DHL 2013 Annual Report Download - page 198

Designated fair value hedges of interest rate risk are not
included 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 increased
by  million (previous year: decreased by  million). A market
interest rate level  basis points lower would have had the op-
posite 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.
 
As in the previous year, most of the risks arising from com-
modity 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 sur-
charges 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 counter-
parties fail to meet their obligations arising from operating activ-
ities 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
structure means that there is no risk concentration. Each counter-
party 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
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:
 m Past due and not impaired at the reporting date
Carrying amount
before
impairment loss
Neither impaired
nor due at the
reporting date
Less than
30 days
31 to
60 days
61 to
90 days
91 to
120 days
121 to
150 days
151 to
180 days >180 days
At  December 
Trade receivables 7,250 5,154 749 641 270 93 42 36 17
At  December 
Trade receivables 7,175 5,038 764 647 258 103 44 26 23
194 Deutsche Post DHL 2013 Annual Report
Consolidated Financial StatementsNotes
Other disclosures