Real problems

The Risk Awards 2003

Companies blamed shrinking third-quarter revenues and margins mainly on currency fluctuations, commodity prices and the weather in financial disclosures over the past three months.

Exposure to the rapidly deteriorating Brazilian Real in the third quarter burdened many, including Spanish energy company Endesa, US retail paper products maker Kimberly Clark, British American Tobacco and US agricultural commodity company Bunge. The Real declined in value relative to the dollar by 40% over