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NOTES TO THE FINANCIAL STATEMENTS

33. Financial risk management objectives and policies

(all amounts in Euro thousands) Foreign Currency Increase/ Decrease of Foreign Currency vs, € Effect on Profit Before Tax Effect on equity

Year ended 31 December 2016

USD 5% 3,517 33,082
-5% -3,182 -29,932
RSD 5% 610 1,647
-5% -552 -1,491
EGP 5% -1,130 14,674
-5% 1,023 -13,276
GBP 5% 86 204
-5% -78 -184
TRY 5% 204 1,973
-5% -185 -1,785
ALL 5% 3 2,333
-5% -3 -2,111
BRL 5% -152 6,006
-5% 138 -5,434

Year ended 31 December 2015

USD 5% 1,084 24,633
-5% -981 -22,287
RSD 5% 485 1,558
-5% -439 -1,410
EGP 5% -1,609 37,263
-5% 1,456 -33,715
GBP 5% 97 475
-5% -88 -430
TRY 5% 274 1,357
-5% -248 -1,227
ALL 5% 166 2,306
-5% -151 -2,086

Note: Calculation of "Effect on Profit before tax" is based on year average FX rates; calculation of "Effect on Equity" is based on year end FX rate changes.

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