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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
The reconciliation from segment liabilities to Group liabilities
is shown in the following table:
€ million 31/12/2010 31/12/2011
segment liabilities 19,031 18,559
non-current and current financial liabilities 8,283 7,441
Deferred taxes 212 157
Income tax liabilities 291 394
Income tax provisions1 147 155
other tax liabilities2 535 633
liabilities from other financial transactions2 41 32
liabilities to third parties2 30 78
other 37 101
group liabilities 28,607 27,550
1 Included in the balance sheet items “other liabilities” (non-current) and “liabilities” (current)
2 Included in the balance sheet item “other liabilities” (non-current and current)
→ In principle, transfers between segments are made based
on the costs incurred from the Group’s perspective.
42. Management of financial risks
The finance department of MeTRo aG manages the financial
risks of MeTRo GRoUp. These include, in particular
→ price risks,
→ liquidity risks,
→ creditworthiness risks and
→ cash flow risks.
Price risks
For MeTRo GRoUp, price risks result from the impact of
changes in market interest rates, foreign currency exchange
rates, share price fluctuations or changes in commodity prices.
Interest rate risks are caused by changes in interest rate
levels. Interest rate swaps and interest limitation agreements
are used to cap these risks.
MeTRo GRoUp’s remaining interest rate risk, is assessed
in accordance with IFRs 7 using a sensitivity analysis. In the
process, the following assumptions are applied in the consideration
of changes in interest rates:
→ The total impact determined by the sensitivity analysis relates
to the actual balance as of the closing date and reflects
the impact for one year.
→ p. 236
→ original floating-rate financial instruments whose interest
payments are not designated as the underlying transaction
in a cash flow hedge against changes in interest
rates are recognised in interest income in the sensitivity
analysis.
→ original fixed-interest financial instruments generally
are not recognised in interest income. They are only recognised
in other financial result if they are designated as
the underlying transaction within a fair value hedge and
measured at their fair value. In this case, however, the
interest-related change in the value of the underlying
transaction is offset by the change in the value of the
hedging transaction upon full effectiveness of the hedging
transaction. The variable interest flows within the
Group that result from a fair value hedge are recognised
in interest income.
→ Financial instruments designated as the hedging transaction
within a cash flow hedge to hedge against variable
interest flows will only be recognised in interest income
when the payment flows have actually been initiated.
However, the measurement of the hedging transaction at
fair value is recognised in reserves retained from earnings
without being reported as a profit or loss.
→ Interest rate derivatives that are not part of a qualified
hedging transaction under Ias 39 are recognised at fair
value in other financial result and, through resulting interest
flows, in interest income.
at the closing date, the remaining interest rate risk of
MeTRo GRoUp results essentially from variable interest
receivables and liabilities to banks with a total investment
balance after consideration of hedging transactions in the
amount of €2,526 million (previous year: €3,924 million).
Given this total balance, an interest rate rise of 100 basis
points would result in €25 million (previous year: €39 million)
higher earnings in interest income per year. an interest rate
reduction of 100 basis points would have a corresponding
opposite effect in the amount of €–25 million (previous year:
€–39 million).
In the event of an interest rate rise of 100 basis points, the
measurement of a promissory note loan with a nominal
volume of €126 million (previous year: €126 million), which
is part of a cash flow hedge, would result in an increase in
equity in the amount of €3 million (previous year: €4 million).
a lower interest rate would result in a reduction in equity of
€3 million (previous year: €4 million).