pdf (22.8 MB) - METRO Group

METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : oTHeR noTes
from the underlying transactions in the case of fully effective
hedging transactions.
For the purpose of showing this reconciliation appropriately for
the period, relationships are created between hedging transactions
and underlying transactions and recognised as follows:
→ Within a fair value hedge, both the hedging transaction and
the hedged risk of the underlying transaction are recognised
at their fair value. The value fluctuations of both
trades are shown in the income statement, where they will
be fully set off against each other in the case of full
effectiveness.
→ Within a cash flow hedge, the hedging transactions are also
principally recognised at their fair value. In the case of full
effectiveness of the hedging transaction, the value changes
will be recognised in equity until the hedged payment flows
→ p. 240
or expected transactions impact the result. only then will
they be recognised in income.
→ Hedging transactions that, according to Ias 39, are not part
of a hedge are recognised at their fair value. value changes
are recognised directly in income. even if no formal hedging
relationship was created, these are hedging transactions
that are closely connected to the underlying business and
whose impact on earnings will be netted by the underlying
transaction (natural hedge).
The currency derivatives are used primarily for pound sterling,
Danish krone, Japanese yen, polish złoty, Romanian leu,
Russian rouble, swiss franc, Czech koruna, Turkish lira, Hungarian
forint as well as Us dollar.
The derivative financial instruments have the following
maturities:
31/12/2010 Fair values 31/12/2011 Fair values
Maturities Maturities
€ million
interest rate transactions
Up to 1 year 1 to 5 years Over 5 years Up to 1 year 1 to 5 years Over 5 years
Interest rate swaps –9 –8 0 0 –8 0
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (0) (–8) (0) (0) (–8) (0)
thereof not part of a hedge
Currency transactions
(–9) (0) (0) (0) (0) (0)
Currency futures/options –7 0 0 18 0 0
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (–7) (0) (0) (24) (0) (0)
thereof not part of a hedge (0) (0) (0) (–6) (0) (0)
Interest rate/currency swaps 15 0 0 2 0 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 (15) (0) (0) (2) (0) (0)
Commodity transactions
8 0 0 20 0 0
Futures 0 4 0 –2 3 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
share price-related transactions
(0) (4) (0) (–2) (3) (0)
Hedging of stock options 33 0 0 0 0 0
thereof within fair value hedges (0) (0) (0) (0) (0) (0)
thereof within cash flow hedges (33) (0) (0) (0) (0) (0)
thereof not part of a hedge (0) (0) (0) (0) (0) (0)
32 –4 0 18 –5 0