Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...

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AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2011, AND 2010 (EXPRESSED IN THOUSANDS OF EUROS - KEUR) 21. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business the Group enters into derivative financial instruments to manage the financial risks exposures which it is subject to. An outline of the Group’s financial risks, the objectives and policies pursued in relation to those risks are described in note 5. IAS 39 prescribes strict criteria for hedge accounting. Although all the derivatives we enter into are contracted for hedging purposes in economic terms, there might be instances when a derivative is not an effective hedge from an accounting perspective. In these situations, the derivative is classified as held for trading, and the gains and losses from changes in the fair value are accounted in profit and loss, and presented in the statement of comprehensive income within “Financial expense, net”. If the derivative financial instrument is designated as a cash flow hedge for accounting purposes, the changes in the fair value of the instrument are accounted through other comprehensive income presented within “Cash flow hedges”, and through profit or loss when the hedged flow takes place. At the inception of a hedge relationship, the Group formally documents the hedge relationship to which the Group wishes to apply hedge accounting. Such hedges are expected to be highly effective in achieving offsetting changes in the fair value and cash flows, and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the reporting period for which they were designated. The ideal hypothetical derivative method is used to measure ineffectiveness of a hedge relationships in which the hedging instrument is a derivative. The ideal hypothetical derivative method compares the change in fair value of the actual derivative designated as the hedging instrument and the change in fair value of an "ideal hypothetical derivative" that would result in perfect hedge effectiveness for the designated hedged item. In the case of the foreign exchange natural hedge, as it is explained in the documentation of the hedge relationship, the dual spot method is used. This means that the Group compares the spot-to-spot movement of the hedged item with the spot-to-spot movement of the hedging instrument in order to calculate hedge effectiveness. 89
AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2011, AND 2010 (EXPRESSED IN THOUSANDS OF EUROS - KEUR) As of December 31, 2011, and 2010, the fair values of assets and liabilities of derivative financial instruments are set out below: 31/12/2011 31/12/2010 Assets Liabilities Assets Liabilities NonNonNonNon- Current current Current current Current current Current current Interest rate swaps - - - 14,012 - 3,852 37,629 935 Basis swaps - - 411 - 76 - 247 - Cash flow hedges of interest rates - Foreign currency forward 8,485 Cash flow hedges of exchange rates 8,485 - 6,030 6,030 411 14,012 76 2,369 87 8,304 2,369 87 8,304 90 3,852 3,325 3,325 37,876 935 312 769 312 769 Equity forward - - 1,805 - - 5,457 - - Cash flow hedges of equity forward - Total derivative financial instruments designated as hedge 8,485 - 6,030 1,805 - - 4,585 14,099 8,380 5,457 12,634 - - 38,188 1,704 Foreign currency forward 306 - - - 385 - 2 - Collar kiko - - - - - - 4,877 - Total derivative instruments held for trading 306 - - - 385 - 4,879 - Total 8,791 6,030 4,585 14,099 8,765 12,634 43,067 1,704 As of December 31, 2011, and 2010, the maturity of the notional amount of the Group’s derivative financial assets and liabilities is as follows:
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FORM ANNUAL CORPORATE GOVERNANCE RE
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A.3 Please complete the following t
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A.8 Please complete the following t
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B.1.2 Please complete the following
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Central Bank to assume a role with
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Reasons As a result of the placemen
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B.1.8 Please detail any Board membe
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Other Benefits Amount in thousands
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B.1.13 Please identify the total am
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Please specify whether the Board at
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MR. ENRIQUE DUPUY DE LOME CHAVARRI
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B.1.19 Please specify the procedure
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B.1.24 Please specify whether the c
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Please specify, if applicable, the
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Outgoing auditor Incoming auditor I
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Explanation of procedure its books,
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egulatory requirements, the proper
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l) issue a report annually, prior t
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OPERATION: The Nomination and Remun
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C. RELATED-PARTY TRANSACTIONS C.1.
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- To analyze, measure and evaluate
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shareholders and provided that said
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E.6 Please provide details of any a
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7.- Report on the remuneration poli
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) Identity of grantor and represent
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c) Transactions whose effect is equ
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2. Transactions carried out at pric
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Complies 15. That when the number o
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Complies 25. Companies should organ
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34. That whenever, due to resignati
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vii) Remuneration of executive Boar
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50. That the Audit Committee shall
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It is the power of the Nomination a
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Section B.1.13 There are no indemni
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COMPLEMENTARY INFORMATION TO THE CO
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AMADEUS AMADEUS IT IT HOLDING, HOLD
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The Human Resources Unit is respons
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In 2011 Amadeus’ Finance Function
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In addition the Audit Committee has
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Use of estimates and assumptions, a
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The SLA should include next minimum
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The Committee supports and oversees
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Key terms � “ACH”: refers to
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