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2023 universal registration document
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TABLE OF CONTENT
Note 20. Translation adjustments
The revaluation of foreign currency receivables and payables at the exchange rates prevailing at 31 December, taking account of hedging instruments, led to the recognition of the following translation adjustments:
| non-inclus | Assets | Liabilities | ||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| Financial receivables | 0.2 | 8.9 | - | - | - | - |
| Trade accounts receivable | 18.5 | 6.6 | 1.9 | 0.2 | 0.3 | 0.1 |
| Liabilities | - | - | - | - | 8.9 | - |
| Suppliers | - | - | 0.1 | - | - | - |
| Derivative financial instruments | 26.7 | 44.1 | 186.2 | 62.4 | 68.6 | 18.4 |
| TOTAL | 45.4 | 59.6 | 188.2 | 62.6 | 77.8 | 18.5 |
The overall foreign exchange position, calculated on a currency-per-currency basis at 31 December 2023, is an unrealised loss of €35.0 million recorded as a provision for unrealised foreign exchange losses (see note 17).
At 31 December 2022, the overall foreign exchange position was an unrealised loss of €16.0 million, compared with an unrealised loss of €176.4 million at 31 December 2021.
Note 21. Derivative financial instruments
Foreign exchange derivative financial instruments can be broken down as follows:
| non-inclus | Notional | Market value | ||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| Currency futures | ||||||
| Purchase of EURO against foreign currencies | ||||||
| EUR/AUD | 23.6 | 22.6 | 19.6 | -0.4 | 0.3 | -0.4 |
| EUR/BRL | 189.5 | 159.3 | 106.8 | -5.1 | -0.9 | -1.8 |
| EUR/CAD | 19.1 | 16.9 | 16.6 | -0.1 | 0.9 | -0.5 |
| EUR/CLP | 12.3 | 11.0 | 8.2 | 0.5 | -0.8 | 0.8 |
| EUR/CNY | 1,686.5 | 1,697.0 | 1,455.3 | 44.8 | 17.9 | -130.9 |
| EUR/CZK | 12.2 | 11.0 | 8.0 | 0.1 | -0.5 | -0.2 |
| EUR/DKK | 20.9 | 19.9 | 15.9 | 0.0 | 0.0 | 0.0 |
| EUR/GBP | 56.9 | 43.9 | 44.2 | -0.6 | 0.5 | -1.0 |
| EUR/IDR | 60.9 | 52.2 | 45.4 | 1.1 | 2.4 | -3.7 |
| EUR/INR | 13.7 | 33.5 | 26.7 | 0.0 | 1.6 | -1.6 |
| EUR/KRW | 74.2 | 73.2 | 61.3 | -0.5 | -1.5 | -0.7 |
| EUR/PEN | 24.1 | 17.3 | 11.0 | 0.4 | -0.2 | -0.7 |
| EUR/PHP | 10.9 | 7.3 | 7.1 | -0.1 | 0.1 | -0.3 |
| EUR/PLN | 22.3 | 0.0 | 0.0 | -1.2 | 0.0 | 0.0 |
| EUR/RSD | 10.4 | 8.9 | 10.0 | -0.1 | -0.5 | -0.1 |
| EUR/RUB | 0.0 | 4.7 | 276.3 | 0.0 | -1.0 | -10.2 |
| EUR/THB | 69.2 | 62.0 | 51.8 | 0.0 | -0.8 | -0.7 |
| EUR/TWD | 69.6 | 59.1 | 55.2 | 0.3 | 2.7 | -1.4 |
| EUR/USD | 0.0 | 157.3 | 162.4 | 0.0 | 0.0 | -7.8 |
| EUR/ZAR | 39.0 | 28.4 | 20.7 | -1.0 | 0.2 | 0.2 |
| EUR/Other currencies | 19.9 | 23.2 | 32.8 | -2.2 | 0.2 | -0.8 |
