Corporate Magazine 2012 - Boehringer Ingelheim

January to December 2015:Net cash flow (in millions of EUR)FX forward contracts (in millions of EUR)Nominal value Nominal value Market valueUSD 1,105 USD — 328 USD 16JPY 899 JPY — 426 JPY 50AUD 30 AUD — 10 AUD 0CAN 27 CAN — 12 CAN 0January to December 2016:Net cash flow (in millions of EUR)FX forward contracts (in millions of EUR)Nominal value Nominal value Market valueUSD 97 USD — 39 USD 4JPY 892 JPY — 327 JPY 34January to May 2017:Net cash flow (in millions of EUR)FX forward contracts (in millions of EUR)Nominal value Nominal value Market valueUSD 376 USD — 243 USD 19The amount of the hedged foreign currency risk correlates to the relative change in the exchange ratebetween the planning date and the realisation date of the forecasted transactions. If all currencies were toappreciate or depreciate against the euro by 10.0%, there would be a foreign currency risk of plus or minusEUR 877 million without hedging.As of the 2012 balance sheet date, there are two floating-rate loans amounting to EUR 290 million. Interestrate swaps with matching amounts and matching maturities were concluded to hedge the interest raterisk associated with this. As this only involves transforming the floating-rate loan portions into a fixedinterest rate, use is made of hedge accounting (micro hedges). The opposing changes in value of the hedgeditem and the hedging instrument are fully offset until 2016. As of the balance sheet date, the interest rateswaps including accrued interest had a fair market value of minus EUR 19 million. The carrying amount(equal to deferred accrued interest) was EUR 3 million and is reported under liabilities to banks. The nethedge presentation method was used.64Boehringer Ingelheim annual report 2012