| 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, 2007, 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, 2007 (for 100 units) |
|
|
|
|
|
|
|
|
|
| USD |
|
|
102 |
(210) |
(108) |
507.53 |
|
| EUR |
|
|
321 |
(1,161) |
(840) |
745.66 |
|
| CNY |
|
|
90 |
- |
90 |
69.49 |
|
| JPY |
|
|
39 |
(40) |
(1) |
4.49 |
|
| CHF |
|
|
(641) |
343 |
(298) |
449.08 |
|
| AUD |
|
|
171 |
(155) |
16 |
445.68 |
|
| Other |
|
|
|
(174) |
(174) |
|
|
|
|
|
82 |
(1,397) |
(1,315) |
|
|
|
|
|
|
|
|
|
|
| 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, 2007 (for 100 units) |
|
|
|
|
|
|
|
|
|
| AUD |
|
|
104 |
- |
104 |
445.68 |
|
| BRL |
|
|
110 |
- |
110 |
284.67 |
|
| CAD |
|
|
121 |
- |
121 |
518.22 |
|
| CHF |
|
|
630 |
(275) |
355 |
449.08 |
|
| CNY |
|
|
783 |
- |
783 |
69.49 |
|
| EUR |
|
|
95 |
- |
95 |
745.66 |
|
| INR |
|
|
112 |
- |
112 |
12.89 |
|
| USD |
|
|
622 |
(244) |
378 |
507.53 |
|
| Other |
|
|
124 |
- |
124 |
- |
|
|
|
|
2,701 |
(519) |
2,182 |
|
|
|
|
|
|
|
|
|
|
| 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 directly in Currency translation
under Shareholders' equity. |
|
|
|
|
|
|
|
|
| See the part about Risk factors. |
|
|
