Annual report - HSE
Annual report - HSE
Annual report - HSE
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Type of financial instrument as at 31/12/2011 EUR HUF Other currencies TOTAL<br />
Short-term operating receivables 150,207,417 0 78,498 150,285,915<br />
Short-term financial receivables and loans 109,317,324 0 0 109,317,324<br />
Long-term operating receivables 676,417 0 193,896 870,313<br />
Short-term operating liabilities -143,891,732 -2,135,327 -55,473 -146,082,532<br />
Short-term financial liabilities -80,108,197 0 0 -80,108,197<br />
Long-term financial liabilities -100,009,595 0 0 -100,009,595<br />
Net exposure of the statement -63,808,366 -2,135,327 216,921 -65,726,772<br />
of financial position<br />
Type of financial instrument as at 31/12/2012 EUR HUF* Other currencies TOTAL<br />
Short-term operating receivables 215,552,162 0 0 215,552,162<br />
Short-term financial receivables and loans 303,599,771 0 0 303,599,771<br />
Long-term operating receivables 477,553 0 198,799 676,352<br />
Short-term operating liabilities -210,965,492 -441 -31,419 -210,997,352<br />
Short-term financial liabilities -233,694,331 0 0 -233,694,331<br />
Long-term financial liabilities -89,558,481 0 0 -89,558,481<br />
Net exposure of the statement -14,588,818 -441 167,380 -14,421,879<br />
of financial position<br />
in €<br />
in €<br />
* No HUF-denominated items were open at the end of the year<br />
in €<br />
Contracts concluded for currency swaps by maturity 2012 2011<br />
Up to 12 months 4,900,045 3,961,257<br />
4.5.8.8.4 Interest rate risk<br />
The company is exposed to interest rate risk in financial liabilities since it has contracts<br />
concluded at variable interest rate tied to Euribor, which changes on daily basis. In 2012,<br />
Euribor interest rates decreased further and reached the lowest values in history. The<br />
interest rate risk is adequately managed within the <strong>HSE</strong> Group, as we have adopted a risk<br />
management strategy already in 2011, with the approval of the <strong>HSE</strong>’s Risk Management<br />
Committee, which defined the share or level up to which the company must protect<br />
against risks and the instruments used for hedging. For this purpose, the company has<br />
a transaction of interest rate hedging with derivative interest swap (IRS). The concluded<br />
transaction of interest rate swap is highly efficient since the interest rate hedging in all its<br />
characteristics fully complies with the hedged item. The interest risk management is aimed<br />
at protecting cash flow against negative impacts of Euribor growth on account of financing<br />
loans received and the sole risk dispersion. The hedged ratio was formally determined and<br />
documented at the beginning of hedging. The interest rate hedging strategy was set, as<br />
well as the hedged item, hedging instrument, risk type and the manner of testing hedging<br />
efficiency. Since the hedging was successful, the changes in fair value are recognised<br />
directly in equity. Interest rate hedging transaction was concluded on the basis of standard<br />
contract ISDA with the first-class commercial bank and the possibility of transaction nonrealisation<br />
is estimated as minimum.<br />
Contracts concluded for interest rate swaps by maturity 2012 2011<br />
From 1 to 5 years 48,484,848 50,000,000<br />
in €<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
4 Financial Report of the company <strong>HSE</strong><br />
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