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Chapter 8.  - Management of Transaction Exposure 2004027856  2005028391  2005028421 
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v Airbus S.A.S μ ª Toulouse( ) ˜ È ô& ª*H P3 É Airbus S.A.S Introduction v 1970 , ° 7 �@ @ �@KÆD� ) Airbus Industrie v 1972 , A300 ‚K v 1981 , A320 ø &+ J D �@
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v 2001 , Airbus S.A.S 1 · * v 2002 , A380 Ý1 ª * v 2006 , A350 Ý1 ª * v , Airbus S.A.S ˆ , x( 52,000 x( Æ v 90 , Airbus Industrieè + JáD K EADS 1 · * Airbus S.A.S Introduction
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Airbus S.A.S Introduction
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v & A4008Ñ1 · * 6 $30,000,000ˆ μª @K D [email protected] Èô + Airbus’ Dollar Exposure v 8 ± · : $1.05/ C€ 6 ˆÉ μª* : $1.10/ C€ Èô& : C 0.95/$ : C 0.02/$ 6 8Ñ ·ª* : 2.5% (Euro) < 3% (U.S) C Premium
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Solution 1. Compute the guaranteed euro proceeds from the American     sale if Airbus decides to hedge using a forward contract. $ 30,000,000 X € = C 27,272,727 6 ¸ μ * $30,000,000 6 ô& v $ 1.10 C      ( ˜ ¡ & + ºª* H 6 ð ?)
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2.  If Airbus decides to hedge using money market instruments, what action     does Airbus need to take? What would be the  euro proceeds from      the American sale in this case? 
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