DHL 2015 Annual Report Download - page 196

Deutsche Post  Group —  Annual Report
 
As in the previous year, most of the risks arising from commodity
price uctuations, in particular uctuating prices for kerosene and
marine diesel fuels, were passed on to customers via operating
measures. However, the impact of the related fuel surcharges is de-
layed by one to two months, so that earnings may be aected tem-
porarily 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 (previous year:
 million) with a fair value of – million (previous year:
– million).
  requires the disclosure of a sensitivity analysis, present-
ing the eects of hypothetical commodity price changes on prot
or loss and equity.
Changes in commodity prices aect the fair values of the de-
rivatives used to hedge highly probable forecast commodity pur-
chases (cash ow hedges) and the hedging reserve in equity. If, as
at the reporting date, the commodity prices underlying the deriv a-
tives had been   higher than the commodity prices determined
on the market, this would have increased the 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 are not recognised as cash ow hedges. For these derivatives,
commodity price changes aect the fair values of the derivatives and,
consequently, 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, con-
sequently, operating prot by  million. A corresponding decline
in the commodity prices would have reduced the fair values of the
derivatives and operating prot by  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 nancial
transactions, the Group only enters into transactions with prime-
rated counterparties. e Group’s heterogeneous customer struc-
ture means that there is no risk concentration. Each counterparty
is assigned an individual limit, the utilisation of which is regularly
monitored. A test is performed at the balance sheet dates to estab-
lish 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  Decem-
ber .
Default risks are continuously monitored in the operating busi-
ness. e aggregate carrying amounts of nancial assets represent
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
2014 2015
Carrying amount before impairment loss 8,045 7,910
Neither impaired nor due at the reporting date 5,923 5,353
Past due and not impaired at the reporting date
Up to  days 750 874
 to  days 591 459
 to  days 270 197
 to  days 109 74
 to  days 43 38
 to  days 24 16
More than  days 57 13
Trade receivables changed as follows:
Receivables
 m
2014 2015
Gross receivables
At  January 7,232 8,045
Changes 813 –135
At  December 8,045 7,910
Valuation allowances
At  January –210 –220
Changes –10 4
At  December –220 –216
Carrying amount at  December 7,825 7,694
All other nancial instruments are neither past due nor impaired.
Impairment losses of  million (previous year:  million)
were recognised for other assets.
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