Note 25 - Foreign currencies in the balance sheet


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Hedging of assets and liabilities in foreign currency (transaction risk)
 
The table below shows the Group's assets and liabilities in foreign currencies at December 31, 2009, calculated as the total of each Group company's assets and liabilities in a currency other than its own. The table also shows the derivatives used to hedge these assets and liabilities.
DKK million     Currency exposure Derivatives Net currency exposure Exchange rate at Dec. 31, 2009  (for 100 units)  
AUD (8) 11  464.05 
CNY (14)   - (14) 76.04 
CHF (661) 249  (412) 500.17 
EUR 526  (1,230) (704) 744.15 
JPY 60  (40) 20  5.62 
USD 523  (618) (95) 519.01 
Other     88  93    -   
431  (1,540) (1,109)
Transaction risk is the possibility of gains/losses on transactions that are open on the balance sheet date as a result of subsequent exchange rate changes. Gains/losses are recognized in the income statement.
Hedging of investments in foreign subsidiaries (translation risk)
DKK million     Net investment in foreign subsidiaries Derivatives Net assets with translation risk Exchange rate at Dec. 31, 2009  (for 100 units)  
AUD 168    -  168  464.05 
BRL 172    -  172  298.45 
CAD 144    -  144  494.81 
CHF 651    -  651  500.17 
CNY 1,149    -  1,149  76.04 
EUR 64    -  64  744.15 
GBP 162    -  162  823.17 
INR 90    -  90  11.10 
SEK 209    -  209  72.28 
USD 652    -  652  519.01 
Other     86    -  86    -   
3,547    - 3,547 
Translation risk is the possibility of gains/losses arising from translation of net assets in subsidiaries as a result of subsequent exchange rate changes. Gains/losses are recognized in the statement of comprehensive income.

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