registration document France Telecom 2009 - Orange.com

20 CONSOLIDATED
financial information concerning the issuer’s assets and liabilities, financial position and profits and losses
STATEMENTS
23.1 Cash flow hedges
To hedge the exposure of some of their fi nancial cash fl ows, the subsidiaries of the France Telecom Group have set up risk hedging
policies.
ENTITY
Functional
currency
Hedged
nominal
amount
(in millions of
currency units)
Currency of
hedged item
Maturity date
of hedged item Hedging instrument Hedged risk
France Telecom S.A. EUR 250 CAD June 23, 2011
Cross-currency interest rate
swaps
Currency
and interest rate
TP Group PLN 130 EUR July 5, 2011 Cross-currency swaps Currency
TP Group PLN 31 EUR June 15, 2012 Cross-currency swaps Currency
TP Group PLN 130 PLN June 15, 2012 Interest rate swaps Interest rate
TP Group PLN 303 EUR May 22, 2014
France Telecom S.A. EUR 250 USD July 8, 2014
France Telecom S.A. EUR 400 CHF December 4, 2014
France Telecom S.A. EUR 200 CAD June 23, 2016
Cross-currency interest rate
swaps and interest rate swaps
Cross-currency interest rate
swaps
Cross-currency interest rate
swaps
Cross-currency interest rate
swaps
Currency
and interest rate
Currency
and interest rate
Currency
and interest rate
Currency
and interest rate
France Telecom S.A. EUR 350 EUR July 25, 2018 Interest rate swaps
Interest rate
(HICP infl ation index)
France Telecom S.A. EUR 250 USD July 8, 2019
Cross-currency interest rate
swaps
Currency
and interest rate
FT ImmoH EUR 95 EUR June 29, 2020 Interest rate swaps Interest rate
France Telecom S.A. EUR 500 GBP November 20, 2028
France Telecom S.A. EUR 1,390 USD March 1, 2031
Cross-currency interest rate
swaps
Cross-currency interest rate
swaps and forward purchases
of US dollars
Currency
and interest rate
Currency
and interest rate
For each hedging relationship, the hedged item has an impact
on the income statement:
■ each year on interest payment dates;
To hedge the exposure of some of their operating cash fl ows
(purchase or sale) in foreign currencies, the subsidiaries of the
France Telecom Group have set up risk hedging policies. The
main hedges are shown in the table below.
■ each year on recognition of unrealized foreign exchange
gains or losses upon revaluation of the nominal amount up to
the maturity date of the hedged item.
ENTITY
Functional
currency
Hedged
nominal
amount
(in millions of
currency units)
Currency of
hedged item
Maturity date
of hedged
item Hedging instrument Hedged risk
Orange Romania EUR 103 RON 2010 Forward sales
Operating income in
Romanian leu
Orange in Switzerland CHF 70 EUR 2010 Forward purchases Purchases in euros
France Telecom S.A. EUR 24 USD 2010 Forward purchases
Purchases in US
dollars
TP Group PLN 66 EUR 2010 Forward purchases Purchases in euros
TP Group PLN 10 USD 2010 Forward purchases
Purchases in US
dollars
TP Group PLN 44 EUR 2014 Cross-currency swaps
Payment for UMTS
license in euros
For each hedging relationship, the hedged item will have an impact on the income statement in 2010.
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2009 REGISTRATION DOCUMENT / FRANCE TELECOM