Hornbach-Baumarkt-AG Group

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144 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Disclosures Foreign currency risk Foreign currency risks, i.e. potential reductions in the value of a financial instrument or future cash flow due to changes in foreign exchange rates, particularly apply wherever monetary financial instruments, such as receivables or liabilities, exist in a currency other than the local currency of the company, or will exist in the scheduled course of business. The foreign currency risks of the HORNBACH-Baumarkt-AG Group mainly result from financing measures and from the company’s business operations. Exchange rate differences arising from the translation of financial statements into the group currency do not constitute a foreign currency risk as defined by IFRS 7. The group companies are largely financed by means of external financing measures denominated in the functional currency of the corresponding group company (natural hedging). Moreover, there are also intragroup loans denominated in euros, thus resulting in foreign currency risks at those group companies which have a functional currency other than the euro. These risks are basically not hedged. The foreign currency risks faced by the HORNBACH-Baumarkt-AG Group in its business operations mainly relate to the purchase of goods in the Far East using US dollars and from intragroup supplies and services, which are basically handled in euros. The US dollar currency risk is hedged using forward exchange transactions and fixed deposits denominated in US dollars. Including hedging measures, the Group had the following main foreign currency items open as of the balance sheet date: € 000s 2.28.2013 2.29.2012 EUR (31,057) (19,969) USD 7,250 5,457 CZK (519) (428) The most important exchange rates have been presented on Page 101. In the sensitivity analysis provided below for foreign currency risks, it has been assumed that the foreign currency holdings as of the balance sheet date are representative of the financial year as a whole. If the euro had appreciated by 10% compared with the Group’s other main currencies at the balance sheet date, and all other variables had remained unchanged, consolidated earnings before taxes would have been € 3,236k lower (2011/2012: € 2,599K). Conversely, if the euro had depreciated by 10% compared with the Group’s other main currencies at the balance sheet date, and all other variables had remained unchanged, then consolidated earnings before taxes would have been € 3,236k higher (2011/2012: € 2,599k). The hypothetical impact on earnings of € +3,236k (2011/2012: € +2,599k) is the result of the following sensitivities: EUR/RON € 3,659k (2011/2012: € 3,613k), EUR/CHF € -432k (2011/2012: € -2,055k), EUR/USD € 288k (2011/2012: € 546k), EUR/CZK € -499k (2011/2012: € 299k), and EUR/SEK € 220k (2011/2012: € 196k).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Disclosures 145 Interest rate risk At the end of the year, the Group was principally financed by a euro bond with a nominal total of € 250,000k and by unsecured promissory note bonds with total equivalent nominal values of around € 100,000k (2011/2012: € 120,000k). Furthermore, the Group also has long-term fixed-interest euro loans amounting to € 21,647k (2011/2012: € 42,428k), and long-term CZK loans amounting to € 6,801k (2011/2012: € 8,294k). The principal long-term financial liabilities with floating interest rates have been converted into fixedinterest financial liabilities using derivative financial instruments. The sensitivity analysis provided below is based on the following assumptions: In the case of fixed-interest primary financial instruments, changes in market interest rates only impact on profit and loss or equity when such instruments are measured at fair value. Primary financial instruments measured at amortized cost are therefore not subject to any interest rate risk as defined in IFRS 7. The same applies to financial liabilities which originally had floating interest rates, but which have been converted into fixed-interest financial liabilities by means of cash flow hedges. Changes in the market interest rates of interest derivatives designated to hedge primary financial instruments with floating interest rates within the framework of a cash flow hedge impact on the hedging reserve within equity and have therefore been accounted for in the equity-related sensitivity analysis. Changes in the market interest rates of primary financial instruments with floating interest rates impact on the income statement and have therefore been accounted for in the sensitivity analysis. In the sensitivity analysis for interest rate risks, it has been assumed that the volumes as of the balance sheet date are representative of the financial year as a whole. A parallel shift in the interest rate structure curve has been assumed. If the market interest rate had been 100 basis points higher at the balance sheet date, and all other variables had remained unchanged, then consolidated earnings before taxes would have been € 3,007k higher (2011/2012: € 3,868k) and equity before deferred taxes would have been € 2,678k higher (2011/2012: € 4,783k). Conversely, if the market interest rate had been 100 basis points lower at the balance sheet date, and all other variables had remained unchanged, then consolidated earnings before taxes would have been € 3,007k lower (2011/2012: € 3,868k) and equity before deferred taxes would have been € 2,812k lower (2011/2012: € 5,044k). Credit risk Credit risk involves the risk that a contractual party is unable to comply in part or in full with the obligations entered into upon the conclusion of a financial instrument. The credit risk of the Group is strictly limited to the extent that financial assets and derivative financial instruments are concluded as far as possible with contractual parties of good credit standing. Moreover, transactions with individual contractual partners are subject to a maximum limit. The risk of receivables default in the operating business is already considerably reduced on account of the retail format (cash & carry). The maximum credit risk is basically equivalent to the carrying amounts of the financial assets.
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Hornbach-Baumarkt-AG Group Annual R
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Key Group, Financial and Operating
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Time and Space Those are the dimens
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COMPANY PROFILE 7 Germany. The net
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10 TO OUR SHAREHOLDERS TO OUR SHARE
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12 REPORT OF THE SUPERVISORY BOARD
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14 REPORT OF THE SUPERVISORY BOARD
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16 DIRECTORS & OFFICERS DIRECTORS &
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The timesavers Got the internal fit
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CORPORATE GOVERNANCE 21 of its Boar
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CORPORATE GOVERNANCE 23 worked with
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CORPORATE GOVERNANCE 25 Dates of re
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CORPORATE GOVERNANCE 27 to a member
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30 THE HORNBACH-BAUMARKT SHARE THE
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32 THE HORNBACH-BAUMARKT SHARE Key
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The workhorses There’s one area o
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GROUP MANAGEMENT REPORT Macroeconom
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GROUP MANAGEMENT REPORT Risk Report
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GROUP MANAGEMENT REPORT Other Discl
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GROUP MANAGEMENT REPORT Outlook 75
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82 GROUP MANAGEMENT REPORT Outlook
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84 GROUP MANAGEMENT REPORT Outlook
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Getting organized Like perfectly ch
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CONSOLIDATED FINANCIAL STATEMENTS B
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CONSOLIDATED FINANCIAL STATEMENTS C
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Hornbach-Baumarkt-AG Group

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