Foreign exchange exposure, accounting and rates

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href="https://web.archive.org/web/20190202042304/mailto:/?subject=Foreign%20exchange%20exposure%2C%20accounting%20and%20rates-Ericsson.com&body=https://www.ericsson.com/cd/en/investors/foreign-exchange-exposure-accounting-and-rates" class="js-sharelink sharelinks-link sharelinks-mail" title="Share on Mail"> <svg x="0" y="0" width="18px" height="12px" viewbox="0 0 18 12"> <path d="M1.127,10.123V1.827L8.999,7.46l7.874-5.641v8.304H1.127z M1.129,1.127L1.127,1.13V1.127H1.129z M15.905,1.127L8.999,6.073 L2.085,1.127H15.905z M0,11.25h18V0H0V11.25z"/> </svg> <span class="visuallyhidden">Share on Mail</span> </a> </div> </div> </div> <p class="preamble">The Company is a global company with sales mainly outside Sweden. Sales and incurred costs are to a large extent denominated in currencies other than SEK and therefore the financial results of the Company are impacted by currency fluctuations. The Company reports the financial statements in SEK. Movements in exchange rates between currencies that affect these statements are impacting the comparability between periods.</p> </div> </div> <div class="sectionstartpage-contentareas "> <div class="contentarea-container"> <div class="eGNormal"> <div class="contentarea"> <div class="block textwithmediablock eG1Col"> <div class="textwithmedia-content glitch-guard load-glitch"> <div class="textwithmediablock-media textwithmediablock-media-top "> </div> <div class=""> <p>From note C20, 2017 Annual Report:</p> <h2>Currency exposure, SEK billion</h2> <table border="1"> <thead> <tr style="background-color: #dcdcdc;"> <td valign="top"><strong>Exposure currency</strong></td> <td valign="top"><strong>Sales translation exposure</strong></td> <td valign="top"><strong>Sales transaction exposure</strong></td> <td valign="top"><strong>Sales net exposure</strong></td> <td valign="top"><strong>Incurred cost transaction exposure <sup>1)</sup></strong></td> <td valign="top"><strong>Net transaction exposure</strong></td> </tr> </thead> <tbody> <tr> <td valign="top">USD</td> <td valign="top">52.4</td> <td valign="top">37.2</td> <td valign="top">89.6</td> <td valign="top">-15.3</td> <td valign="top">21.9</td> </tr> <tr> <td valign="top">EUR</td> <td valign="top">24.6</td> <td valign="top">13.2</td> <td valign="top">37.8</td> <td valign="top">-8.4</td> <td valign="top">4.8</td> </tr> <tr> <td valign="top">CNY</td> <td valign="top">13.1</td> <td valign="top">-0.2</td> <td valign="top">12.9</td> <td valign="top">-6.2</td> <td valign="top">-6.4</td> </tr> <tr> <td valign="top">INR</td> <td valign="top">9.4</td> <td valign="top">0.0</td> <td valign="top">9.4</td> <td valign="top">-1.6</td> <td valign="top">-1.6</td> </tr> <tr> <td valign="top">JPY</td> <td valign="top">7.1</td> <td valign="top">0.0</td> <td valign="top">7.1</td> <td valign="top">4.6</td> <td valign="top">4.6</td> </tr> <tr> <td valign="top">AUD</td> <td valign="top">7.1</td> <td valign="top">0.3</td> <td valign="top">6.8</td> <td valign="top">3.3</td> <td valign="top">3.0</td> </tr> <tr> <td valign="top">BRL</td> <td valign="top">5.7</td> <td valign="top">0.0</td> <td valign="top">5.7</td> <td valign="top">0.7</td> <td valign="top">0.7</td> </tr> <tr> <td valign="top">SAR</td> <td valign="top">5.1</td> <td valign="top">0.1</td> <td valign="top">5.2</td> <td valign="top">2.3</td> <td valign="top">2.4</td> </tr> <tr> <td valign="top">GBP</td> <td valign="top">5.6</td> <td valign="top">-0.9</td> <td valign="top">4.7</td> <td valign="top">0.8</td> <td valign="top">-0.1</td> </tr> </tbody> </table> <p><em>1) Transactions in foreign currency – internal sales, internal purchases, external purchases.</em></p> <h2>Translation exposure</h2> <p>Translation exposure relates to sales and cost incurred in foreign entities when converted into SEK upon consolidation. These exposures cannot be addressed by hedging. To simplify and increase transparency a new method for translating foreign currencies to SEK is implemented starting January 2015. The translation to SEK is based on a period-by-period calculation using the closing rate from the previous month. The previous method, the so called averaging method, was abandoned 2014. Now one common method is used for both translation and transaction exposure.</p> <h2>Transaction exposure</h2> <p>Transaction exposure relates to sales and cost incurred in non-reporting currencies in individual group companies. Foreign exchange risk is as far as possible concentrated in Swedish group companies, primarily Ericsson AB. Actual transactions in foreign currencies are converted to SEK using the closing rate from the previous month.</p> <h2>Explanation of method for translating FX exposure into SEK for Income Statement items</h2> <p>Market closing rate previous month (M-rate) will be used for translating next month’s sales and costs into SEK. Example:</p> <ul> <li>Market closing rate January 31 2018 will be used for transactions in February 2018</li> <li>Market closing rate February 28 2018 will be used for transactions in March 2018</li> </ul> <h2>Hedging</h2> <p>In order to limit the transaction exposure toward exchange rate, fluctuations on future revenues and costs, committed and forecasted future sales and purchases in major currencies are hedged with 7% of 12-month forecast monthly. By this way, we will have hedged 84% of the next month and 7% of the 12th month of an average forecast of the individual month at any given reporting date. This corresponds to approximately 5-6 months of an average forecast.</p> <h2>Realization and revaluation of unrealized hedge contracts</h2> <p>Hedge contracts are valued at closing rate of the last day of the quarter. USD is our largest currency exposure and a rule of thumb when estimating the financial impact of revaluation of unrealized hedge contracts is:</p> <p>An SEK/USD movement of +/- 0.25 between the quarters equals approximately. -/+SEK 0.3 b.</p> <p>The effect is reported on Other operating income line in the P&L.</p> <h2>Monthly Rates</h2> <table border="1"> <thead> <tr style="background-color: #dcdcdc;"> <td valign="top"><strong>Year</strong></td> <td valign="top"><strong>Date</strong></td> <td valign="top"><strong>Closing rate SEK/USD</strong></td> <td valign="top"><strong>Closing rate SEK/EUR</strong></td> <td valign="top"><strong>M-rate* SEK/USD</strong></td> <td valign="top"><strong>M-rate* SEK/EUR</strong></td> </tr> </thead> <tbody> <tr> <td valign="top">2018</td> <td valign="top">January</td> <td valign="top"> 7.84</td> <td valign="top">9.76</td> <td valign="top">8.20</td> <td valign="top">9.83</td> </tr> <tr> <td valign="top"> </td> <td valign="top">February</td> <td valign="top"> 8.26<span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><br/></span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.09</span></td> <td valign="top">7.84</td> <td valign="top">9.76</td> </tr> <tr> <td valign="top"> </td> <td valign="top">March</td> <td valign="top"> 8.34</td> <td valign="top">10.28</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.26</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.09</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">April</td> <td valign="top"> 8.68</td> <td valign="top">10.50</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.34</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.28</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">May</td> <td valign="top"> 8.79</td> <td valign="top">10.27</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.68</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.50</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">June</td> <td valign="top"> 8.97</td> <td valign="top">10.44</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.79</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.27</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">July</td> <td valign="top"> 8.75</td> <td valign="top">10.26</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.97</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.44</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">August</td> <td valign="top"> 9.11</td> <td valign="top">10.63</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.75</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.26</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">September</td> <td valign="top"> 8.90</td> <td valign="top">10.30</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">9.11</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.63</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">October</td> <td valign="top"> 9.17</td> <td valign="top">10.40</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.90</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.30</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">November</td> <td valign="top"> 9.08</td> <td valign="top">10.32</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">9.17</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.40</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">December</td> <td valign="top"> 8.94</td> <td valign="top">10.25</td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">9.08</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.32</span></td> </tr> <tr> <td valign="top">2019</td> <td valign="top">January</td> <td valign="top"> <span>9.02</span></td> <td valign="top"><span>10.37</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">8.94</span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">10.25</span></td> </tr> <tr> <td valign="top"> </td> <td valign="top">February</td> <td valign="top"> </td> <td valign="top"> </td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><span>9.02</span></span></td> <td valign="top"><span style="font-family: 'Calibri',sans-serif; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><span>10.37</span></span></td> </tr> </tbody> </table> <p><em>* Rate used when translating foreign Income Statement items into SEK.</em></p> <p>Last updated: February 1, 2019</p> </div> </div> </div></div> </div> </div> </div> <div class="eGNormal pagebottom"> <div class="eG1Col"> <div class="breadcrumbs"> <ul class="breadcrumb-list"> <li class="breadcrumb-listitem "> <a href="/web/20190202042304/https://www.ericsson.com/cd/en" class="breadcrumb-link">Home</a> </li> <li class="breadcrumb-listitem "> <a href="/web/20190202042304/https://www.ericsson.com/cd/en/investors" class="breadcrumb-link">Investors</a> </li> <li class="breadcrumb-listitem breadcrumb-notlinked"> <span class="breadcrumb-notlinked">Foreign exchange exposure, accounting and rat...</span> </li> </ul> </div> <div class="topofpage"> <a href="#pageheader" class="topofpage-link js-softscroll"> <span><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewbox="0 0 20 20"><path fill="#0072D6" d="M17.081 14.132l-6.01-6.01-6.01 6.01L4 13.071l6.01-6.01L11.071 6l1.061 1.061 6.01 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