Read the Registration Document - Guerbet

3.3 - Analysis of the sensitivity of net financial income (expense) to the balance sheet foreignexchange risk for key currenciesThe calculation of sensitivity is carried out on the net unhedged amount at 31 December 2012 (balancesheet risk after subtracting outstanding hedges) for the main currencies.The following table presents the impact on net financial income of a 10% change in these currenciesagainst the euro.In thousands of euros 2012 2011HKD 295 23MXN 421 201USD 317 2693.4 - Interest-rate risksAt 31 December 2012, borrowings consisted exclusively of floating-rate debt. The breakdown between fixedand floating rate debt is decided by the Group's executive management and reviewed on a periodic basisaccording two expected trends for interest rates.3.5 - Interest rate hedging positions of Guerbet open in 2012In 2012, an interest rate hedge was acquired for €48.5 million. At 31 December 2012 the Group's net debtamounted to €99 million. The full amount of Guerbet's floating-rate debt has been hedged. The weightedaverage rate for hedges represented a fixed rate of 1.57 %.3.6 - Exposure to interest rate changes at 31 December 2012In thousands of eurosCurrent debtNon-currentdebtFinancial liabilities at fixed-rates (4,774) (4,774)Financial liabilities at floating-rates (42,439) (62,268) (104,708)Financial assets at fixed rates 3,500 3,500Financial assets at floating-rates 6,973 6,973Net position before hedging:- fixed-rate 3,500 (4,774) (1,274)- floating-rate (35,466) (62,268) (97,734)Off-balance sheet 5,143 95,277 100,420Net position after hedging- fixed-rate (1,643) (100,051) (101,694)- floating-rate (30,323) 33,008 2,685Total3.7 - Analysis of the sensitivity of net financial income to interest-rate risks after hedging at31/12/2012The full amount of floating-rate debt is hedged.3.8 - Liquidity riskAt 31 December 2012, unused lines of credit available amounted to €111 million. In 2011, the Groupobtained additional credit lines, supplementing its existing facilities to secure its financing requirements forthe next five years. The banking counterparties represent top-tier financial institutions.89