Replacement Annual Financial Report -26-
April 30 2010 - 11:47AM
UK Regulatory
possible movement of the currency rate against the euro with all other variables
held constant on the profit and loss account. A negative amount in the table
reflects a potential net reduction in profit and loss or net assets, while a
positive amount reflects a net potential increase.
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2009
14. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (continued)
14.1. Market risk (continued)
+----------+----------+------------------------+------------+----------------------+-----------+
| Currency | Possible | 31 | 31 | 31 | 31 |
| | change | December | December | December | December |
| | in | 2009 net | 2009 | 2008 net | 2008 |
| | exchange | exposure | effect on | exposure | effect on |
| | rate | | net assets | | net |
| | | | and profit | | assets |
| | | | | | and |
| | | | | | profit |
+----------+----------+------------------------+------------+----------------------+-----------+
| | % | EUR | EUR | EUR | EUR |
+----------+----------+------------------------+------------+----------------------+-----------+
| | | | | | |
+----------+----------+------------------------+------------+----------------------+-----------+
| Company | | | | | |
+----------+----------+------------------------+------------+----------------------+-----------+
| | | | | | |
+----------+----------+------------------------+------------+----------------------+-----------+
| US | (+/-) 5 | (24,857,172) | (+/-) | (466,686) | (+/-) |
| dollar | | | 1,243,853 | | 26,300 |
+----------+----------+------------------------+------------+----------------------+-----------+
| | | | | | |
+----------+----------+------------------------+------------+----------------------+-----------+
| Consolidated | | | | |
+---------------------+------------------------+------------+----------------------+-----------+
| | | | | | |
+----------+----------+------------------------+------------+----------------------+-----------+
| US | (+/-) 5 | (29,050,502) | (+/-) | 5,625,973 | (+/-) |
| dollar | | | 1,139,625 | | 286,825 |
+----------+----------+------------------------+------------+----------------------+-----------+
Concentration of foreign currency exposure
The Company's total net exposure in foreign currency exchange rates at the
statement of financial position date was as follows:
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | Company | Consolidated | Company | Consolidated |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | 31 | 31 | 31 | 31 |
| | December | December | December | December |
| | 2009 | 2009 | 2008 | 2008 |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | EUR | EUR | EUR | EUR |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| Financial | | | | |
| assets | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| US dollar | 38,690,138 | 303,838,451 | 52,977,999 | 250,571,001 |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| Total | 38,690,138 | 303,838,451 | 52,977,999 | 250,571,001 |
| financial | | | | |
| assets | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| Financial | | | | |
| liabilities | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| US dollar | (63,547,310) | (332,888,954) | (53,444,685) | (244,945,028) |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| Total | (63,547,310) | (332,888,954) | (53,444,685) | (244,945,028) |
| financial | | | | |
| liabilities | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| | | | | |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
| Net exposure | (24,857,172) | (29,050,502) | (466,686) | 5,625,973 |
+--------------+-------------------------+------------------------+--------------------------+-------------------------+
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2009
14. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (continued)
14.1. Market risk (continued)
The Company's policy is to enter to monthly currency hedging transactions to
mitigate currency risk.
At 31 December 2009 and 31 December 2008 the Company had open forward positions
in the following contracts:
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+
| Contract | | Maturity | Ccy | | Ccy | | Unrealised |
| | | | | | | | |
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+
| date | Strike | date | Buy | Amount | Sell | Amount | gain/(loss) EUR |
| | price | | | | | | |
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+
| 31/12/2009 | 1.4347 | 29/01/10 | EUR | 32,253,740 | USD | 46,574,401 | (208,709) |
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+
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