pdf (22.8 MB) - METRO Group

METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
as of the closing date, the following financial instruments
were being used for risk reduction:
The nominal volume of forex futures/options and interest limitation
agreements results from the net position of the buying
and selling values in foreign currency underlying the individual
transactions translated at the relevant exchange rate
on the closing date. The gross nominal volume of interest
rate swaps or interest rate/currency swaps and interest rate
hedging agreements is shown. The nominal volume of commodity
futures refers to diesel derivatives in metric tonnes (t),
which corresponds to about 1,183 litres, and to electricity
31/12/2010 31/12/2011
Fair values
Fair values
→ p. 239
Nominal Financial Financial Nominal Financial Financial
€ million
interest rate transactions
volume
assets liabilities volume
assets liabilities
Interest rate swaps 171 0 17 126 0 8
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (126) (0) (8) (126) (0) (8)
thereof not part of a hedge (45) (0) (9) (0) (0) (0)
Currency transactions
Currency futures/options 451 15 22 545 36 18
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (399) (4) (11) (378) (25) (1)
thereof not part of a hedge (52) (11) (11) (167) (11) (17)
Interest rate/currency swaps 29 15 0 23 2 0
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (0) (0) (0) (0) (0) (0)
thereof not part of a hedge (29) (15) (0) (23) (2) (0)
480 30 22 568 38 18
Commodity transactions
20,000 t
12,000 t
Forex futures
543 GWh 4 0 759 GWh 4 3
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (0) (0) (0) (0) (0) (0)
(20,000 t
(12,000 t
thereof not part of a hedge
543 GWh) (4) (0) 759 GWh) (4) (3)
share price-related transactions
2 million
0 million
Hedging of stock options
shares 33 0 shares 0 0
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
(2 million
(0 million
thereof within cash flow hedges
shares) (33) (0) shares) (0) (0)
thereof not part of a hedge (0) (0) (0) (0) (0) (0)
n/a 67 39 n/a 42 29
derivatives in gigawatt hours (GWh). The stated amount for
hedges relating to share bonus programmes includes the
number of share options with a subscription ratio of 1 : 1.
all fair values represent the theoretical value of these instruments
upon dissolution of the transaction at the end of the
period. Under the premise that instruments are held until the
end of their term, these are unrealised gains and losses that,
by the end of the term, will be fully set off by gains and losses