REGISTRATION DOCUMENT - Bourbon
REGISTRATION DOCUMENT - Bourbon
REGISTRATION DOCUMENT - Bourbon
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CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsa) Transaction riskAs of December 31, 2011, foreign exchange derivatives mainly involved fl ows in US dollars (USD) and Norwegian kroner (NOK), broken downas follows:AmountsAs of 12.31.2011outstanding(in currency millions)MaturityAverageexchange rateFutures contracts covering expected future salesEUR/USD 600 Between 01.31.2012 and 12.31.2012 1.3075EUR/USD 13 30.03.2012 1.3735Futures contracts covering expected future purchasesUSD/EUR 406 Between 01.01.2012 and 12.31.2012 1.4267USD/NOK 16 Between 01.01.2012 and 12.31.2012 5.8792Foreign currency optionsNOK/EUR 3 January/February 2012 7.9567NOK/USD 8 Between 01.01.2012 and 9.30.2012 6.0720Cross-currency swapUSD/EUR 125 09.29.2017 and 12.31.2019 1.4704NOK/EUR 288 10.26.2016 and 02.01.2017 8.3204The following table shows, as of December 31, 2011, the position of the Group’s monetary assets and liabilities (denominated in a differentcurrency from the entity’s functional currency) before and after management:(in € millions) USD NOK EUR OtherMonetary assets 874.3 58.4 26.7 9.8Monetary liabilities (588.6) (55.0) (41.4) (12.0)Net position before management 285.7 3.4 (14.7) (2.2)Hedges (96.6) (37.1) - -Net position after management 189.1 (33.7) (14.7) (2.2)As of December 31, 2011, a 1% change in the euro exchange rateagainst all the currencies would represent a total impact at Grouplevel of €2.3 million, after hedges are taken into account.It should be noted that currency futures hedges related to futuretransactions are not shown in this table since the hedged item doesnot yet appear on the balance sheet.b) Currency translation riskThe table below shows a breakdown by currency of consolidated shareholders’ equity for the years 2011 and 2010:(in € millions) 12.31.2011 12.31.2010Euro (EUR) 1,387.1 1,297.8Brazilian Real (BRL) (55.1) (13.6)Mexican Peso (MXN) 9.7 11.9Norwegian Kroner (NOK) 67.6 51.0US Dollar (USD) 46.0 139.0Vietnamese Dong (VND) (2.1) (1.8)Swiss Franc (CHF) 2.4 2.8Nigerian Naira (NGN) (36.8) (17.8)Other (1.9) (1.6)TOTAL 1,417.0 1,467.8As of December 31, 2011, a 1% change in the exchange rates would represent an impact on consolidated shareholders’ equity of €3.0 million(€4.0 million as of December 31, 2010).BOURBON - 2011 Registration Document 99