The following table summarises the significant exposures to the foreign currency risk at the date of the consolidated statement of financial position: Currency exposure 2021 in millions of Swiss francs USD EUR CHF GBP SGD Currency exposure without hedge a 542 (934) 325 (369) 105 Hedged amount (601) 907 (308) 282 (110) Currency exposure including hedge (59) b (27) 17 (87) (5) Currency exposure 2020 in millions of Swiss francs USD EUR CHF GBP SGD Currency exposure without hedge a 424 (774) 113 (200) 109 Hedged amount (440) 754 (108) 195 (111) Currency exposure including hedge (16) b (20) 5 (5) (2) a) + long position; – short position. b) Mainly due to unhedged positions in countries where hedging is not cost-effective. In the exposure calculations the intra-Group positions, except those related to net investments in foreign operations in Naturex and Ungerer, are included. The Euro straight bonds for the amounts of EUR 1,292 million and USD 544 million, which are both designated as hedging instruments, have been excluded respectively from the EUR and USD exposures to align the foreign exchange risk through natural hedging. The following table summarises the sensitivity to transactional currency exposures of the main currencies as at 31 December: Currency risks 2021 in millions of Swiss francs USD EUR CHF GBP SGD Reasonable shift 10% 5% 5% 7% 6% Impact on income statement if the currency strengthens against all other currencies (6) (1) 1 (6) – Impact on income statement if the currency weakens against all other currencies 6 1 (1) 6 – Currency risks 2020 in millions of Swiss francs USD EUR CHF GBP SGD Reasonable shift 9% 5% 6% 12% 6% Impact on income statement if the currency strengthens against all other currencies (1) (1) – (1) – Impact on income statement if the currency weakens against all other currencies 1 1 – 1 – The sensitivity is based on the exposure at the date of the consolidated statement of financial position and based on assumptions deemed reasonable by management, showing the impact on income before tax. Management uses historical volatilities of the significant currencies contributing to the exposure to determine the reasonable change. Argentina became hyperinflationary effective 1 July 2018, requiring retroactive implementation of hyperinflation accounting as of 1 January 2018. The impact of the restatement of the non- monetary assets and liabilities of the subsidiaries in Argentina with the general price index at the beginning of the period is recorded in the opening equity. In the current year the subsequent loss resulting from the restatement of non-monetary assets of CHF 2 million (2020: CHF 2 million loss) is recorded in other financial income (expense), net. 61 Givaudan — 2021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix Notes to the consolidated financial statements