DHL 2013 Annual Report Download - page 196

e maturity structure of the derivative nancial instruments
based on cash ows is as follows:
Maturity structure: remaining maturities
 m
Less
than 1 year
More
than 1 year
to 2 years
More
than 2 years
to 3 years
More
than 3 years
to 4 years
More
than 4 years
to 5 years
More
than 5 years
At  December 
Derivative receivables – gross settlement
Cash outflows –5,345 –389 0 0 0 0
Cash inflows 5,591 403 0 0 0 0
Net settlement
Cash inflows 23 5 0 0 0 0
Derivative liabilities – gross settlement
Cash outflows –1,821 – 411 – 46 –33 – 41 –37
Cash inflows 1,776 409 48 26 26 23
Net settlement
Cash outflows –4 –1 0 0 0 0
At  December 
Derivative receivables – gross settlement
Cash outflows –5,210 – 616 0 0 0 0
Cash inflows 5,422 663 0 0 0 0
Net settlement
Cash inflows 1320000
Derivative liabilities – gross settlement
Cash outflows – 4,922 – 440 0 0 0 0
Cash inflows 4,803 430 0 0 0 0
Net settlement
Cash outflows –22 –3 0 0 0 0
Derivative nancial instruments entail both rights and obli-
gations. e contractual arrangement denes whether these rights
and obligations can be oset against each other and therefore result
in a net settlement, or whether both parties to the contract will
have to perform their obligations in full (gross settlement).
    
e international business activities of Deutsche Post DHL
expose it to currency risks from recognised or planned future
transactions.
Balance sheet currency risks arise from the measurement and
settlement of items in foreign currencies that have been recognised
if the exchange rate on the measurement or settlement date dif-
fers from the rate on recognition. e resulting foreign exchange
dierences directly impact prot or loss. In order to mitigate this
impact as far as possible, all signicant balance sheet currency
risks within the Group are centralised at Deutsche Post  through
the in-house bank function. e centralised risks are aggregated
by Corporate Treasury to calculate a net position per currency
and hedged externally based on value-at-risk limits. e currency-
related value at risk (  / one-month holding period) for the port-
folio concerned totalled  million (previous year:  million) at
the reporting date; the limit was a maximum of  million.
e notional amount of the currency forwards and currency
swaps used to manage balance sheet currency risks amounted to
, million at the reporting date (previous year: , mil-
lion); the fair value was  million (previous year:  million).
For simplication purposes, fair value hedge accounting was not
applied to the derivatives used, which are reported as trading
derivatives instead.
192 Deutsche Post DHL 2013 Annual Report
Notes
Other disclosures
Consolidated Financial Statements