Supercuts 2010 Annual Report Download - page 179
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PROVALLIANCE SAS
CONSOLIDATED FINANCIAL STATEMETS
DECEMBER 31, 2009 AND 2008
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(INFORMATION AS OF DECEMBER 31, 2009 AND FOR THE YEAR THEN ENDED NOT
COVERED BY AUDITORS' REPORT INCLUDED HEREIN)
1.2 FINANCIAL RISK MANAGEMENT (Continued)
The Group complied with all of its bank covenants at December 31, 2009.
1.2.3 Market risk
Market risk corresponds to the risk that changes in market prices, such as exchange rates, interest rates and the prices of equity
instruments, will impact the Group's earnings or the value of the financial instruments it holds.
The Group's market risk management objective is to manage and control its exposure to market risk within acceptable limits, while
optimizing reward-to-risk ratios.
1.2.3.1 Interest rate risk
The majority of the Group's borrowings are at fixed rates. Its most significant variable-rate borrowings are hedged by interest-rate swaps
that have the same characteristics as the underlying loans.
The procedures for managing interest rate risk are described in Note 14.3.
1.2.3.2 Foreign exchange risk
The Group's exposure to foreign exchange risk is not significant.
1.2.3.3 Other market risks
The Group has not identified any other market risks.
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