Airbus 2015 Annual Report Download - page 286

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 104 l
Notestothe IFRSCompanyFinancialStatements
A summary of the VaR position of the Company’s financial instruments portfolio at 31December 2015 and 2014 is as follows:
(In € million) Total VaR Equity price VaR Currency VaR Interest rate VaR
31December 2015    
FX hedges 19 019 0
Financing liabilities, financial assets (incl. cash,
cashequivalents, securities and related hedges) 50 22 29 28
Equity swaps 11 11 0 0
Diversification effect (39) (8) (39) 0
All financial instruments 41 25 928
31December 2014    
FX hedges 15 015 0
Financing liabilities, financial assets (incl. cash,
cashequivalents, securities and related hedges) 22 13 12 18
Equity swaps 17 17 0 0
Diversification effect (20) (6) (24) 0
All financial instruments 34 24 318
The increase of total VaR compared to 31December 2014 is mainly caused by to a strong increase of market volatilities particularly
in relation with interest rates and FX. The Company enters into derivative instruments mainly for hedging purposes of the Group.
The derivative instruments entered into with Group-external counterparties are passed on a 1:1 basis to AirbusGroup entities.
As a result, the respective market risks of the Group-external derivative instruments are offset by corresponding opposite market
risks of intragroup transactions.
Liquidity Risk
The Company’s policy is to maintain sufficient cash and cash equivalents at any time to meet its own and the Group’s present
and future commitments as they fall due. For information on how the Group monitors and manages liquidity risk please refer to
section35.1 “Financial Risk Management” of the Notes to the Consolidated Financial Statements.
The contractual maturities of the Company financial liabilities, based on undiscounted cash flows and including interest payments,
if applicable, are as follows:
(In € million)
Carrying
amount Contractual cash flows < 1 year 1 year- 2years 2years- 3years 3years- 4years 4years- 5years More than 5years
31December 2015
Non-derivative financial liabilities (7,217) (8,064) (1,946) (211) (781) (269) (687) (4,170)
Derivative financial liabilities (11,9 51) (13,698) (4,10 0) (3,635) (2,992) (1,976) (560) (435)
Total (19,168) (21,762) (6,046) (3,846) (3,773) (2,245) (1,247) (4,605)
31December 2014
Non-derivative financial liabilities (5,551) (6,405) (194) (1,193) (230) (749) (237) (3,802)
Derivative financial liabilities (5,662) ( 7,567) (2,310) (1,789) (1,066) (615) (1,407) (380)
Total (11,213) (13,972) (2,504) (2,982) (1,296) (1,364) (1,644) (4,182)
Credit Risk
The Company is exposed to credit risk to the extent of
non-performance by either the related parties to which it
provides financing or its counterparts with regard to financial
instruments or issuers of financial instruments for gross cash
investments. Although the Company provides loans to Group
companies its credit risk is limited to its direct subsidiaries.
For the policies the Company has put in place to avoid
concentrations of credit risk and to ensure that credit risk is
limited please refer to section35.1 “Financial risk management”
of the Notes to the Consolidated Financial Statements.
In 2015, the total receivables, neither past due nor impaired
amount to € 4,946million (in 2014: € 4,226million).
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015