Reebok 2014 Annual Report Download - page 177

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Group Management Report – Financial Review
173
2014
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03.5
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adidas Group
/
2014 Annual Report
Risk and Opportunity Report
/
Financial Risks
04
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Exposure to foreign exchange risk 1) (based on notional amounts, € in millions)
USD RUB GBP JPY
As at December 31, 2014
Exposure from firm commitments and forecasted
transactions (4,890) 318 521 372
Balance sheet exposure including intercompany exposure (393) 13 13 5
Total gross exposure (5,283) 331 534 377
Hedged with other cash flows 99
Hedged with currency options 278
Hedged with forward contracts 3,128 (14) (355) (345)
Net exposure (1,778) 317 179 32
As at December 31, 2013
Exposure from firm commitments and forecasted
transactions (3,811) 348 370 362
Balance sheet exposure including intercompany exposure (358) 106 (7) 6
Total gross exposure (4,169) 454 363 368
Hedged with other cash flows 87
Hedged with currency options 425 (47)
Hedged with forward contracts 2,604 (107) (298) (209)
Net exposure (1,053) 347 65 112
1) Rounding difference may arise in totals.
05
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Sensitivity analysis of foreign exchange rate changes (€ in millions)
USD RUB GBP JPY
As at December 31, 2014
EUR +10% USD +10% EUR +10% EUR +10%
Equity (188) – 29 27
Net income 7 4 (1) 0
EUR –10% USD –10% EUR –10% EUR –10%
Equity 233 – (35) (33)
Net income (8) (4) 1 0
As at December 31, 2013
EUR +10% USD +10% EUR +10% EUR +10%
Equity (176) – 21 17
Net income 2 (8) 1 0
EUR –10% USD –10% EUR –10% EUR –10%
Equity 214 – (25) (20)
Net income (3) 7 (1) 0