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AnOperating/EconomicExposureAustralianCaseStudy:Foster’sGroupLimitedBeerScottMcCarthy*&AdelinaIspriani*SeniorLecturerinFinanceQueenslandUniversityofTechnologyBrisbane,Queensland,AustraliaContact:Tel.:+61738645390;Fax:+6138641500;Email:s.mccarthy@qut.edu.auAbstractThispaperusesalargeAustralianmultinationalcorporationasacasestudyexaminingforeignexchangeoperatingexposure.Wefirstlyreviewtheimportanceofoperatingexposureforabusinessandthenexamineindetailthecompany’sexposureandpoliciestomanagetheexposure.Asensitivityanalysisisalsoconductedtoexaminehowmovementsinthevalueofexchangeratesaffectthecompany.Weconcludewithsomesuggestionsastohowthecompanycouldfurtherprotectitselffromadversemovements.JELclassification:F31Keywords:operatingexposure;hedging1.IntroductionCompaniesthatengageininternationalbusinesshaverevenues,costs,assetsandliabilitiesdenominatedinforeigncurrencies.Asbusinessbecomesincreasinglyglobal,moreandmorecompaniesfindthatitisnecessarytopaycarefulattentiontoforeignexchangeexposureandtodesignandimplementappropriatehedgingstrategies(EunandResnick,2001).Thesecompanieshedgebecausetheybelievethathedgingcanprotectthemfromunforseenadversecurrencymovement.Furthermore,theproponentsofhedgingstatethathedgingcouldreduce1thevolatilityoffuturecashflowthereforeimprovingthefirm’splanningcapability,andthatthereductionofriskinthefuturecashflowreducesthepossibilitythatthefirm’scashflowwillfallbelowanecessaryminimum(Moffet,StonehillandEiteman,2003:173-174).Thepurposeofthispaperistoanalysetheoperationofaparticularcompanyandtodescribetheappropriateoperationalhedgingstrategyforthecompanybasedontheanalysis.Thepaperwillprovideareviewofpreviousstudiesthatconsiderhowcompaniesmanagetheireconomicexposureandprovideananalysisofthechosencompany’soperationtoidentifytheexchangeriskfacedbythecompany.Ananalysistodeterminethesensitivityofthecompany’scashflowtochangesinexchangerateswillalsoprovide.2.LiteratureReviewTheeffectsofexchangerat
