Exchange differences mainly originate from customer receipts and supplier payments and from currency hedges. This line item also includes exchange differences arising from translation of receivables and payables in foreign currency at the year-end exchange rate. The net change in this line item relative to 2008 reflects the negative contribution of hedges taken out against purchases in US dollars.
Net foreign currency hedging (losses)/gains and exchange differences are analyzed by exchange risk as follows:
|
(thousands of Euro)
|
|
2009
|
2008
|
|
Economic exchange risk
|
|
(1,418)
|
449
|
|
Transaction exchange risk
|
|
(1,263)
|
(857)
|
|
Translation exchange risk
|
|
(211)
|
(401)
|
|
Other
|
|
343
|
37
|
|
Total
|
|
(2,549)
|
(772)
|