TAV IT

192
TAV Airports Holding Annual Report 2008
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)
31 December 2007
Foreign currency denominated
monetary assets USD EUR (*) TRY Other Total
Other non-current assets 18,606,730 - 136,681 - 18,743,411
Trade receivables 5,395,617 552,537 4,766,767 142,127 10,857,048
Due from related parties 682,228 9,122 124,817 134,722 950,889
Other receivables and current assets 20,211,831 313,028 4,851,504 10,935,757 36,312,120
Restricted bank balances 163,330,499 - 36,609,606 - 199,940,105
Cash and cash equivalents 15,165,863 2,284,429 1,820,293 1,152,763 20,423,348
Investments held for trading - - 44,508 204,175 248,683
223,392,768 3,159,116 48,354,176 12,569,544 287,475,604
Foreign currency
denominated monetary liabilities
Loans and borrowings (241,356,087) - (7,895) - (241,363,982)
Bank overdraft - - (461,984) - (461,984)
Trade payables (2,147,754) (209,862) (4,343,087) (2,355,624) (9,056,327)
Due to related parties (3,132,882) - (3,637,854) (164,408) (6,935,144)
Derivative financial instruments (15,443,800) - - - (15,443,800)
Other payables (2,169,735) (13,253) (5,557,068) (1,731,178) (9,471,234)
(264,250,258) (223,115) (14,007,888) (4,251,210) (282,732,471)
Net exposure (40,857,490) 2,936,001 34,346,288 8,318,334 4,743,133
(*) The figures in this column reflect the Euro position of subsidiaries that have functional currencies other than Euro.
The following significant exchange rates applied during the year:
Average Rate
Reporting Date Closing Rate
31 December 2008 31 December 2007 31 December 2008 31 December 2007
USD 0.6841 0.7316 0.7064 0.6810
TRY 0.5272 0.5627 0.4671 0.5847
GEL 0.4569 0.4373 0.4229 0.4289
Sensitivity analysis
The Group’s principal currency rate risk relates to changes in the value of the Euro relative to TRY and the USD. The Group manages
its exposure to foreign currency risk by entering into derivative contracts and, where possible, seek to incur expenses with respect
to each contract in the currency in which the contract is denominated and attempt to maintain its cash and cash equivalents in
currencies consistent with its obligations.
The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate corporate-level currency exposure. The
aggregate foreign exchange exposure is composed of all assets and liabilities denominated in foreign currencies, both short-term
and long-term purchase contracts. The analysis excludes net foreign currency investments.
A 10 percent strengthening of the EUR against the following currencies at 31 December would have increased (decreased) equity
and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain
constant. The analysis is performed on the same basis for 2007.