Hornbach-Baumarkt-AG Group

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148 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Disclosures In the 2010/2011 financial year, two floating-rate promissory note bonds with an equivalent value of € 20 million each and terms running until August 31, 2015 were taken up in CHF and CZK.. The interest payable was hedged with congruent interest swaps. The half-yearly interest payable via the swaps was secured for the entire term at a level of 1.03% p.a. for the CHF promissory note bond and of 2.08% p.a. for the CZK promissory note bond, in both cases plus a bank margin. At the end of the 2012/2013 financial year, the Group had interest swaps amounting to € 111,177k (2011/2012: € 139,070k), with which a transformation from floating interest commitments to fixed interest commitments was achieved. The fair value of the interest swaps amounted to € -6,267k as of February 28, 2013 (2011/2012: € -5,284k). Of this sum, € 6,267k has been recognized under financial debt (2011/2012: € 5,284k). All interest rate swaps met hedge accounting requirements as of February 28, 2013. Changes in the fair values are recognized in the hedging reserve within equity until the results of the hedged transaction are also recognized. The following table presents the contractually agreed maturities for the payments, i.e. the time at which the hedged item is recognized through profit or loss: Start End Nominal value at 2.28.2013 in € 000s Nominal value at 2.29.2012 in € 000s Reference rate 6.30.2011 6.30.2016 80,000 80,000 6-month Euribor 9.30.2002 9.30.2017 7,030 8,510 3-month Euribor 9.30.2002 9.30.2017 4,777 5,783 3-month Euribor 12.30.1999 2.22.2013 0 1,841 6-month Euribor 12.30.1998 2.22.2013 0 1,023 3-month Eurolibor Start End Nominal value at 2.28.2013 in CHF 000s Nominal value at 2.29.2012 in CHF 000s Reference rate 8.31.2010 12.30.2012 0 26,420 6-month CHF-Libor Start End Nominal value at 2.28.2013 in CZK 000s Nominal value at 2.29.2012 in CZK 000s Reference rate 8.31.2010 8.31.2015 496,600 496,600 6-month CZK-Pribor The HORNBACH-Baumarkt-AG Group meets the hedge accounting requirement set out in IAS 39 in that it already documents the relationship between the derivative financial instrument deployed as a hedging instrument and the hedged item, as well as the hedging objective and strategy, at the beginning of any hedging measure. This also includes an assessment of the effectiveness of the hedging instruments thereby deployed. The effectiveness of the hedging relationship is assessed prospectively using the critical terms match method. Retrospective effectiveness is calculated at each balance sheet date using the dollar offset method. A hypothetical derivative is taken as the hedged item. A hedging relationship is termed effective when the changes in the value of the hedging instrument and the hypothetical derivative are compensated by between 80% and 125%. Hedging relationships are cancelled without delay upon becoming ineffective.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Disclosures 149 Other hedging measures – foreign currency risk The HORNBACH-Baumarkt-AG Group also deploys hedging measures which do not meet the hedge accounting requirements set out in IAS 39, but which nevertheless make an effective contribution towards hedging the Group’s financial risks in line its risk management principles. For example, the HORNBACH-Baumarkt-AG Group hedges the foreign currency risks involved in select (planned) transactions, including the embedded foreign currency derivatives potentially resulting from the transactions, such as those involved in the purchase of merchandise in the Far East using US dollars, by working with forward exchange transactions or by making fixed deposit investments denominated in foreign currencies in the form of macro hedges. The fair value of forward exchange transactions, including the embedded forward exchange transactions, amounted to € -81k at February 28, 2013 (2011/2012: € -366k). Of this sum, € 226k (2011/2012: € 368k) has been recognized under financial debt and € 146k (2011/2012: € 2k) under other assets. No fair value hedges or net investment in a foreign operation hedges have been undertaken to date. Derivatives The following table provides an overview of the nominal and fair values of derivative financial instruments as of the balance sheet date. The values of opposing transactions, such as foreign exchange purchases or sales, have been shown on a net basis. Nominal value totals are shown in the nominal value line without offsetting any opposing transactions. February 28, 2013 Forward Interest swaps Total exchange transactions Nominal value in € 000s 33,297 111,177 144,474 Fair value in € 000s (before deferred taxes) (81) (6,267) (6,348) February 29, 2012 Forward Interest swaps Total exchange transactions Nominal value in € 000s 33,737 139,070 172,807 Fair value in € 000s (before deferred taxes) (366) (5,284) (5,650) As all interest swaps are included in effective hedging relationships, the changes in their value, less deferred taxes, have basically been recognized in the hedging reserve within equity. The ineffective portion is recognized through profit or loss under net financial expenses:
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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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The workhorses There’s one area o
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GROUP MANAGEMENT REPORT Macroeconom
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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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