Investor Presentaiton
Exchange rate exposure FY 2022/23 and hedging policy
Revenue FX exposure 2022/23(¹)
12 months exposure from 10% initial exchange rate drop (1)
Other
18%
EUR
36%
CNY, JPY, AUD, BRL & ARS
12%
14%
GBP
20%
USD
-490
USD
-220
-320
GBP
-220
HUF
130
Revenue (DKKm)
EBIT (DKKm)
Foreign exchange rate guidance for 2022/23
Currency
Key currencies:
USD
GBP
HUF
Average exchange
rate for FY 2021/22¹)
Spot rate,
August 15, 2023
Estimated average
exchange rate
2022/233
Change in estimated.
average exchange rate
compared to last year
Average exchange
rate for Q3 YTD
2021/22
Average exchange
rate for Q3 YTD
2022/23
Change in average exchange
rates for Q3 YTD compared
to Q3 YTD last year
688
682
697
1%
671
702
878
866
855
-3%
881
851
5%
-3%
1.97
1.92
1.91
-3%
2.01
1.91
-5%
Hedging Policy
To achieve the objective of a stable
income statement we hedge:
•
Other selected currencies:
CNY
105
94
99
-6%
104
100
-3%
JPY
5.54
4.68
5.02
-9%
5.60
5.13
-8%
AUD
490
441
463
-5%
485
470
-3%
BRL
ARS²)
132
138
137
4%
129
137
6%
•
5.16
1.95
1.95
-62%
5.68
2.67
-53%
1) Average exchange rate from October 1 2021 to September 30 2022.
2) The hyperinflationary economy in Argentina entails that results denominated in Argentinian Peso must be adjusted for inflation and be translated at the exchange rate of the
balance sheet day which was DKK 5.16 per ARS 100.00 at 30 September 2022, DKK 2.67 per ARS 100.00 at 30 June 2023 and DKK 1.95 per ARS 100.00 at 15 August 2023.
Key currencies e.g., USD, GBP, HUF
using forward contracts and
options. Not EUR.
On average 10-12 months
Selected balance sheet items in
foreign currency and part of the
expected rolling 12-month cash
flows
Taking risk. vs. cost of hedging into
consideration
3) Estimated average exchange rate is calculated as the average exchange rate year to date combined with the spot rates at 15 August 2022.
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