Replacement Annual Financial Report -26-

possible movement of the currency rate against the euro with all other variables 
held constant on the profit and loss account. A negative amount in the table 
reflects a potential net reduction in profit and loss or net assets, while a 
positive amount reflects a net potential increase. 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
14.          RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (continued) 
 
14.1.       Market risk (continued) 
 
+----------+----------+------------------------+------------+----------------------+-----------+ 
| Currency | Possible |                     31 |         31 |                   31 |        31 | 
|          |   change |               December |   December |             December |  December | 
|          |       in |               2009 net |       2009 |             2008 net |      2008 | 
|          | exchange |               exposure |  effect on |             exposure | effect on | 
|          |     rate |                        | net assets |                      |       net | 
|          |          |                        | and profit |                      |    assets | 
|          |          |                        |            |                      |       and | 
|          |          |                        |            |                      |    profit | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
|          |        % |                      EUR |          EUR |                    EUR |         EUR | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
|          |          |                        |            |                      |           | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
| Company  |          |                        |            |                      |           | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
|          |          |                        |            |                      |           | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
| US       |  (+/-) 5 |           (24,857,172) |      (+/-) |            (466,686) |     (+/-) | 
| dollar   |          |                        |  1,243,853 |                      |    26,300 | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
|          |          |                        |            |                      |           | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
| Consolidated        |                        |            |                      |           | 
+---------------------+------------------------+------------+----------------------+-----------+ 
|          |          |                        |            |                      |           | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
| US       |  (+/-) 5 |           (29,050,502) |      (+/-) |           5,625,973  |     (+/-) | 
| dollar   |          |                        |  1,139,625 |                      |   286,825 | 
+----------+----------+------------------------+------------+----------------------+-----------+ 
 
 
Concentration of foreign currency exposure 
 
The Company's total net exposure in foreign currency exchange rates at the 
statement of financial position date was as follows: 
 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                 Company |           Consolidated |                  Company |            Consolidated | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                      31 |                     31 |                       31 |                      31 | 
|              |                December |               December |                 December |                December | 
|              |                    2009 |                   2009 |                     2008 |                    2008 | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                       EUR |                      EUR |                        EUR |                       EUR | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| Financial    |                         |                        |                          |                         | 
| assets       |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| US dollar    |             38,690,138  |           303,838,451  |              52,977,999  |            250,571,001  | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| Total        |             38,690,138  |           303,838,451  |              52,977,999  |            250,571,001  | 
| financial    |                         |                        |                          |                         | 
| assets       |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| Financial    |                         |                        |                          |                         | 
| liabilities  |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| US dollar    |            (63,547,310) |          (332,888,954) |             (53,444,685) |           (244,945,028) | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| Total        |            (63,547,310) |          (332,888,954) |             (53,444,685) |           (244,945,028) | 
| financial    |                         |                        |                          |                         | 
| liabilities  |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
|              |                         |                        |                          |                         | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
| Net exposure |            (24,857,172) |           (29,050,502) |                (466,686) |              5,625,973  | 
+--------------+-------------------------+------------------------+--------------------------+-------------------------+ 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
 
14.          RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (continued) 
 
14.1.       Market risk (continued) 
 
The Company's policy is to enter to monthly currency hedging transactions to 
mitigate currency risk. 
 
At 31 December 2009 and 31 December 2008 the Company had open forward positions 
in the following contracts: 
 
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+ 
| Contract   |         | Maturity | Ccy |               |       Ccy  |                   |              Unrealised  | 
|            |         |          |     |               |            |                   |                          | 
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+ 
| date       | Strike  | date     | Buy |       Amount  |      Sell  |           Amount  |           gain/(loss) EUR  | 
|            | price   |          |     |               |            |                   |                          | 
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+ 
| 31/12/2009 | 1.4347  | 29/01/10 | EUR |   32,253,740  |        USD |       46,574,401  |                (208,709) | 
+------------+---------+----------+-----+---------------+------------+-------------------+--------------------------+