Currency hedging forces Zelmer to correct forecasted earnings
"The most important reason for correcting the forecast is the possibility of creating reserves related to currency hedging by the firm," said Janusz Płocica, president of Zelmer.
This concerns the valuation of transactions at the end of 2008, which will be carried out in the following year. The eventual value of reserves will depend on the exchange rate of the euro against the złoty at the end of 2008, which according to the management board of Zelmer will not exceed zł.3.90.
"Shareholders have no reason for concern. The company will diligently carry out the development strategy which will be reflected in future financial results," said the CEO.
Polish companies have so far acknowledged up to zł.500 million ($166
million) in losses from currency hedging after being wrong-footed by the złoty's drop since September, the Economy Ministry said on Friday.
Sources: Parkiet, Rzeczpospolita
This concerns the valuation of transactions at the end of 2008, which will be carried out in the following year. The eventual value of reserves will depend on the exchange rate of the euro against the złoty at the end of 2008, which according to the management board of Zelmer will not exceed zł.3.90.
"Shareholders have no reason for concern. The company will diligently carry out the development strategy which will be reflected in future financial results," said the CEO.
Polish companies have so far acknowledged up to zł.500 million ($166
million) in losses from currency hedging after being wrong-footed by the złoty's drop since September, the Economy Ministry said on Friday.
Sources: Parkiet, Rzeczpospolita
