Note 27 - Foreign currencies in the balance sheet


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Hedging of assets and liabilities in foreign currency (transaction risk)
 
The table below shows the Group's assets and liabilities in foreign currencies at December 31, 2010, calculated as the total of each Group company's assets and liabilities in a currency other than its own. The table also shows the derivatives used to hedge these assets and liabilities.
DKK million     Currency exposure Derivatives Net currency exposure Exchange rate at Dec. 31, 2010  (for 100 units)  
AUD (51) 55  569.95
CNY 136    - 136  85.04
CHF 86    - 86  597.55
EUR 543  (847) (304) 745.44
GBP (112) 112    - 866.59
JPY 52  (25) 27  6.89
MXN (23) (15) 45.32
SEK 27  (41) (14) 82.70
USD 900  (1,182) (282) 561.33
Other     99    - 99    -   
1,688  (1,951) (263)
Transaction risk is the possibility of gains/losses on transactions that are open on the balance sheet date as a result of subsequent exchange rate changes. Gains/losses are recognized in the income statement.
Hedging of investments in foreign subsidiaries (translation risk)
DKK million     Net investment in foreign subsidiaries Derivatives Net assets with translation risk Exchange rate at Dec. 31, 2010  (for 100 units)  
AUD 106    -  106  569.95
BRL 207    -  207  336.06
CAD 185    -  185  561.54
CNY 1,418    -  1,418  85.04
EUR 70    -  70  745.44
GBP 174    -  174  866.59
INR 203    -  203  12.50
SEK 238    -  238  82.70
USD 736    -  736  561.33
Other     71    -  71    -   
3,408    -  3,408 
Translation risk is the possibility of gains/losses arising from translation of net assets in subsidiaries as a result of subsequent exchange rate changes. Gains/losses are recognized in the statement of comprehensive income.

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