Annual report 2008 - Altarea Cogedim

Analysis of interest-rate sensitivity:
The following table shows the interest-rate sensitivity (including the effect of hedging instruments) of the entire portfolio of
floating-rate borrowings from credit institutions.
Increase / decrease of
100 basis point in interest rates
Impact of the gain or lost
on profit before tax
12/31/2008 +100 – € 0.7 million
–100 + € 0.7 million
12/31/2007 +100 – € 4.4 million
–100 + € 4.4 million
The following table shows the interest-rate risk sensitivity of the value of the portfolio of financial instruments.
Increase / decrease of
100 basis point in interest rates
Impact on the value of the portfolio
of financial instruments
12/31/2008 +100 + € 87.8 million
–100 – € 86.1 million
12/31/2007 +100 + € 70.8 million
Marking of financial instruments to fair value
n Marking to fair value of borrowings and financial liabilities
–100 – € 75.5 million
(€ thousand) Carrying amount Fair value
12/31/2008 12/31/2007 12/31/2008 12/31/2007
Financial assets
Other financial assets 158 275 158 275
Derivative financial instruments 5,404 49,079 5,404 49,079
Cash and cash equivalents 295,891 102,888 295,891 102,888
Financial liabilities
Financial liabilities guaranteed by shareholders 0 232,030 0 232,030
Participating loan 24,843 24,888 24,843 24,888
Borrowings and financial liabilities vis-à-vis credit institutions 2,216,027 1,950,890 2,232,866 1,965,347
o/w fixed-rate borrowings 1,505 108,793 1,504 108,793
o/w floating-rate borrowings 2,214,523 1,842,097 2,231,362 (1) 1,856,554 (2)
Other borrowings and financial liabilities 39,872 25,780 39,872 25,780
Derivatives held as liabilities - current 82,242 6,423 82,242 6,423
(1) Marking of floating-rate borrowings to fair value consists in adding back €16.8 million in restatements of issuance costs.
(2) Marking of floating-rate borrowings to fair value consists in adding back €14.4 million in restatements of issuance costs.
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