Airbus 2015 Annual Report Download - page 108

AIRBUS GROUP REGISTRATION DOCUMENT 2015 l 76 l
Management’sDiscussion andAnalysisofFinancial Condition andResultsofOperations
2.2 Financial Statements
2.1.7 Hedging Activities
2.2 Financial Statements
At least 70% of the Group’s revenues are denominated
in US dollars, with approximately 60% of such currency
exposure “naturally hedged” by USdollar‑denominated costs.
The remainder of costs is incurred primarily ineuros, and to a
lesser extent, in pounds sterling. Consequently, to the extent
that the Group does not use financial instruments to hedge its
net current and future exchange rate exposure from the time of a
customer order to the time of delivery, its profits will be affected
by market changes in the exchange rate of the USdollar against
these currencies, and to a lesser extent, by market changes in
the exchange rate of pound sterling against the euro.
As the Group intends to generate profits only from its operations
and not through speculation on foreign currency exchange
rate movements, the Group uses hedging strategies solely to
mitigate the impact of exchange rate fluctuations on its EBIT*.
The table below sets forth the notional amount of foreign exchange hedges in place as of 31December 2015, and the average
USdollar rates applicable to corresponding EBIT*.
2016 2017 2018 2019 2020+ Total
Total Hedges (in US$bn) 23.2 23.8 23.5 20.9 10.5 101.9
Forward Rates (in US$)
€‑US$ 1.32 1.30 1.25 1.26 1.25
£‑US$ 1.58 1.59 1.58 1.58 1.55
For further information on the Group’s hedging strategies in response to its particular exposures as well as a description of its
current hedge portfolio, please refer to the “Notes to the IFRS Consolidated Financial Statements — Note35.1: Information about
financial instruments — Financial risk management.”
The IFRS Consolidated Financial Statements and the Company
Financial Statements of AirbusGroupSE for the year ended
31December 2015, together with the related notes, appendices
and Auditors’ reports, shall be deemed to be incorporated in
and form part of this Registration Document.
In addition, the English versions of the following documents
shall be deemed to be incorporated in and form part of this
Registration Document:
 the IFRS Consolidated Financial Statements and the
Company Financial Statements of EADSN.V. for the year
ended 31December 2013, together with the related notes,
appendices and Auditors’ reports, as incorporated by
reference in the Registration Document filed in English with,
and approved by, the AFM on 4April 2014 and filed in English
with the Chamber of Commerce of The Hague; and
 the IFRS Consolidated Financial Statements and the
Company Financial Statements of AirbusGroupN.V. for the
year ended 31December 2014, together with the related
notes, appendices and Auditors’ reports, as incorporated by
reference in the Registration Document filed in English with,
and approved by, the AFM on 16April 2015 and filed in English
with the Chamber of Commerce of The Hague.
Copies of the above‑mentioned documents are available free
of charge upon request in English at the registered office of
the Company and on www.airbusgroup.com (Investors &
Shareholders > Publications> Annual Reports and Registration
Documents).
Copies of the above‑mentioned Registration Documents are also
available in English on the website of the AFM on www. afm. nl
(Professionals > Registers > Approved prospectuses). The
above‑mentioned financial statements are also available in
English for inspection at the Chamber of Commerce of The
Hague.
The Company confirms that the reports of the auditors
incorporated by reference herein have been accurately
reproduced and that as far as the Company is aware and is
able to ascertain from the information provided by the auditors,
no facts have been omitted which would render such reports
inaccurate or misleading.
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015