PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

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190Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial StatementsAt the end of the reporting period, gildemeister also held forward foreign exchange contractsheld for trading purposes, which, although they do not fulfil the strict requirementsof hedge accounting pursuant to ias 39, make an effective contribution to the securingof financial risks pursuant to the principles of risk management. For the hedging ofcurrency risks recognised as monetary assets and liabilities, gildemeister does not usehedge accounting pursuant to ias 39, as the realised profits and losses from the underlyingtransactions from the currency translation pursuant to ias 21 are recognised in theincome statement at the same time as the realised profits and losses from the derivativesapplied as hedging instruments. In the event that third parties do not fulfil their obligationsarising from forward foreign exchange contracts, as at the end of the reporting period,gildemeister had a deficit risk amounting to € 2,148 k (previous year: € 1,582 k).Interest rate swaps with a nominal volume of a total of € 200,000 k have a remainingterm of up to five years. In the previous year, Interest rate swaps with a volume of€ 140,000 k had a remaining term of up to five years. One interest rate swap with anominal volume of € 60,000 k had a remaining term of more than five years.All existing forward exchange contracts as of the closing date with a nominal volumeof € 153,030 k have a remaining term of up to one year (previous year: € 88.415 k). In theprevious year, forward exchange contracts of a volume of € 7,204 k had a remaining termof more than one year.In the financial year 2010, expenses arising from the market valuation of financialinstruments allocated to cash flow hedges in an amount of € 16,774 k (previous year:€ 18,902 k) were allocated to equity and an amount of € 191 k (previous year: € 691 k)was removed from equity and recognised in profit or loss for the reporting period. It wasrecognised in the income statement under exchange rate and currency profits or in theexchange rate and currency losses. Neither in the financial year nor in the previous yearwas there any ineffectiveness.consolidated financialstatements36 risks fromfinancialinstrumentsRisks from financial instrumentsCurrency and interest rate fluctuations can lead to considerable profit and cash flow risksfor gildemeister. For this reason, gildemeister centralises these risks as far as possibleand manages them with a view to the future and by using derivative financial instruments.The controlling of risks is based on regulations that are valid throughout the group and inwhich the targets, principles, responsibilities and competencies are defined.Currency risksIn its global business activities gildemeister is exposed to two types of currency risks.Transaction risks arise through changes in value of future foreign currency payments dueto exchange rate fluctuations in individual accounts. In the gildemeister group bothpurchases and sales are made in foreign currencies. To hedge currency risks arising fromactivities within the gildemeister group, foreign exchange futures contracts and optionsare used. The conclusion and processing of derivative financial instruments is based onbinding internal regulations defining scope, responsibilities, reporting and accounting.
Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 191The translation risks describes the risk of a change in the statement of financial positionand income statement items of a subsidiary due to exchange rate differences in the translationof local individual accounts to the group currency. Any changes in the financialposition items of these companies caused by currency fluctuations in translation will berecorded in equity. Risks arising from the translation of sales revenues and results inforeign currency from subsidiaries are not hedged.gildemeister determines foreign currency sensitivity through aggregating allforeign currency items that are not represented in the functional currency of therespective company and sets these against hedging. The fair market value of the basicitems and hedges included are evaluated once at the actual exchange rates and oncewith the sensitivity rates. The difference between the two values represents the effectson equity and results.If the euro had been revalued (devalued) by 10% against the us dollar as at31 December 2010, the reserves for derivatives in equity and the fair value of the forwardexchange contracts would have been € 2,138 k lower (higher) (31 Dec. 2009: € 2,832 khigher (lower)). If the euro had been revalued (devalued) by 10% against all currenciesas at 31 December 2010, the results and the fair value of forward exchange contractswould have been € 13,371 k lower (higher) (31 Dec. 2009: € 2,788 k lower (higher)). Ahypothetical impact on profit or loss ensues in the individual case from the currencysensitivities eur / usd: € 7,250 k; eur / chf € 3,107 k; eur / jpy: € 2,852 k; eur / cad: € 162 k.The following tables show the transaction-related net currency risk in € k for themost important currencies as at 31 December 2010 and 2009:31 Dec. 2010 31 Dec. 2009Currency usd jpy cad usd jpy cad€ k € k € k € k € k € kCurrency risk frombalance sheet items 48,366 2,156 1,589 17,749 2,226 1,812Currency risk frompending transactions – 3,763 – 1,468 3,195 17,725 513 1,335Transaction-relatedcurrency items 44,603 688 4,784 35,474 2,739 3,147Financially hedged itemthrough derivatives – 11,123 5,356 – 4,630 – 21,688 – 2,430 – 3,280Open foreign currency item 33,480 – 4,668 154 13,786 309 – 133Change in foreign currencyitem through a 10% revaluationof the euro – 3,348 467 – 15 – 1,379 – 31 13consolidated financialstatements
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