Annual Report 2005/06 - voestalpine

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Consolidated Financial Statements
Annual Report 2005/06
The portfolios on the assets side are invested to the amount of
EUR 393.1 million (prior year: EUR 234.8 million) in the umbrella funds
V47 and V54. 93.7% of the fund assets are invested in bonds and
commercial paper or in cash within the three sub-funds V101, V102 and
V103; the investment currency is exclusively euro.
In consideration of cash holdings, the three sub-funds show the following
structure:
Sub-funds Investment currency
V101 EUR 134 million with a modified duration of 0.31
V102 EUR 118 million with a modified duration of 3.31
V103 EUR 95 million with a modified duration of 6.04
The share of stocks in the umbrella fund is EUR 24.6 million (6.3%) and
it is invested in 5 equities funds with different investment goals. The
performance of the V47 during the business year was 4.39%, that of the
V54 was 2.87%.
The entire portfolio on the liabilities side was incurred without any
disagio; the continued amortized costs within the meaning of IAS 39
thus correspond to par value.
Derivative financial instruments
Portfolio of open derivative financial instruments as of March 31, 2006:
Fair value
Notional amount (deviation from
(EUR million) notional amount) Maturity
Foreign exchange outrights 97% less than
(incl. currency swaps) 119.7 0.4 one year
Currency options 128.9 0.2 Less than one year
Interest rate options 28.8 –0.1 > 5 years
Interest rate swap 249.1 3.9 72% > 5 years
Total 526.5 4.4