NEOPOST - 2018 Registration document
6
Financial statements
Consolidated financial statements
The corresponding interest flows (excluding margin impacts) were calculated based on constant debt interest rate conditions and exchange rate parity at year-end. The following schedule is obtained:
2019
2020
2021
2022
Interest on fixed rates
8.6
6.9
4.8
1.7
Interest on the variable rate position
8.9
8.5
8.4
10.1
Interest on hedging operations
(2.6)
(2.0)
(0.7)
0.1
TOTAL
14.9
13.4
12.5
11.9
Sensitivity of the financial results to interest rate changes is as follows:
2019
2020
2021
2022
Sensitivity to a +0.5% increase in interest rates
1.1
2.1
2.9
4.4
Sensitivity to a (0.5)% decrease in interest rates
(0.9)
(2.0)
(2.1)
(3.3)
plain vanilla options: buying and selling of caps and floors • (used either alone or in combination); knock-in or knock-out barrier options: buying and selling of • caps and floors (used either alone or in combination); buying and selling of swaptions (used either alone or in • combination). Management mandates, packaged bank hedging products and derivative instruments that introduce a reference other than the underlying asset ( quanto swaps for example) are strictly forbidden by internal procedures.
For 2019, Neopost’s policy was to fix its net financial income in advance. As a result, after hedging and on a fixed-debt basis, 75% of Neopost group debt was not exposed to long-term interest rates for the current year. Only 25% of the debt remained exposed to long-term rates as at 31 January 2019. Instrument details Neopost uses standard and liquid derivative instruments. The instruments used are as follows: firm derivatives: swaps and Forward Rate Agreement • (FRA);
Derivative instrument details The instruments in the portfolio are listed below, according to type, currency and maturity.
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Cross currency swap – Lender EUR/Borrower USD
EUR/USD
-
45.7/50.0
-
Swap – buyer
EUR
-
154.5
-
Swap – receiver
USD
15.0
70.0
-
Cap - buyer
USD
-
55.0
-
Floor – receiver
USD
-
30.0
-
Floor – buyer
EUR
-
18.3
-
DERIVATIVE INSTRUMENTS QUALIFIED AS FAIR VALUE HEDGE
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Swap – buyer
EUR
-
154.5
-
DERIVATIVE INSTRUMENTS QUALIFIED AS CASH FLOW HEDGE
Notional value
Currency
< 1 year
1 to 5 years
> 5 years
Cross currency swap
EUR/USD
-
27.4/30.0
-
Swap – receiver
USD
15.0
70.0
-
Cap – buyer
USD
-
55.0
-
Floor – buyer
USD
-
30.0
-
163
REGISTRATION DOCUMENT 2018 / NEOPOST
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