161 348
161
2014
2013 (*)
-5%
+5%
-5%
+5%
Euro
(1.70)
1.54
(1.59)
1.44
US Dollar
(0.91)
0.82
(2.05)
1.85
Other currencies
(0.80)
0.72
(0.71)
0.64
Total
(3.41)
3.08
(4.35)
3.93
2014
2013 (*)
-10%
+10%
-10%
+ 10%
Euro
(3.59)
2.93
(3.35)
2.74
US Dollar
(1.91)
1.57
(4.32)
3.53
Other currencies
(1.68)
1.37
(1.49)
1.22
Total
(7.18)
5.87
(9.16)
7.49
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
Zealand Dollar; none of these exposures, taken individually,
accounted for more than 1.45% of the overall exposure to
transactional exchange rate risk in 2014 (1.6% in 2013).
It is the Group’s policy to hedge, where possible, exposures in
currencies other than the accounting currencies of its indivi-
dual companies. In particular, the Group hedges:
• Definite cash flows: invoiced trade flows and exposures
arising from loans and borrowings;
• Projected cash flows: trade and financial flows arising
from firm or highly probable contractual commitments.
The above hedges are arranged using derivative contracts.
The following sensitivity analysis shows the effects on net
profit of a 5% and 10% increase/decrease in exchange rates
versus closing exchange rates at 31 December 2014 and 31
December 2013.
(in millions of Euro)
(in millions of Euro)