Hornbach-Baumarkt-AG Group

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Disclosures 147
€ 000s Carrying
Cash flows
amount
2.29.2012 < 1 year 1 to 5 years > 5 years
Primary financial liabilities
Bonds 247,080 15,313 280,625 0
Liabilities to banks 177,699 25,710 172,532 6,949
Liabilities in connection with finance
leases 1,474 277 1,208 302
Trade payables and other liabilities 206,044 205,961 83 0
Accrued liabilities 18,570 18,570 0 0
650,867 265,831 454,448 7,251
Derivative financial liabilities
Foreign currency derivatives without
hedge relationship 368 368 0 0
Interest derivatives in connection with
cash flow hedges 5,284 1,294 4,344 372
5,652 1,662 4,344 372
Derivative financial assets
Foreign currency derivatives without
hedge relationship 2 (2) 0 0
2 (2) 0 0
267,491 458,792 7,623
All financial liabilities and derivative assets held at the balance sheet date have been included. No account
has been taken of budget figures for future new liabilities and derivative assets. Floating-rate interest payments
were calculated on the basis of interest rates valid at the balance sheet date. Liabilities denominated
in foreign currencies were translated at the relevant reporting date rate.
Reference is made to Note 22 with regard to the management of liquidity risk.
Hedging measures
Hedging transactions serve to hedge the interest rate and foreign currency risks associated with an underlying
transaction (hedged item).
Cash flow hedge – interest rate risk
Payer interest swaps are concluded for major long-term financial liabilities with floating interest rates. These
enable the variable interest rates on the loans to be converted into fixed interest rates. Creditworthiness risks
are not hedged.
As of June 30, 2011, HORNBACH-Baumarkt-AG took up an unsecured promissory note bond of € 80.0 million
with a floating interest rate and a term running until June 30, 2016. The funds served to provide follow-up
financing for the promissory note bond of the same amount maturing as of June 30, 2011. To secure the
interest rate, a forward swap with congruent terms was taken up in the 2010/2011 financial year already.
The swap enabled the half-yearly interest payable to be secured for the entire term at a level of 2.11% p.a.,
plus a bank margin.