Annual Report 2005/06 - voestalpine

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12 Consolidated Financial Statements Annual Report 2005/06 In the 2005/06, business year, hedge accounting according to IAS 39 were applied to foreign exchange hedges. EUR 10.3 million were charged against equity due to changes in the fair values of the derivatives. interest rate risk By issuing a convertible bond with a volume of EUR 250 million and a fixed coupon of 1.5% with a five-year maturity, interest rate commitments of the liabilities portfolio were extended to 2.8 years. In this way, we implemented our long-term strategy of extending interest rate commitments during periods of low interest rate periods. Should the interest rate rise by 1%, net interest expense for floating interest financial instruments would increase by EUR 2.2 million (prior year: increase of net interest expense to EUR 2.5 million). Due to the excellent liquidity trends during the business year, interestbearing assets were significantly increased. Investment in interest-bearing securities was increased by EUR 145 million and short-term investments by EUR 363 million. The present value risk determined on the basis of the present-value-basis-point method as of March 31, 2006, on the assets side amounts to EUR 10 million (prior year: EUR 4.6 million) with an interest rate change of 1%, and on the liabilities side EUR 24.8 million (prior year: EUR 19.2 million). In the case of a drop in interest rates of 1%, voestalpine AG would have a net present value loss of EUR 14.8 million (prior year: EUR 14.6 million). With a 1.3-year interest rate commitment (including money market investments), the weighted average on the assets side amounts to 2.87% and on the liabilities side to 3.18% at an interest rate commitment of 2.2 years.
Consolidated Financial Statements Sensitivity Weighted Average Average at 1% Current average interest rate capital interest rate Cash flow Value at situation 1 interest rate commitment commitment change 1 risk 1 risk 1 Assets 886 2.87% 1.3 years 2 years –10.0 –6.7 –6.7 Liabilities 1,251 3.18% 2.2 years 2.7 years 2 24.8 4.5 17.6 Net –365 –0.31% 14.8 –2.2 10.9 inTeresT raTe CommiTmenT reCorD (Change in cash value at 1% increase in interest rate over respective term range) +1.6 +1.4 +2.7 +4.1 +13.7 +1.7 +1.4 +0.2 1 In millions of euros; 2 Excluding revolving export credits of EUR 226 million –0.2 –0.4 –0.7 –1.4 –0.4 –1.0 –1.7 –0.4 –1.1 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y Business year 2005/06 Assets Liabilities Net In millions of euros Annual Report 2005/06 12
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Annual Report 2005/06 www.voestalpi
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Who we are We are a leading Europea
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tHe GrOUP at a GLaNce voestalpine G
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Divisional reporTs 48 Division Stee
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voestalpine automotive gmbh voestal
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mag. Dr. Josef peischer Member of t
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Dr. Wolfgang eder (Born 1952, at vo
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In a market environment characteriz
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2002 2003 200 200 2000/01 Revenue (
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+253.0% 3. 2 . 0 Rubrik 13.13 1 200
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priCe perFormanCe oF The voestalpin
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Share capital: EUR 287,784,423.30 d
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With regard to Rule 49 of the Code,
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+164.7% 2, .1 3,1 .1 Rubrik , 01. 1
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eport of the Management Board Manag
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BUsiness perFormanCe oF The voestal
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stoppage due to the start-up of ope
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motive), as well as in the special
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In May 2005, the Division Railway S
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In the first quarter of the busines
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In January 2006, a newly built cent
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Additionally, a new generation of t
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expansion of autonomy in the supply
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until the end of 2006. A balanced s
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Rubrik SucceSSful worldwide Annual
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Berichte der Divisionen 0 Annual Re
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Divisional Reports 2 Annual Report
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Rubrik Geschäftsbericht 2005/06
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Berichte der Divisionen Annual Repo
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Divisional Reports Annual Report 20
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0 Rubrik Geschäftsbericht 2005/06
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Berichte der Divisionen 2 Annual Re
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Divisional Reports Annual Report 20
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Rubrik Geschäftsbericht 2005/06
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Berichte der Divisionen Annual Repo
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Divisional Reports 0 Annual Report
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STrATeGy workS. Profitable growth d
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Consolidated Financial Statements v
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