NEOPOST - 2018 Registration document
6
Financial statements
Consolidated financial statements
2019 BUDGET: HEDGING OF ANTICIPATED POSITIONS
Forward purchases
Forward sales
Put options bought
Put options sold
Call options bought
Call options sold
Notional value – Total
USD
-
3.5
15.5
-
-
19.5
GBP
-
2.0
2.5
-
-
5.0
CAD
-
0.9
-
-
-
-
JPY
-
105.0
180.0
-
-
320.0
CZK
120.0
-
-
80.0
40.0
-
At year-end, the operations shown in the above table are broken down as follows:
Notional value – Cash flow hedging
Forward purchases
Forward sales
Put options bought
Put options sold
Call options bought
Call options sold
USD
-
3.5
15.5
-
-
10.5
GBP
-
2.0
2.5
-
-
2.5
CAD
-
0.9
-
-
-
-
JPY
-
105.0
180.0
-
-
180.0
CZK
120.0
-
-
40.0
40.0
-
Notional value – Ineffective portion of hedge instruments
Forward purchases
Forward sales
Put options bought
Put options sold
Call options bought
Call options sold
USD
-
-
-
-
-
9.0
GBP
-
-
-
-
-
2.5
JPY
-
-
-
-
-
140.0
CZK
-
-
-
40.0
-
-
Average hedge rate Currency
USD GBP CAD NOK
JPY
SEK CHF
DKK
CZK SGD AUD PLN
Average hedge rate
1.1449 0.8736 1.5080 9.5794 127.4023 10.3145 1.1300 7.4647 26.1043 1.5418 1.5771 4.2984
The average hedge rate calculation is based on the foreign exchange forwards weighted average rate. Foreign exchange options are not taken into account for the calculation of the average hedge rate.
Instrument valuations Derivative instruments are recognized in accordance with the accounting principles and methods presented in note 11–4-1. As at 1 February 2013 and according to IFRS 13, Neopost set up a credit risk methodology concerning the valuation of financial instruments. In light of the immaterial impact of
credit risk, Neopost decided not to recognize them in the
financial statements at 31 January 2019.
Since 1 February 2018, Neopost uses IFRS 9 for hedging instruments accounting.
Changes recognized in the income statement – Fair value via P&L
Changes recognized in the income statement – Non aligned cost of hedge
Changes recognized
Changes recognized
through equity – Fair value via OCI*
through equity – Aligned cost of hedge
31 January 2018
31 January 2019
Notional value
Financial assets
2.0
-
(1.9)
-
-
0.1
• • • •
Cash flow hedge
1.9
-
(1.9)
-
-
-
Ineffective hedge
0.1
-
-
-
-
0.1
Financial liabilities
0.1
-
0.1
-
-
0.2
Cash flow hedge
-
-
0.1
0.1
-
0.2
Ineffective hedge
0.1
-
-
(0.1)
-
-
* OCI: Other Comprehensive Income.
161
REGISTRATION DOCUMENT 2018 / NEOPOST
Made with FlippingBook - professional solution for displaying marketing and sales documents online