Read the Registration Document - Guerbet

2.6 – Other current financial liabilities2012 2011Employee-related payables 29,416 26,712Payables to fixed asset suppliers 2 7,545 9,092Grants 3 3,184 2,688Trade debtors-credit balances 497 405Royalties 407 189Commissions 974 1,070Other payables 406 486Total 42,429 40,642Note 3 – Management of financial risksIn compliance with its risk management policy, Guerbet hedges the main accounting risks of the balancesheet. Guerbet centralises the management of foreign currency exposures.3.1 - Foreign exchange hedging positions open by Guerbet in 2012In 2011, Guerbet implemented 74 forward exchange contracts, mainly for: US dollars (USD), Turkish Lira(TRY), Japanese yen (JPY) and Hong Kong dollars (HKD) including 3 forward exchange purchaseagreements still open at 31 December 2012 for a net total equivalent value of €1,130,000.3.2. Exposure to currency fluctuations at 31/12/2012The following table presents the main risks of the Group centralised at the level of the Guerbet parentcompany:In millions of euros USD BRL JPY TRY CHF KRW HKD GBP MXN TWD Total *Budget risk ** (1) -20.99 1.31 4.23 1.93 14.06 -0.10 23.45 3.13 4.31 0.00 73.51Balance sheet risk (2) 2.04 0.00 0.09 0.13 -0.74 -0.03 2.95 -0.08 4.21 0.00 10.27Position before hedging(3=1+2)-18.95 1.31 4.32 2.06 13.32 -0.13 26.40 3.05 8.52 0.00 78.06Outstanding hedges (4) 1.13 1.13Position after hedging(5=3+4)-17.82 1.31 4.32 2.06 13.32 -0.13 26.40 3.05 8.52 0.00 76.932 Of which €2,500,000 for the discounted purchase price for 40% of Medex shares.3 Of which advances received for €2,352,000 on the signature of the Iseult agreement (see Note 23).* Total in absolute values.**The budget risk corresponds to the risk associated with future commercial flows not yet confirmed by firm orders or invoicesrecognised in the balance sheet. This risk has no immediate impact on the income statement.88