DHL 2014 Annual Report Download - page 201

 
As in the previous year, most of the risks arising from commod-
ity price uctuations, in particular uctuating prices for kerosene
and marine diesel fuels, were passed on to customers via operat-
ing measures. However, the impact of the related fuel surcharges
is delayed by one to two months, so that earnings may be aected
temporarily if there are signicant short-term fuel price variations.
In addition, a small number of commodity swaps for diesel
and marine diesel fuel were used to control residual risks. e
notional amount of these commodity swaps was  million (pre-
vious year:  million) with a fair value of – million (previous
year:  million).
  requires the disclosure of a sensitivity analysis, pre-
senting the eects of hypothetical commodity price changes on
prot or loss and equity.
Changes in commodity prices would aect the fair value of
the derivatives used to hedge highly probable forecast commodity
purchases (cash ow hedges) and the hedging reserve in equity. A
  increase in the commodity prices underlying the derivatives
as at the balance sheet date would have increased fair values and
equity by  million (previous year:  million). A corresponding
decline in commodity prices would have had the opposite eect.
In the interests of simplicity, some of the commodity price
hedges were not recognised using cash ow hedge accounting. For
the derivatives in question, commodity price changes would aect
both the fair values of the derivatives and the income statement. As
in the previous year, if the underlying commodity prices had been
  higher at the reporting date, this would have increased the
fair values in question and, consequently, operating prot by less
than  million. A corresponding decline in the commodity prices
would have also reduced the fair values and operating prot by less
than  million.
 
e credit risk incurred by the Group is the risk that counterparties
fail to meet their obligations arising from operating activities and
from nancial transactions. To minimise credit risk from nan-
cial transactions, the Group only enters into transactions with
prime-rated counterparties. e Group’s heterogeneous customer
structure means that there is no risk concentration. Each coun-
terparty is assigned an individual limit, the utilisation of which is
regularly monitored. A test is performed at the balance sheet dates
to establish whether an impairment loss needs to be charged on
the positive fair values due to the individual counterparties’ credit
quality. is was not the case for any of the counterparties as at
 December .
Default risks are continuously monitored in the operating
business. e aggregate carrying amounts of nancial assets rep-
resent the maximum default risk. Trade receivables amounting to
, million (previous year: , million) are due within one
year. e following table gives an overview of receivables that are
past due:
Receivables that are past due
 m 2013
adjusted 1
2014
Carrying amount before impairment loss 7,232 8,045
Neither impaired nor due at the reporting date 5,145 5,923
Past due and not impaired at the reporting date
Up to  days 750 750
 to  days 641 591
 to  days 270 270
 to  days 93 109
 to  days 42 43
 to  days 36 24
More than  days 17 57
1 Note .
Trade receivables changed as follows:
Receivables
 m 2013
adjusted 1
2014
Gross receivables
At  January 7,157 7,232
Changes 75 813
At  December 7,232 8,045
Valuation allowances
At  January –216 –210
Changes 6 –10
At  December –210 –220
Carrying amount at  December 7,022 7,825
1 Note .
All other nancial instruments are neither past due nor impaired.
e heterogeneous structure of the counterparties prevents risk
concentration.
Impairment losses of  million (previous year:  mil-
lion) were recognised for other assets.
Deutsche Post  Group —  Annual Report
195
Consolidated Financial Statements — NOTES — Other disclosures