Annual Report 2001 - Flughafen Wien

(30) Financing Instruments
Primary financing instruments
___This item includes trade receivables and payables as well as financial receivables and
payables. Information on primary financing instruments can be found on the balance sheet
and in related notes to the financial statements.
Credit risk
___All amounts shown under assets represent the maximum credit and default risk, since
there are no general offset agreements. The risk associated with receivables can be considered
low because all receivables are due and payable within a short period of time and are
based on long-term relationships with clients and customers. The risk of default associated
with other primary financing instruments can also be classified as low. Cash and cash equivalents
are placed chiefly in investment funds, fixed-interest bonds, and short-term instruments.
These investments are made only with Austrian financial institutions of highest ranking.
Market value
___The market value of cash and cash equivalents, short-term investments, and current
receivables and liabilities reflects book or market value because these items are due on a daily
basis or over the short-term.
Risk of interest rate change
___Interest rate risk is associated principally with the investment of cash and cash equivalents
and current and non-current securities. The risk of interest rate fluctuations in the asset area
is only related to non-current securities, deposits with financial institutions, and current securities.
Securities are held primarily through investment funds and can be sold at any time, and the
risk arising from interest rate changes can therefore be classified as immaterial.
___Liabilities include only the loan granted by the Clean Water Fund, which carries a fixed-interest
rate of 2%.
Exchange rate risk
___In principle, exchange rate risk arises when receivables or liabilities are denominated in a
currency other than the local currency of the company. Invoices are generally issued in local
currency, and 99.9% of trade payables are denominated in local currency. Trade receivables
and payables are therefore subject to only a low degree of exchange rate risk.
___Deposits with financial institutions are made almost exclusively in the company’s own
local currency, so there is no exchange rate risk. Amounts due to financial institutions are
denominated in euro.
___Current and non-current securities are comprised of the following:
Non-current securities
in T€ 2001 2000
R-63 Fund 31,629.2 38,560.6
Stock 494.9 494.9
Other 2,241.0 245.7
34,365.1 39,301.1
___As of 31 December 2001, the market value of non-current securities totalled T€ 34,365.1
(2000: T€ 39,301.1). The R 63 Fund, a funds’ fund managed by Raiffeisen KAG, serves to fulfil
coverage requirements for the severance compensation and pension provisions as called
for under § 14 of the Austrian Income Tax Act. The allocation of assets as of 31 December 2001
showed 26.5% international stocks and 73.5% bonds. The risk structure of this fund is similar
to a pension fund.
___Stock relates to a shareholding in Wiener Börse AG, the Vienna stock exchange corporation.
Other non-current securities represent T€ 1,929.7 of rights arising from reinsurance.
94 Notes
Annual Report 2001