APC 2015 Annual Report Download - page 237
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2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 235
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2015
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Dec.31, 2015 Carrying amount
Nominal amount
Sale Purchase
Cash fl ow hedges (96) 194 1,074
Net investment hedges (14) 1,217 -
Trading 22 5,626 3,431
(88) 7,037 4,505
Dec.31, 2014 Carrying amount
Nominal amount
Sale Purchase
Cash fl ow hedges (33) 16 1,043
Net investment hedges (33) 1,091 -
Trading (15) 4,671 2,293
(81) 5,778 3,336
These forward currency hedging positions include EUR1,619million in hedges of loans and borrowings of a fi nancial nature (net sales) and
EUR913million in hedges of operating cash fl ows (net sales).
We manage our exposure to currency risk to reduce the sensitivity
of earnings to changes in exchange rates through hedging
programs relating to receivables, payables and cash fl ows, which
are primarily hedged by means of forward purchases and sales.
Depending on market conditions, risks in the main currencies may
be hedged based on cash fl ow forecasting using contracts that
expire in 12months or less. Schneider Electric’s currency hedging
policy is to protect its subsidiaries against risks on all transactions
denominated in a currency other than their functional currency.
In 2015, the Net Investment Hedge has been recycled from Other
Comprehensive Income to Profi t & Loss for EUR12.6million.
Positions of futures hedges of balance sheet items and net investment by currency:
Dec.31, 2015
Sales Purchases Net
USD 4,092 (1,435) 2,657
GBP 536 (209) 327
SGD 609 (320) 289
BRL 38 (283) (245)
CNY 494 (728) (234)
HKD 246 (49) 197
AED 232 (84) 148
SEK 24 (142) (118)
CAD 20 (121) (101)
NOK 91 (2) 89
JPY 58 (146) (88)
DKK 5 (91) (86)
AUD 159 (511) (352)
RUB 47 - 47
CHF 55 (94) (39)
SAR 82 (43) 39
ZAR 39 (1) 38
Others 210 (246) (36)
TOTAL 7,037 (4,505) 2,532