Panera Bread 2012 Annual Report Download - page 45

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37
at December 25, 2012 or December 27, 2011. We may have future borrowings under our credit facility, which could result in an
interest rate change that may have an impact on our consolidated results of operations.
Foreign Currency Exchange Risk
We currently have six Canadian Company-owned bakery-cafes and three Canadian franchise-operated bakery-cafes. Our operating
expenses, cash flows, and royalty income are subject to fluctuation due to changes in the exchange rate of the Canadian Dollar,
in which our operating obligations in Canada are paid. To date, we have not entered into any hedging contracts, although we may
do so in the future. Fluctuations in currency exchange rates could affect our business in the future.