The tables below set forth the notional amount of foreign exchange hedges in place and the US dollar rates applicable to corresponding EBIT * .

Airbus Group Hedge portfolio
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AIrbus Group hedge portfolio*, 31 December 2012

Status as of 31.12.2013

More than half of Airbus Group's revenues are denominated in US dollars with approximately half of such currency exposure 'naturally hedged' by US dollar-denominated costs. The reminder of costs is incurred primarily in euro, and to a lesser extent, in pounds sterling.

As Airbus Group intends to generate profits only from its operations and not through speculation on foreign currency exchange rate movements, Airbus Group uses hedging strategies solely to manage and minimise the impact on its EBIT* from the volatility of the US dollar.

Airbus Group manages a long-term hedge portfolio with a maturity of several years covering its net exposure to US dollar sales, mainly from the activities of Airbus (incl. ATR, and to a lesser extent, of the Airbus Helicopters, and Airbus Defence and Space Divisions). The net exposure is defined as the total currency exposure (US dollar-denominated revenues), net of the part that is 'naturally hedged' by US dollar-denominated costs. The hedge portfolio covers the vast majority of the Group's hedging transactions.

In parallel, Airbus Group is proactively increasing the number of Euro deals wherever suitable.

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* EBIT

Airbus Group uses EBIT pre goodwill impairment and exceptionals as a key indicator of its economic performance. The term “exceptionals” refers to such items as depreciation expenses of fair value adjustments relating to the EADS merger, the Airbus Combination and the formation of MBDA, as well as impairment charges thereon.