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.

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REGISTRATION DOCUMENT 2018 / NEOPOST