An Australian manufacturing company has a loan repayment of EUR 6.5m due in 6 months' time and also has a cash receivable of EUR 6.5m due in 1 year. It otherwise does all transactions in AUD. Assume the following are the AUD:EUR (AUD is base currency) fluctuations over the next 12 months: Current spot: 0.6450 Spot in six months' time: 0.6610 Spot in twelve months' time: 0.6825 State the overall gain or loss that arises if the company doesn't hedge its FX risk exposure