Aéroport de Paris - 2018 Registration document
FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20
The economic relationship between hedged items and hedging instruments qualified as hedge accounting according to IFRS 9 May be analysed as follows:
Hedged item
Hedging instrument
Maturity date
Nominal value
Maturity date
Nominal value
Hedging ratio
Rate
Type
Rate
Type
TAV Airports Bank loan
2028 EUR6M + margin
237
Interest rate swap 2026 8.00% 237
100% 90% 90%
Bank loan Bank loan Bank loan
2031 2031 2025
4.50% 4.50% 5.00%
71 71
Interest rate swap 2031 Interest rate swap 2031
6.00% 64 6.00% 64
49 Interest rate swap 2025 5.00%
49 100%
LBUSD6M + margin LBUSD6M + margin
Bank loan
2022
7
Interest rate swap 2022 5.00%
7
100%
Bank loan
2022
4 Interest rate swap 2022 6.00%
4 100%
AIG
LBUSD6M + margin
2023- 2025
LBUSD6M + margin
Bank loan
2023-2025
227
Interest rate swap
228
100%
There was no ineffectiveness during 2018 in relation to the interest rate swaps. EXCHANGE RISKS
In order to reduce exposure to exchange fluctuations, the Group has a hedging policy consisting of: ¯ implementing derivative instruments; ¯ neutralising exchange rate risk as far as possible by reducing the balance of revenue and expense in these currencies; ¯ if necessary making partial forward sales of dollars for residual balances.
Following the takeover of TAV Airports (see Note 2), the Group is henceforth exposed to exchange risk. TAV Airports converts its financial statements in a currency other than its functional currency, therefore the main risk of change relates to the variations of the euro currency compared to the Turkish lira and American dollar. The currencies in which transactions are mainly denominated are euro, Turkish lira (TRY) and American dollar, as well as few currencies from the Persian Gulf liked to American dollar with a fixed parity, e.g. Sudanese rial, United Arab Emirates dirham and the Oman rial.
The breakdown of financial assets and liabilities by currency is as follows:
As at 31 Dec., 2018
Other currencies
Euro
TRY USD AED JOD
(in millions of euros)
Other non-current financial assets
403
351
1
51
-
- -
-
Contract assets Trade receivables Other receivables1
9
3
-
-
2 9
4
628 163 201
502 104
24 10
35 46
31
27
-
1
2 6
Other current financial assets Cash and cash equivalents TOTAL FINANCIAL ASSETS
157
8
14
1
15
2,056 1,880 3,460 2,997 5,970 5,473
17
64
3
68 115
24 63
60
210 497
15
Non-current debt Contract liabilities Trade payables Other debts1 Current debt
- -
- -
- -
-
6
3
-
3
590 447 1,184 1,055
19
5
4
103
12
40
26
1
26
36
1,159
1,121
21
15
-
-
2
TOTAL FINANCIAL LIABILITIES
8,909 8,099
80 543
5
129
53
1 Other receivables and other debts exclude all accounts which do not constitute, within the terms of IAS 32, contractual rights and obligations, such as tax and social security debts or receivables.
Other currencies relate primarily to the Oman rial (OMR) and Sudanese rial (SAR). Concerning the exposure of TAV Airports to exchange risk, an appreciation/depreciation of the currencies compared to euro of 10% would have a positive/negative impact of €10 million on the profit before tax.
230
AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018
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