Airbus 2015 Annual Report Download - page 244

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 62 l
Notes to the IFRSConsolidatedFinancialStatements
2.7 Capital Structure and Financial Instruments
34. Net Cash
The net cash-position provides financial flexibility to fund the Group’s operations, to react to the Group’s business needs and risk
profile and to return capital to the shareholders.
(In € million) 2015 2014
Cash and cash equivalents 7,4 8 9 7,271
Current securities 1,788 3,183
Non-current securities 9,851 5,989
Short-term financing liabilities (2,790) (1,073)
Long-term financing liabilities (6,335) (6,278)
Total 10,003 9,092
31December
Derivative instruments recognised in the Group’s Statement
of Financial Position consist of (i)instruments that are entered
into as hedges of the Group’s operating activities or interest
result, and (ii)embedded foreign currency derivatives that arise
from separating the foreign currency component from certain
operating contracts. Cash flows resulting from the settlement of
these derivatives are therefore recorded as part of Group cash
flow from operations. Similarly, financial assets and liabilities
arising from customer financing activities and refundable
advances from European governments are considered part of
the Group’s operating activities and related cash flows are hence
recognised as cash flows from operating activities.
34.1 Cash and Cash Equivalents
Cash and cash equivalents are composed of the following elements:
(In € million) 2015 2014
Bank account and petty cash 1,504 2,280
Short-term securities (at fair value through profit and loss) 3,220 3,261
Short-term securities (available-for-sale) 2,851 1,744
Others 14
Total cash and cash equivalents 7,576 7,289
Recognised in disposal groups classified as held for sale 87 18
Recognised in cash and cash equivalents 7,489 7,271
31December
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.
34.2 Securities
The majority of the Group’s securities consists of debt securities
and are classified as available-for-sale financial assets and
carried at their fair values (see Note35.2 “Carrying amounts
and fair values of financial instruments” for more details on how
available-for-sale assets are accounted for).
The Group’s security portfolio amounts to € 11,639million and
€ 9,172million as of 31December 2015 and 2014, respectively.
The security portfolio contains a non-current portion
of available-for-sale-securities of € 9,848 million (in 2014:
€ 5,985million) and securities designated at fair value through
profit and loss of € 3million (in 2014: € 4million) as well as a
current portion of available-for-sale-securities of € 1,788million
(in 2014: € 3,183million).
Included in the securities portfolio as of 31December 2015
and 2014, respectively, are corporate and government bonds
bearing either fixed rate coupons (€ 10,956million nominal value;
comparably in 2014: € 8,666million) or floating rate coupons
(€ 397million nominal value; comparably in 2014: € 250million)
and foreign currency funds of hedge funds (€ 8million nominal
value; 2014: € 8million).
When the Group enters into securities lending activities, the
securities pledged as collateral continue to be recognised on
the balance sheet. There were no such securities pledged as
of 31December 2015 and 2014.
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015