CAPÍTULO III: ESTUDIO DE CASOS
III) Proceso de Post incubación o egreso:
3.7. PRINCIPIO N° 7: ENFOQUE BASADO EN HECHOS PARA LA TOMA DE DECISIONES Con respecto al manejo de la información, la incubadora universitaria busca gestionar
Disclosures on carrying amounts and fair values
The following tables present the carrying amounts and fair values of the financial instruments as at December 31, 2014, and December 31, 2013, respectively:
Financial instruments as at December 31, 2014
€ million Measured at
amortized cost Measured at fair value December 31, 2014 Recognized
in profit or loss Measurement category
according to IAS 39 Loans and receivables Held for trading Available for sale derivative Hedging fair valueTotal Liquid
funds Carrying amount Fair value amount Carrying 1) amount Carrying 1) amount Carrying 1)
Assets
Cash and cash equivalents 401.1 401.1
Trade accounts receivable 174.7 174.7 174.7
Other financial receivables
and assets 109.8 109.3 199.3 308.6
Other financial assets
Securities 539.5 539.5
Other investments 76.0 76.0
Loans to affiliated companies 126.3 124.6 124.6
Other loans 31.5 31.5 31.5
Derivative financial assets
Hedging derivative 0.0
Other derivatives 0.0
Total assets 401.1 442.3 440.1 0.0 814.8 0.0 1,656.0
Other financial
liabilities Held for trading IAS 17 liability derivative Hedging fair valueTotal Carrying
amount Fair value amount Carrying 1) Carrying amount Fair value amount Carrying 1)
Liabilities and equity
Trade accounts payable 181.6 187.2 187.2
Other financial liabilities 315.8 438.5 438.5
Financial liabilities 4,192.4 4,429.1 4,429.1
Liabilities from finance leases 49.4 54.9 54.9
Derivative financial liabilities
Hedging derivative 111.7 111.7
Other derivatives 41.7 41.7
Total liabilities and equity 4,689.8 5,054.8 41.7 49.4 54.9 111.7 5,263.1
1) The carrying amount equals the fair value of the financial instruments. Table 108
Given the short maturities, the carrying amounts of cash and cash equivalents, trade accounts receivable, and current other financial receivables and assets as at the reporting date correspond to the fair value.
The fair values of listed securities are identical to the stock market prices on the reporting date. The valuation of unlisted securities was based on market data applicable on the valuation date using reliable and specialized sources and data providers. The values are determined using established valuation models.
The derivative financial instruments relate to interest rate-hedging transactions. The fair values of these financial instru- ments are determined on the basis of discounted future expected cash flows, using market interest rates corresponding to the terms to maturity.
Financial instruments as at December 31, 2013
€ million Measured at
amortized cost Measured at fair value December 31, 2013 Recognized
in profit or loss Measurement category
according to IAS 39 Loans and receivables Held for trading Available for sale derivative Hedging fair valueTotal Liquid
funds Carrying amount Fair value amount Carrying 1)
Carrying amount 1)
Carrying amount 1)
Assets
Cash and cash equivalents 486.9 486.9
Trade accounts receivable 174.4 174.4 174.4
Other financial receivables
and assets 102.7 104.3 304.0 408.3
Other financial assets
Securities 517.3 517.3
Other investments 59.5 59.5
Loans to affiliated companies 124.6 131.2 131.2
Other loans 27.2 27.2 27.2
Derivative financial assets
Hedging derivative 0.0
Other derivatives 0.0
Total assets 486.9 428.9 437.1 0.0 880.8 0.0 1,804.8
Other financial
liabilities Held for trading IAS 17 liability derivative Hedging fair valueTotal Carrying
amount Fair value amount Carrying 1)
Carrying
amount Fair value amount Carrying 1)
Liabilities and equity
Trade accounts payable 210.4 214.2 214.2
Other financial liabilities 288.3 362.0 362.0
Financial liabilities 4,238.7 4,332.0 4,332.0
Liabilities from finance leases 58.2 63.8 63.8
Derivative financial liabilities
Hedging derivative 119.9 119.9
Other derivatives 33.6 33.6
Total liabilities and equity 4,737.4 4,908.2 33.6 58.2 63.8 119.9 5,125.5
Previous year’s figures adjusted
1) The carrying amount equals the fair value of the financial instruments.
In order to determine the fair value of financial liabilities, the future expected cash flows are determined and discounted based on the yield curve on the reporting date. The market-driven and maturity-linked risk premium and respective borrower on the reporting date is added to the cash flows.
Table 109 165
There is no price quotation or market price for shares in partnerships as there is no active market for them. Shares in partnerships are recognized at acquisition costs since the fair value cannot be determined reliably. These assets are not intended for sale as at the 2014 balance sheet date.
Other investments mainly concern shares in Delhi International Airport Private Ltd. The fair value was determined based on a current bid and taking current foreign currency rates into account.
The fair values of loans to affiliated companies and other financial non-current assets are determined as the present value of future cash flows. Discounting was applied using the current maturity-linked interest rate as at the balance sheet date. The fair value of the loan including interest receivables to NCG is mainly affected by cash flow forecasts and interest rate developments.
The carrying amounts of other loans correspond to the respective fair values. Some of the other loans are subject to a market interest rate, and their carrying amounts therefore represent a reliable valuation for their fair values. Another part of the other loans is reported at present value as at the balance sheet date. Here, it is also assumed that the present value corresponds to the fair value. The remaining other loans are promissory note loans with a remaining term of less than four years. Due to the lack of an active market, no information is available on the risk premiums of their respective issuers. As a result, their carrying amounts were used as the most reliable value for their fair values. These are not intended for sale as at the 2014 balance sheet date.
Non-current liabilities are recognized at their present value. Interest rates with similar terms on the date of addition are used as a basis for discounting future cash outflows. To determine fair value, the respective cash outflows are discounted at interest rates with similar terms and with the Fraport credit risk as at the reporting date. The carrying amounts of current liabilities are equal to the fair value.
The fair values of financial instruments belong to the measurement categories of the hierarchy within the meaning of IFRS 13:
Measurement categories according to IFRS 13 (2014)
€ million December 31,
2014 Level 1 Level 2 Level 3 Quoted prices Derived prices Prices that cannot
be derived Assets
Other financial receivables and financial assets
Available for sale 199.3 199.3 0.0 0.0
Loans and receivables 109.3 0.0 68.0 41.3
Other financial assets
Securities available for sale 539.5 469.6 69.9 0.0
Other investments 76.0 0.0 76.0 0.0
Loans to affiliated companies 124.6 0.0 5.8 118.8
Other loans 31.5 0.0 31.5 0.0
Total assets 1,080.2 668.9 251.2 160.1
Liabilities and equity
Trade accounts payable 187.2 0.0 187.2 0.0
Other financial liabilities 438.5 0.0 438.5 0.0
Financial liabilities 4,429.1 0.0 4,429.1 0.0
Liabilities from finance leases 54.9 0.0 54.9 0.0
Derivative financial liabilities
Derivatives without hedging relationships 41,7 0,0 41.7 0.0 Derivatives with hedging relationships 111.7 0.0 111.7 0.0
Total liabilities and equity 5,263.1 0.0 5,263.1 0.0
Table 110
The fair values of financial instruments belonged to the measurement categories of the hierarchy within the meaning of IFRS 13 as at December 31, 2013:
Net results of the measurement categories
The net result consists of changes in fair values recognized through profit or loss, impairment losses and write-ups recognized through profit or loss, exchange rate changes, and gains and losses of disposals.
Interest and dividend income of the category "available for sale" are also included in the computation of the net result. Interest and dividend income of the other categories are not included in the net result disclosed.
Measurement categories according to IFRS 13 (2013)
€ million December 31,
2013 Quoted pricesLevel 1 Derived prices Prices that cannot Level 2 Level 3 be derived Assets
Other financial receivables and financial assets
Available for sale 304.0 304.0 0.0 0.0
Loans and receivables 104.3 0.0 73.1 31.2
Other financial assets
Securities available for sale 517.3 377.4 139.9 0.0
Other investments 59.5 0.0 59.5 0.0
Loans to affiliated companies 131.2 0.0 4.3 126.9
Other loans 27.2 0.0 27.2 0.0
Total assets 1,143.5 681.4 304.0 158.1
Liabilities and equity
Trade accounts payable 214.2 0.0 214.2 0.0
Other financial liabilities 362.0 0.0 362.0 0.0
Financial liabilities 4,332.0 0.0 4,332.0 0.0
Liabilities from finance leases 63.8 0.0 63.8 0.0
Derivative financial liabilities
Derivatives without hedging relationships 33.6 0.0 33.6 0.0 Derivatives with hedging relationships 119.9 0.0 119.9 0.0
Total liabilities and equity 5,125.5 0.0 5,125.5 0.0
Previous year’s figures adjusted
€ million 2014 2013
Financial assets
Loans and receivables 1.0 – 7.2
Available for sale 11.7 12.4
Financial liabilities
At amortized cost – 6.0 – 3.8
Held for trading – 8.1 11.7
Previous year’s figures adjusted
Table 111
Table 112 167
In addition to the recognized fair value changes, losses on financial liabilities in the “held for trading” category also include the fair values of two interest rate swaps for which there were no hedged items in the course of the 2014 fiscal year.
Derivative financial instruments
With regard to the items in its statement of financial position and planned transactions, Fraport is, in particular, subject to interest rate and currency exchange risks. Fraport covers interest rate risks by establishing naturally hedged positions, in which the values or cash flows of primary financial instruments offset each other in their timing and amount, and/or by using derivative financial instruments to hedge the business transactions. Derivatives are not used for trading or speculative purposes.
Interest rate risks arise in particular from the capital requirements associated with capital expenditure and from existing floating interest rate financial liabilities and assets. As part of the interest rate risk management policy, interest rate derivatives were concluded in order to limit the interest rate risk arising from financial instruments with floating interest rates and assure planning security.
Within the Group, exchange rate risks mainly arise from revenue in foreign currencies, which are not covered by expenses in matching currencies. This results in a cash flow risk between foreign currency revenue and the functional currency. The Group holds 44 interest rate swaps as at the reporting date (previous year: 48). Furthermore, as was the case in the previous year, options were sold on five interest rate swaps in order to optimize financing costs. The value of the options was taken into account in the fair value of the interest rate swaps.
The fair values of the derivative financial instruments are recorded as follows in the statement of financial position:
Derivative financial instruments
Fair values of derivative financial instruments
€ million Nominal volume Fair value Credit risk
December 31,
2014 December 31, 2013 December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013
Interest rate swaps 1,200.0 1,260.0 – 153.4 – 153.5 0.0 0.0 thereof hedge
accounting 975.0 1,035.0 – 111.7 – 119.9 0.0 0.0
thereof trading 225.0 225.0 – 41.7 – 33.6 0.0 0.0
Previous year’s figures adjusted
€ million Other assets Other liabilities
December 31,
2014 December 31, 2013 December 31, 2014 December 31, 2013
Interest rate swaps – cash flow hedges 0.0 0.0 111.7 119.9
Interest rate swaps – trading 0.0 0.0 41.7 33.6
Previous year’s figures adjusted
Table 113
Table 114
37 interest rate swaps (previous year: 41) are already assigned to existing floating interest-bearing liabilities. A total of 37 interest rate swaps (previous year: 41) are accounted for as cash flow hedges in accordance with IAS 39. Changes in the fair values of these instruments are recorded in an equity sub-account without affecting profit or loss. The effectiveness of these cash flow hedges has been verified and is confirmed and documented at regular intervals. As was the case in the previous year, seven interest rate swaps were classified as “held for trading”. All changes in value resulting from this classification are recorded through profit or loss.
The payments under the cash flow hedges become due in the following time periods. This is also the time when the respective hedged item affects profit or loss.
Interest rate swaps (2014 hedge accounting)
There were the following time periods as at December 31, 2013:
Unrealized losses of €32.3 million were recorded in equity from the change in fair value of derivatives in the 2014 fiscal year (previous year: gains of €4.4 million). During the year under review, losses of €40.3 million (previous year: €42.1 million) were transferred from equity to the financial result. In addition, ineffectivenesses of the interest rate swaps amounting to €0.1 million were recorded through profit and loss as in the previous year.
€ million December 31, 2014
Beginning of term End of term Nominal volume Fair value
2006 2016 70.0 – 4.1 2007 2017 60.0 – 6.5 2008 2018 115.0 – 17.0 2009 2015 45.0 – 0.9 2009 2016 100.0 – 6.0 2009 2017 25.0 – 2.7 2009 2019 220.0 – 40.5 2010 2015 85.0 – 1.8 2010 2017 100.0 – 10.9 2010 2020 85.0 – 20.0 2011 2015 70.0 – 1.3 Total 975.0 – 111.7
Interest rate swaps (2013 hedge accounting)
€ million December 31, 2013
Beginning of term End of term Nominal volume Fair value
2005 2014 60.0 – 0.1 2006 2016 70.0 – 6.1 2007 2017 60.0 – 7.7 2008 2018 115.0 – 16.3 2009 2015 45.0 – 2.7 2009 2016 100.0 – 8.8 2009 2017 25.0 – 3.1 2009 2019 220.0 – 36.6 2010 2015 85.0 – 5.2 2010 2017 100.0 – 12.9 2010 2020 85.0 – 16.6 2011 2015 70.0 – 3.8 Total 1,035.0 – 119.9
Previous year’s figures adjusted
Table 115
Table 116 169