LensCrafters 2008 Annual Report Download - page 46
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> 44 |ANNUAL REPORT 2008
Translation risk
is defined as the effects of changes in foreign currency rates on the consolidated income
statement and balance sheet of the Group. As the foreign Group Companies’ income statement and
balance sheets are translated into the Group functional currency using market foreign currency rates, the
values of the Group’s consolidated net income, assets, debt and equity change. In addition to the absolute
amounts, also the balance sheet ratios like gearing and equity ratio may change, if the proportion of net
income, assets, equity, debt and equity in the various currencies differ.
C
ompetitive risk
refers to the Group’s foreign currency rate sensitivity in comparison to its competitors, i.e.
to the long term effects of currency rate changes to the economic position of the Group in any affected
market.