financial report and registration document 2011 - Groupe SEB

currencies are partly hedged by means of forward sales and purchases of
foreign currency against the euro. Part of SEB Asia’s US dollar billings to
subsidiaries is hedged. In 2011, 2010 and 2009 the Group was a net buyer
of US dollars.
Financial Report and Registration Document 2011
5
Consolidated fi nancial statements
Notes to the consolidated fi nancial statements
The Group’s overall currency risk management policy sets very strict rules
for the hedging of currency risks associated with highly probable future
transactions.
ANALYSIS OF CURRENCY RISKS ON INTER-COMPANY TRANSACTIONS
The Group’s net exposure to transactional currency risks primarily concerns the following currencies (excluding the functional currencies of Group companies):
At 31 December 2011 (in € millions) USD HUF RUB JPY Other
Total assets 13 15 6 57
Total liabilities
Future transactions
(62)
NET POSITION BEFORE HEDGING (62) 13 15 6 57
Forward purchases of foreign currencies 73
Forward sales of foreign currencies (19) (15) (6) (36)
NET POSITION AFTER HEDGING 11 (6) 0 0 21
At 31 December 2010 (in € millions) USD HUF JPY RUB Other
Total assets 24 8 22 38
Total liabilities
Future transactions
(63)
NET POSITION BEFORE HEDGING (63) 24 8 22 38
Forward purchases of foreign currencies 111
Forward sales of foreign currencies (20) (27) (9) (28)
NET POSITION AFTER HEDGING 48 4 (19) 13 10
At 31 December 2009 (in € millions) USD GBP HUF JPY Other
Total assets 4 20 6 38
Total liabilities (48)
Future transactions 64
NET POSITION BEFORE HEDGING (48) 4 20 70 38
Forward purchases of foreign currencies 20
Forward sales of foreign currencies (4) (15) (69) (32)
NET POSITION AFTER HEDGING (28) 0 5 1 6
At 31 December 2011, the euro was trading at USD 1.294, GBP 0.835,
HUF 314.58 and JPY 100.2.
At 31 December 2011, the sensitivity analysis of the net position after hedging was as follows:
The appreciation of these currencies, assuming all other variables remained
constant, would have a negative impact on profi t, except for the US dollar,
whose appreciation would result in a positive income statement effect.
(in € millions) USD HUF JPY RUB Other
Hypothetical currency appreciation 1% 1% 1% 1% 1%
IMPACT ON PROFIT 0.1 0.0 0.0 0.0 0.2
GROUPE SEB
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