Mercedes 2010 Annual Report Download - page 242
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238
Derivative financial instruments are also used in conjunction with
the refinancing related to the industrial business. Daimler
coordinates the funding activities of the industrial and financial
services businesses at the Group level.
The following table shows the period-end, high, low and average
value at risk figures for the 2010 and 2009 portfolio of interest
rate sensitive financial instruments and derivative financial
instruments of the Group, including the derivative financial instru-
ments of the leasing and sales financing business. In this respect,
the table shows the interest rate risk regarding the unhedged posi-
tion of interest rate sensitive financial instruments. The average
values have been computed on an end-of-quarter basis.
Period-end
High
Low
2010
Average
Period-end
High
Low
2009
Average
In millions of euros
Interest rate risk 49 52 33 45 49 49 33 41
The value at risk of the interest rate sensitive financial instru-
ments in 2010 is almost unchanged in comparison to 2009.
Commodity price risk. Daimler is exposed to the risk of changes
in raw material prices in connection with procuring raw ma terials
and manufacturing supplies used in production. Some of the raw
material price risk, primarily relating to forecasted pro curing of
certain metals, is mitigated with the use of derivative financial
instruments. These hedges represent macro hedges.
For precious metals, central commodity management shows an
unhedged position of 26% of the forecasted commodity purchas-
es at year-end for calendar year 2011. The corresponding figure
at year-end 2009 was 27% for calendar year 2010.
The following table shows the period-end, high, low and average
value at risk figures for the 2010 and 2009 portfolio of derivative
financial instruments used to hedge raw material price risk.
The average exposure has been computed on an end-of-quarter
basis. The offsetting transactions underlying the derivative
financial instruments are not included in the following value at
risk presentation.
Period-end
High
Low
2010
Average
Period-end
High
Low
2009
Average
In millions of euros
Commodity price risk
(from derivative
financial instruments)
52
52
27
38
24
35
21
27