_430 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 33.2.2 Currency risk Foreign currency transaction risk Net currency hedging positions are presented in the table below: (in € millions) December 31, 2023 December 31, 2022 EUR THB USD GBP Other EUR CNY USD MXN Other Hedges 62 (597) (3,495) (491) (351) 329 (119) (2,160) (1,049) (1,360) “Other” currencies mainly include currency hedges in AUD and CAD in 2023, and in GBP, THB and AUD in 2022. A 1% unfavorable change in exchange rates for the above currencies against the euro would not have a material adverse effect on the consolidated income statement. This relatively low sensitivity to foreign currency transaction risk is consistent with the objective described in section 33.1.3. Because of the low volume of cash flow hedges (note 16), the sensitivity of equity to currency risk is not material. Currency translation risk A breakdown of equity by currency is provided in the following table: (in € millions) December 31, 2023 December 31, 2022 EUR 8,537 7,754 USD 4,305 4,369 GBP 1,286 1,082 CNY 1,117 1,056 BRL 942 1,011 THB 763 704 CAD 429 484 MXN (9) 99 Other 588 557 TOTAL 17,958 17,116 33.2.3 Interest rate risk Net debt at December 31, 2023 breaks down as follows by type of hedge and by currency: (in € millions) Net debt before hedging Currency hedging Net debt after currency hedging but before interest rate hedging Interest rate hedging Net debt after hedging Fixed Variable Total Fixed Variable Total Fixed Variable Fixed Variable Total USD 311 13 324 2,927 311 2,940 3,251 828 (828) 1,139 2,112 3,251 GBP 41 (6) 35 496 41 490 531 166 (166) 207 324 531 THB 45 23 68 422 45 445 490 314 (314) 359 131 490 AUD 35 (15) 20 208 35 193 228 124 (124) 159 69 228 BRL 14 (63) (49) 205 14 142 156 70 (70) 84 72 156 EUR 4,961 (1,936) 3,025 (4,408) 4,961 (6,344) (1,383) - - 4,961 (6,344) (1,383) Other currencies 106 (150) (44) 149 106 - 106 247 (247) 353 (247) 106 Total before derivatives 5,513 (2,134) 3,379 - 5,513 (2,134) 3,379 1,749 (1,749) 7,262 (3,883) 3,379 Fair value of derivatives included in net debt (98) (98) (98) NET DEBT (NOTE 26) 3,281 3,281 3,281
RkJQdWJsaXNoZXIy NzMxNTcx