SAF-HOLLAND
SAF-HOLLAND - More.de AG
SAF-HOLLAND - More.de AG
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Risk Management –<br />
Currency Considerations<br />
Currency Overview<br />
Business in Europe 57% in EUR<br />
Business in North America 37% in USD /CAD<br />
Business Rest of the World 6% in EUR or USD or Hedging<br />
No or very limited transaction risk<br />
Strategy of matching revenue and cost<br />
base currency<br />
Translation risk sensitivity indicates<br />
limited exposure<br />
Translation Risk – Sensitivity Analysis<br />
Change of EUR / USD exchange rate by +/- 1%<br />
• Sales and EBIT effected by 0.4% (approximately € 3 m / € 0.2 m)<br />
Change of EUR / USD exchange rate by +/- 1 cent<br />
• Sales and EBIT effected by 0.3% (approximately € 2 m / € 0.1 m)<br />
30 <strong>SAF</strong>-<strong>HOLLAND</strong> CMD Updated 7 January 2008
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