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Swisscom carries out sensitivity analyses in the areas of currency risks and interest rate risks. We anticipate reliable expectation values in the other risk areas.
Currency risksThe following sensitivity analysis shows the effects on the income statement if the EUR/CHF and USD/CHF exchange rates change in accordance with their implicit volatility over the next 12 months. This analysis requires all other variables, in particular interest levels, to remain constant.
| In CHF millions | 31.12.2011 |
31.12.2010 |
Effects on balance sheet items affecting net income |
||
| EUR volatility 9.86% (previous year 11.99%) | 123 |
100 |
| USD volatility 12.85% (previous year 17.95%) | 8 |
6 |
Hedging transactions for balance sheet items |
||
| EUR volatility 9.86% (previous year 11.99%) | (75) |
(94) |
| USD volatility 15.56% (previous year 12.68%) | (6) |
(5) |
Projected cash flows |
||
| EUR volatility 9.86% (previous year 11.99%) | 64 |
82 |
| USD volatility 15.56% (previous year 12.68%) | 54 |
43 |
Hedging transactions for projected cash flows |
||
| EUR volatility 9.86% (previous year 11.99%) | (32) |
(41) |
| USD volatility 15.56% (previous year 12.68%) | (25) |
(20) |
The volatility of the balance sheet items and the projected cash flows is offset in part by the volatility of the corresponding hedging transactions.
Interest rate risks
The following sensitivity analysis shows the effects on the income statement and equity of a change of 100 basis points in CHF interest rates.
Income statement |
Equity |
|||
Increase of 100 basis points |
Decrease of 100 basis points |
Increase of 100 basis points |
Decrease of 100 basis points |
|
| In CHF millions |
|
|
|
|
31st December 2011 |
|
|
|
|
| Variable financing | (22) |
22 |
- |
- |
| Interest rate swaps | 3 |
(3) |
16 |
(8) |
Cash flow sensitivity, net |
(19) |
19 |
16 |
(8) |
31st December 2010 |
||||
| Variable financing | (26) |
26 |
- |
- |
| Interest rate swaps | 1 |
(1) |
7 |
(8) |
| Cash flow sensitivity, net | (25) |
25 |
7 |
(8) |