Annual Report 2011-2012

18. Derivative financial instruments

Cash flow hedges

in CHF thousand Notional amounts 31.3.2012 Notional amounts 31.3.2011 Fair value 31.3.2012 Fair value 31.3.2011
         
1 to 12 months 103 225 67 400 –896 –1 211
1 to 3 years 304 388 130 310 –23 950 –3 217
3 to 5 years 216 612 367 726 –19 440 –20 912
More than 5 years 171 181 200 000 –9 802 –5 489
Total cash flow hedges 795 406 765 436 –54 088 –30 829
– of which liabilities     –54 088 –32 349
– of which assets     0 1 520

Cash flow hedges in equity

in CHF thousand 2011/2012 2010/2011
     
Reserve cash flow hedges shareholders of Züblin Immobilien Holding AG –22 964 –34 674
Reserve cash flow hedges non-controlling interests –8 394 –13 603
Total reserve for cash flow hedges as of 1.4. –31 358 –48 277
Fair value change –41 665 –746
Recognized in income statement as interest expense 15 919 19 094
Change in current and deferred taxes 3 717 –1 429
Total reserve for cash flow hedges as of 31.3. –53 387 –31 358
– of which shareholders of Züblin Immobilien Holding AG –40 579 –22 964
– of which non-controlling interests –12 808 –8 394

The Züblin Group uses interest rate swaps to hedge its exposure to future movements in interest rates. During financial year 2011/2012, Züblin entered into two new swap positions starting 30 March 2012 and 5 July 2012. These new swpas are replacing swaps which by then will mature.

All interest rate derivatives are designated as effective under the criteria of IAS 39, and as such, changes in market values of derivative financial instruments are recognized in the consolidated comprehensive income statement. The ineffective portion of cash flow hedges recognized in the income statement was CHF 0.5 million in the reporting financial year and CHF –0.7 million in the previous year.

Payments on interest rate swaps and interest payments on mortgages and other loans occurred simultaneously.

Currency options

in CHF thousand Notional amounts 31.3.2012 Notional amounts 31.3.2011 Fair value 31.3.2012 Fair value 31.3.2011
         
1 to 12 months 0 n.a. 0 n.a.
1 to 3 years 0 n.a. 0 n.a.
3 to 5 years 14 000 n.a. 561 n.a.
Total foreign currency put-options 14 000 n.a. 561 n.a.
– of which assets     0 n.a.

Purpose of these currency put-options is hedging future cash flow in other than the functional currency. The currency put-options are stated at their fair values in the category derivative financial instruments whereas gains and losses are recognized through profit and loss.

Total derivative financial instruments

in CHF thousand Notional amounts 31.3.2012 Notional amounts 31.3.2011 Fair value 31.3.2012 Fair value 31.3.2011
         
Cash flow hedges 795 406 765 436 –54 088 –30 829
Foreign currency put-options 14 000 0 561 0
Total derivative financial instruments 809 406 765 436 –53 527 –30 829
– of which liabilities     –54 088 –32 349
– of which assets     561 1 520

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Annual Report 2011-2012

Annual Report 2011-2012 (8.16 MB)