Currency Guidance

In order to help analysts and investors estimate the impact of changing exchange rates on sales and earnings, the Company provides an annual 'currency sensitivity guide', alongside the rates upon which its earnings guidance is based.

The latest guide, intended to help estimate the impact of currency movements for 2014, is an update of the 2013 guidance given in January 2013.

As a reminder, the Company's currency sensitivity guidance provides the estimated impact on sales and earnings of a 10% strengthening of our Main Currencies (Sterling, Euro, Swedish krona, Japanese yen), plus a basket of Other Currencies to which we are exposed, against the US dollar.

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The 2014 guide is provided on the same basis as the 2013 guide and as with last year, the Company has quantified the relative movement of the basket of Other Currencies when looking at full year 2013 average exchange rates and the January 2014 average rates (to 31st Jan) upon which its 2014 guidance is based.

Currency sensitivity guide 2014 (PDF 277kb)