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## SECTION 4.5 Foreign exchange risk related to net investments and financing activities 

net investment hedges amounted to DKK -7,204m (2012: DKK 1,686m). Losses were primarily incurred in RUB, as the RUB/DKK rate depreciated 10.5% during the year. 

## EXCHANGE RATE SENSITIVITY 

DKK million 

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## SENSITIVITY ANALYSIS 

An adverse development in the exchange rates would, all other things being equal, have the following hypothetical impact on 

the consolidated profit and loss for 2013. The hypothetical impact ignores the fact that the subsidiaries’ initial recognition of revenue, cost and debt would be similarly exposed to the changes in the exchange rates. The calculation is made on the basis of items in the statement of financial position at 31 December. 

Other comprehensive income is affected by changes in the fair value of currency derivatives designated as cash flow hedges of future purchases and sales. If the foreign exchange rates of the currencies hedged had been 5% higher on 31 December, other comprehensive income would have been DKK 162m lower (2012: DKK 170m lower). 

## APPLIED EXCHANGE RATES 

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## APPLIED EXCHANGE RATES 

The DKK exchange rates applied for the most significant currencies when preparing the consolidated financial statements are pre- sented below. The average exchange rate for the year was calculated using the monthly exchange rates weighted according to the phasing of the Group’s net revenue through- out the year. 

