DHL 2012 Annual Report Download - page 199

Hypothetical changes in exchange rates have an eect on
the fair values of Deutsche Post ’s external derivatives that is
reported in prot or loss; they also aect the foreign currency gains
and losses from remeasurement at the closing date of the in-house
bank balances, balances from external bank accounts as well as
internal and external loans extended by Deutsche Post . e for-
eign currency value at risk of the foreign currency items concerned
was  million at the reporting date (previous year:  million). In
addition, hypothetical changes in exchange rates aect equity and
the fair values of those derivatives used to hedge unrecognised rm
commitments and highly probable forecast currency transactions,
which are designated as cash ow hedges. e foreign currency
value at risk of this risk position was  million as at  Decem-
ber  (previous year:  million). e total foreign currency
value at risk was  million at the reporting date (previous year:
 million). e total amount is lower than the sum of the indi-
vidual amounts given above, owing to interdependencies.
      
e fair value of interest rate hedging instruments was calcu-
lated on the basis of discounted expected future cash ows using
Corporate Treasury’s risk management system.
As at  December , the Group had entered into interest
rate swaps with a notional volume of  million (previous year:
, million). e fair value of this interest rate swap position
was  million (previous year:  million). As in the previous
year, there were no interest rate options at the reporting date.
e Group placed further xed-coupon bonds on the capital
market in nancial year . As a result, the share of instruments
with short-term i nterest lock-ins declined considerably year-on-
year. e proportion of nancial liabilities with short-term interest
lock-ins, Note , amounts to   (previous year:  ) as at the
reporting date. e eect of potential interest rate changes on the
Group’s nancial position thus remains insignicant.
e quantitative risk data relating to interest rate risk required
by   is presented in the form of a sensitivity analysis. is
method determines the eects of hypothetical changes in market
interest rates on interest income, interest expense and equity as at
the reporting date. e following assumptions are used as a basis
for the sensitivity analysis:
Primary variable-rate nancial instruments are subject to
interest rate risk and must therefore be included in the sensitiv-
ity analysis. Primary variable-rate nancial instruments that were
transformed into xed-income nancial instruments using cash
ow hedges are not included. Changes in market interest rates for
derivative nancial instruments used as a cash ow hedge aect
equity by changing fair values and must therefore be included in
the sensitivity analysis. Fixed-income nancial instruments meas-
ured at amortised cost are not subject to interest rate risk.
Designated fair value hedges of interest rate risk are not in-
cluded in the analysis because the interest-related changes in fair
value of the hedged item and the hedging transaction almost fully
oset each other in prot or loss for the period. Only the variable
portion of the hedging instrument aects net nancial income / net
nance costs and must be included in the sensitivity analysis.
If the market interest rate level as at  December 
had been  basis points higher, net nance costs would have
decreased by  million (previous year: increased by  million).
A market interest rate level  basis points lower would have had
the opposite eect. A change in the market interest rate level by
 basis points would aect the fair values of the interest rate
derivatives recognised in equity. As in the previous year, a rise in
interest rates in this nancial year would not have increased equity,
nor would a reduction have reduced equity.
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Other disclosures
195