TAV IT

TAV AIRPORTS HOLDING AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008
(Amounts expressed in Euro unless otherwise stated)
Currency risk
Exposure to currency risk
The Group’s exposure to foreign currency risk was as follows in Euro equivalent of their original currencies:
31 December 2008
Foreign currency denominated
monetary assets USD EUR (*) TRY Other Total
Other non-current assets 2,969,675 - 162,264 383 3,132,322
Trade receivables 6,900,910 978,606 3,544,097 3,996,713 15,420,326
Due from related parties 9,508,701 7,214 1,378,354 272,299 11,166,568
Derivative financial instruments 32,257,634 - - 32,257,634
Other receivables and current assets 81,579 1,687 2,725,659 28,139,356 30,948,281
Restricted bank balances 102,494,804 - 52,991,337 - 155,486,141
Cash and cash equivalents 10,155,923 1,197,666 1,822,354 1,539,109 14,715,052
164,369,226 2,185,173 62,624,065 33,947,860 263,126,324
Foreign currency denominated
monetary liabilities
Loans and borrowings (141,834,909) - - - (141,834,909)
Bank overdraft - - (1,504,978) - (1,504,978)
Trade payables (4,270,514) (127,354) (7,361,363) (3,817,822) (15,577,053)
Due to related parties (37,000,386) - (43,689) - (37,044,075)
Other payables (534,425) (22,290) (11,587,679) (4,812,174) (16,956,568)
(183,640,234) (149,644) (20,497,709) (8,629,996) (212,917,583)
Net exposure (19,271,008) 2,035,529 42,126,356 25,317,864 50,208,741