Econocom - 2019 Universal registration document

242 2019 annual report 06 consolidated financial statements notes to the consolidated financial statements Sensitivity of income statement in € ڳ millions ژ Contribution to the consolidated financial statements Sensitivity to a change of: EUR GBP USD BRL PLN Other Total +10% -10% Revenue from continuing operations 2,646.5 65.1 175.1 15.9 14.3 9.7 2,926.6 (25.5) 31.1 Profit (loss) from continuing operations 109.6 3.4 7.0 2.3 1.2 0.7 124.2 (1.3) 1.6 Profit 41.3 2.6 5.2 1.3 0.2 (2.0) 48.6 (0.7) (0.8) Since the subsidiaries’ purchases and sales are mainly denominated in the same currency, this exposure is limited. Econocom Group does not deem this risk to be material, but has nevertheless signed a number of foreign exchange hedging agreements to hedge risks on internal flows. agreements work. Regardless of movements in the dollar, the impact on profit or loss is not material. The Group also manages finance lease agreements denominated in US dollars in its Technology Management & Financing business. Currency risk is hedged naturally due to the specific way in which these INTEREST RATE RISK 19.2.2. Econocom’s operating income and cash flows are substantially independent of changes in interest rates. Sales of leases to refinancing institutions are systematically based on fixed rates. Income arising on these contracts is therefore set at the outset and only varies if the contract is amended. The table below presents a breakdown of fixed-rate and floating-rate debt: in € ڳ millions At 31 ژ December 2019 At 31 ژ December 2018 Outstanding % total debt Outstanding % total debt Fixed rate (1) ژ 531.8 ژ 64% 534.8 62% Floating rate (2) ژ 296.0 ژ 36% 321.7 38% Gross debt (2) (see note ژ 14.2) ژ 827.8 ژ 100% 856.5 100% Of which the OCEANE convertible bond (issued in March ژ 2018) and all “Schuldschein” notes: one tranche of the (1) notes (€115 million) bears interest at floating rates; however, an interest rate swap was set up at the outset to convert this floating rate to a fixed rate. Excluding current bank overdrafts. (2)