stable dollar

1.22
1.22

CURRENT
FUTURE

usd/euro
usd/euro

EXPECTING TO PAY
EXPECTING TO PAY

EURO
USD

25000
30500

NO HEDGING SCENARIO

ACTUAL PAYING
WINDFALL

30500
0

HEDGING WITH 100 FW

ACTUAL PAYING
WINDFALL

30500
0

HEDGING WITH 100% OPTIONS

ACTUAL PAYING
WINDFALL

32025
-1525

stable dollar
1.22
1.22

CURRENT
FUTURE
EXPECTED VOLUME
EXPECTING TO PAY
EXPECTING TO PAY

usd/euro
usd/euro
EURO
USD

25000
30500

SURPRISE VOLUME

EURO
USD

5000
6100

NO HEDGING SCENARIO

ACTUAL PAYING
WINDFALL

30500
0

SURPRISE VOL

EXPECTEDUSD
ACTUAL USD
WINDFALL
TOTAL WINDFALL

6100
6100
0
0

HEDGE WITH 100 FW

ACTUAL PAYING
WINDFALL
USD
WINDFALL
TOTAL WINDFALL
ACTUAL PAYING
WINDFALL ON OPTIONS
USD

SURPRISING VOL

HEDGING WITH 100% OPTION

30500
0
6100
0
0
32025
-1525
6100

WINDFALL
TOTAL WINDFALL

0
-1525

stable dollar
1.22
1.22

CURRENT
FUTURE
EXPECTED VOLUME
EXPECTING TO PAY
EXPECTING TO PAY

usd/euro
usd/euro
EURO
USD

25000
30500

SURPRISE VOLUME

EURO
USD

5000
6100

NO HEDGING SCENARIO

ACTUAL PAYING
WINDFALL

SURPRISE VOL

EXPECTEDUSD
ACTUAL USD
WINDFALL
TOTAL WINDFALL

HEDGE WITH 100 FW

ACTUAL PAYING
WINDFALL
USD
WINDFALL
TOTAL WINDFALL
ACTUAL PAYING
WINDFALL ON OPTIONS
WINDFALL ON SURPRISE VOL
WINDFALL
TOTAL WINDFALL

SURPRISING VOL

HEDGING WITH 100% OPTION

30500
0

30500
0

32025
-1525
6100
0
-1525

25000
strong dollar
1.22
1.01

week dollar
1.22
1.48

25000
30500

25000
30500

25250
5250

37000
-6500

30500
-5250

30500
6500

26775
3725

32025
-1525

strong dollar
1.22
1.01

week dollar
1.22
1.48

25000
30500

25000
30500

5000
6100

5000
6100

25250
5250

37000
-6500

6100
5050
1050
6300

6100
7400
-1300
-7800

30500
-5250
6100
-1050
-6300
26775
3725
5050

30500
6500
6100
1300
7800
32025
-1525
7400

30000

1050
4775

-1300
-2825

strong dollar
1.22
1.01

week dollar
1.22
1.48

25000
30500

25000
30500

5000
6100

5000
6100

25250
5250

37000
-6500

30500
-5250

30500
6500

26775
3725
5050
1050
4775

32025
-1525
7400
-1300
-2825

10000

decision FW
op
100%
100%
100%
75%
100%
50%
100%
25%
100%
0%
75%
100%
75%
75%
75%
50%
75%
25%
75%
0%
50%
100%
50%
75%
50%
50%
50%
25%
50%
0%
25%
100%
25%
75%
25%
50%
25%
25%
25%
0%
0%
100%
0%
75%
0%
50%
0%
25%
0%
0%

est
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%

fin need
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000
25000

covered tot fw
25000
25000
25000
18750
25000
12500
25000
6250
25000
0
18750
18750
18750 14062.5
18750
9375
18750
4687.5
18750
0
12500
12500
12500
9375
12500
6250
12500
3125
12500
0
6250
6250
6250
4687.5
6250
3125
6250
1562.5
6250
0
0
0
0
0
0
0
0
0
0
0

25000

tot opt
0
6250
12500
18750
25000
0
4687.5
9375
14062.5
18750
0
3125
6250
9375
12500
0
1562.5
3125
4687.5
6250
0
0
0
0
0

uncovered

100%
75%
50%
25%
0%

100%
75%
50%
25%
0%

100%
75%
50%
25%
0%

1.01
3725
2793.75

1.22
-1525
-1143.75

1.48
-1525
-1143.75

1.01
4775
3844
2913
1981
1050

30000
1.22
-1525
-1144
-763
-381
0

1.48
2375
-2444
-2063
-1681
-1300

575
-356
-1288
-2219
-3150

10000
-1525
-1144
-763
-381
0

2375
2756
3138
3519
3900