its business operations and its financing structure both expose the
Valora Group to a variety of financial risks. These not only include market risks such as foreign
exchange and interest rate risk, but also encompass liquidity and credit risks. Valora’s financial
risk management activities aim to limit these risks.
Valora’s fundamental financial policies are promulgated by Group Executive Management and
overseen by the Board of Directors. Responsibility for implementing Group financial policy and
for financial risk management lies with the central Corporate Treasury.
In order to visualise market risks, sensitivity analyses are conducted which show the effects
which hypothetical changes in relevant risk variables would have on pre-tax net income and
shareholders’ equity. These potential effects are determined by applying the assumed changes
in risk variables to the valuation of the Group’s positions in financial instruments. The interest
rate scenarios used show differences between the current level of interest rates and those
assumed to prevail at the end of the following year. The hypothetical changes in currencies are
based on 1-year volatility levels prevailing at the balance sheet date.
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