Semi-Annual Report 2013-2014

9. Derivative financial instruments

Cash flow hedges

In the next twelve months CHF 312.0 million (previous year CHF 254.4 million) of the liabilities reported above are due to mature. Of this amount, CHF 294.3 million (previous year CHF 222.3 million) relates to mortgages; CHF 93.3 million of these mortgages are held for sale. The remainder consists of normal loan repayments and three maturing mortgages of CHF 199.0 million in France. This is to be rolled over in the normal course of business. Trade accounts payable and the other short-term liabilities are incurred in the course of the Company's operating activities and are covered by the short-term assets.

in CHF thousandNotional amounts 30.9.2013Notional amounts 31.3.2013Fair value 30.9.2013Fair value 31.3.2013
     
1 to 12 months119 46317 683–3 532–323
1 to 3 years324 158420 973–19 850–28 354
3 to 5 years132 543154 267–5 791–9 792
More than 5 years116 675116 585–7 434–10 954
Total cash flow hedges692 838709 508–36 607–49 423
– of which liabilities  –36 607–49 423

Cash flow hedges in equity

in CHF thousand1.4.2013
to 30.9.2013
1.4.2012
to 31.3.2013
   
Reserve cash flow hedges shareholders of Züblin Immobilien Holding AG–29 686–40 579
Reserve cash flow hedges non-controlling interests–10 025–12 808
Total reserve for cash flow hedges as of 1.4.–39 711–53 387
Fair value change1 172–12 926
Recognized in income statement as interest expense9 13417 549
Swaps disqualified from hedge accounting4 14010 726
Change in current and deferred taxes–1 355–1 673
Total reserve for cash flow hedges as of 30.9. / 31.3.–26 620–39 711
– of which shareholders of Züblin Immobilien Holding AG–18 615–29 686
– of which non-controlling interests–8 005–10 025

The Züblin Group uses interest rate swaps to reduce the cash flow risks arising from its exposure to movements in interest rates.

As a result of the investment property sales additonal swaps with a combined contract value of CHF 59.2 million (previous year CHF 202.8 million) were disqualified from hedge accounting. All the other swaps are designated as effective under the criteria of IAS 39. Changes in the fair value of effective swaps are recognized in the statement of comprehensive income. The change in fair value of the ineffective portion of CHF –0.1 million (previous year CHF 0.0 million) and the disqualified cash flow hedges of CHF –4.1 million (previous year CHF –3.8 million) were recognized in the income statement.

Currency options

in CHF thousandNotional amounts 30.9.2013Notional amounts 31.3.2013Fair value 30.9.2013Fair value 31.3.2013
     
1 to 12 months0000
1 to 3 years14 00014 00043138
3 to 5 years0000
Total foreign currency put-options14 00014 00043138
– of which assets  43138

The Züblin Group hedges part of its future cash flows in connection with intercompany loans in a currency other than the functional currency. The corresponding positive fair values are reported in the balance sheet under derivative financial instruments. The gains and losses from revaluation are recognized through profit and loss.

Total Derivative financial instruments

in CHF thousandNotional amounts 30.9.2013Notional amounts 31.3.2013Fair value 30.9.2013Fair value 31.3.2013
     
Cash flow hedges692 838709 508–36 607–49 423
Foreign currency put-options14 00014 00043138
Total derivative financial instruments706 838723 508–36 564–49 285
– of which liabilities  –36 607–49 423
– of which assets  43138

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Semi-Annual Report 2013-2014

Semi-Annual Report 2013-2014 (1.92 MB)