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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
as of the closing date, the remaining currency risk of
MeTRo GRoUp was as follows:
impact of devaluation/appreciation
of euro by 10%
€ million
Currency pair
Net profit
for the period
Volume 31/12/2010 Volume 31/12/2011
CnY / eUR –54 +/–5 –74 +/–7
CZK / eUR –3 +/–0 –151 +/–15
eGp / eUR –18 +/–2 –36 +/–4
HRK / eUR –31 +/–3 –2 +/–0
HUF / eUR –10 +/–1 –8 +/–1
JpY / eUR 58 +/–6 0 +/–0
KZT / eUR –96 +/–10 –178 +/–18
MaD / eUR 115 +/–11 80 +/–8
MDl / eUR –41 +/–4 –42 +/–4
pln / eUR –100 +/–10 –188 +/–19
Ron / eUR –217 +/–22 –204 +/–20
RsD / eUR –13 +/–1 –31 +/–3
RUB / eUR –138 +/–14 –141 +/–14
sGD / eUR 0 +/–0 –10 –/+1
TRY / eUR 19 –/+2 –26 +/–3
UaH / eUR –22 +/–2 –11 +/–1
UsD / eUR 26 +/–2 3 +/–0
vnD / eUR –15 +/–2 –8 +/–1
Equity
+/–93 +/–117
JpY / eUR 0 +/–0 25 +/–3
pln / eUR 77 +/–8 69 +/–7
RUB / eUR –526 +/–53 –518 +/–52
seK / eUR –51 +/–5 –51 +/–5
TRY / eUR –32 +/–3 –32 +/–3
UaH / eUR –248 +/–25 –248 +/–25
UsD / eUR 403 +/–40 347 +/–35
+/–134 +/–130
+/–227 +/–247
In addition, currency risks for the currency pairs UsD / CnY,
UsD / HKD, UsD / RUB, UsD / TRY, UsD / vnD, UsD / UaH
with an effect of €–/+18 million (previous year: €–/+7 million)
and CnY / HKD with an effect of €–/+2 million (previous year:
€–/+0 million) exist in the case of a devaluation or appreciation
of the UsD by 10 percent.
→ p. 238
Share price risks result from share-based compensation
of MeTRo GRoUp executives. The remuneration (monetary
bonus) is essentially based on the price development of the
Metro ordinary share as well as the ordinary share’s relative
performance in relation to defined indices.
To date, the share price risk from the performance share plan
has not been limited.
electricity prices affect the fair value of electricity derivatives.
Fluctuations in value impact the other financial result.
as of the closing date, the nominal value of the portfolio with
a delivery in 2012 and 2013 amounts to €23.7 million and
€3.4 million, respectively. The portfolio value refers to the
value of procurement volumes as of the closing date.
Based on the determination of the value at risk, with a confidence
level of 99 percent and a holding period of 20 days,
a maximum gain of €2.2 million and a maximum loss of
€2.2 million was calculated for the portfolio with a delivery
in 2012. The respective figures for the portfolio with a delivery
in 2013 are €0.3 million and €0.3 million, respectively.
The value-at-risk model is based on a historic simulation of
market prices for 2012 and 2013 for the respective preceding
500 trading days.
Interest rate and currency risks are substantially reduced
and limited by the principles laid down in the internal treasury
guidelines of MeTRo GRoUp. These include a regulation
that is applicable throughout the Group whereby all hedging
operations must adhere to predefined limits and may by no
means lead to increased risk exposure. MeTRo GRoUp is
aware that this severely limits the opportunities to exploit
current or expected interest rate and exchange rate movements
to optimise results.
In addition, hedging may be carried out only with standard
financial derivatives whose correct actuarial and accounting
mapping and valuation in the treasury system are guaranteed.