†rsrapport Nycomed - Takeda Pharmaceuticals International GmbH

ACCOUNTSCONSOLIDATED ACCOUNTS NOTES13. Foreign currency and interest rate risksThe NYCOMED group has a policy to hedge fluctuationsin exchange rates and interest rates. As part of thestrategy foreign currency is purchased and sold viaforward contracts and swap contracts are entered intoin order to replace loans with floating interest rateswith loans with fixed interest rates. Forward contractsin foreign currency are entered into to hedge receivablesand debt as well as cash flows in foreign currency.Bank loans raised in connection with the establishmentof the group have partly been converted to foreigncurrency in order to serve as a hedge of future cashflows in foreign currency. 2000 1998/99FORWARD CONTRACTS IN FOREIGNCURENCY 31. DECEMBER VALUED IN DKK(000)DKK(000)DKKPurchase of foreign currencyEUR 603,812 0NOK 89,619 97,014USD 40,104 98,369CHF 16,711 0Total purchase of foreign currency 750,246 195,383Sale of foreign currencyUSD 207,737 0EUR 85,828 129,111JPY 34,900 7,224SEK 21,972 33,063GRD 6,164 29,642CHF 0 11,595Total sale of foreign currency 356,601 210,635Exchange rate adjustment of forward contracts servingas hedge of future cash flow in foreign currency, whichis not included in the profit and loss statement(gain/loss) 7,594 - 6,934LONG TERM BANK LOANS IN FOREIGNCURRENCY 31. DECEMBER VALUED IN DKKEUR 912,494 1,088,264NOK 385,034 412,747JPY 354,232 386,664SEK 225,603 244,975USD 145,392 140,676CHF 136,620 136,395Total long term bank loans in foreign currency 2,159,375 2,409,721Exchange rate adjustment of bank loans serving ashedge of future cash flow in foreign currency includedin prepayments, ref. note 8 (loss) - 28,423 - 32,469–53–