메탈게젤샤프트사 헤지 사례 분석 (영문 PPT 슬라이드) Analyzing the case of hedge for Metallgesellschaft

소개글

메탈게젤샤프트사 헤지 사례 분석과 파산과 관련한 PPT 발표 슬라이드 입니다

목차

01 Company profile and process of an event in detail
02 A case analysis of Metalgesellschaft
03 The result and implications

본문내용

1881: established Metallgesellschaft
14th company in Germany, 500 companies in the world
Employees:fifty eight thousand
The total amount of capital:3.6billion Deutsche Mark
Principal business activity
petroleum,ferrous metal, nonferrous metals manufacture
and sale
6.MG Refining &Marketing( MGRM)is a subsidiary
company of petroleum sale
7.Now, MGRM maintains as GEA group

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3. Result & Implications
2. Excess Size of contracts
Generally size of futures contracts on oil and Gasoline was 20,000 barrel
But MGRM’s size was 55,000 barrel
So it could encounter liquidity risk
As you know, loss in the futures position leads to additional margin
MGRM’s position was so large -> Large amount of additional margin
But MGRM had not much money

3. Result & Implications
3. Difference of accounting standards
In Germany, Accounting Standards
Ignore unrealized gain
Count current loss
No permission in netting the hedge position
MG applied the german accounting standards
In order to develop the derivative markets accounting estimate should be well organized

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