Deloitte

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At 31 December 2015, the Group had arranged instruments to hedge its foreign currency
asset and liability positions amounting to USD 244,048 thousand, at a weighted average
exchange rate of 1.1821 (USD/EUR). At 31 December 2014, the Group had arranged
hedging instruments amounting to USD 230,233 thousand, at a weighted average exchange
rate of 1.3279 (USD/EUR).
At the end of 2015 and 2014, the total amounts of the outstanding forward currency
purchase contracts entered into by the Group were as follows:
Fair value
(thousands of euros)
2015 Classification Type Maturity
Amount
arranged
(thousands
of euros)
Ineffective
portion
recognised in
profit or loss
(thousands
of euros)
Assets Liabilities
Currency forwards Foreign currencyhedge
Purchase of
USD 2016 126,210 - 13,112 145
Currency forwards Foreign currencyhedge
Purchase of
USD 2017 57,383 - 2,482 41
Currency forwards Foreign currencyhedge
Purchase of
USD 2018 20,465 - 267 107
Currency forwards Foreign currencyhedge
Purchase of
USD 2019 2,002 - 18 17
Currency forwards Foreign currencyhedge
Purchase of
USD 2020 398 - 3 -
Fair value
(thousands of euros)
2014 Classification Type Maturity
Amount
arranged
(thousands
of euros)
Ineffective
portion
recognised in
profit or loss
(thousands
of euros)
Assets Liabilities
Currency forwards Foreign currencyhedge
Purchase of
USD 2015 151,142 - 11,740 8
Currency forwards Foreign currencyhedge
Purchase of
USD 2016 72,103 - 3,982 6
Currency forwards Foreign currencyhedge
Purchase of
USD 2017 6,988 - 415 1
At 31 December 2015, the estimated fair value of the Group's foreign currency derivatives,
which are designated and effective as cash flow hedges, represented a financial asset of EUR
15,882 thousand and a financial liability of EUR 310 thousand (2014: asset of EUR 16,137
thousand and liability of EUR 15 thousand).
The valuation method consists of estimating the present value of the future cash flows that
will arise under the terms and conditions arranged by the parties for the derivative
instrument. The spot price is taken to be the reference exchange rate of the European
Central Bank on 31 December 2015, the swap points (offer/bid), the interest rates prevailing
at the valuation date and the credit risk.
The sensitivity analysis of the foreign currency derivative financial instruments demonstrates
that changes of +/-10% in the USD/EUR exchange rate prevailing at year-end would give
rise to changes in fair value within a range of EUR +/-14.5 million for hedges the underlying
of which is in force at year-end and changes of EUR +/-6.6 million for hedges the underlying
of which is not yet in force and therefore affect equity. Appreciations in the USD/EUR
exchange rate give rise to increases in the value while depreciations in the exchange rate
give rise to decreases in the value.
With respect to the sensitivity analysis of the balances payable to suppliers in USD, changes
of +/-10% in the USD/EUR exchange rate prevailing at year-end would give rise to changes