The Government authorized Finavia to take out a new long-term loan up to a maximum of EUR 40 million. In addition to this, Finavia was authorized to give personal securities without requiring countersecurity to a maximum of EUR 60 million as collateral on loans taken out by property companies connected to Finavia’s field of activity or its subsidiary companies providing airport and air navigation services.
Finavia did not take out any new long-term loans last year or give personal securities on behalf of loans taken out by its subsidiaries. Th ree companies belonging to the Group raised long-term capital totalling EUR 26.3 million without a personal security from Finavia.
The interest-bearing loans of Finavia and its subsidiaries totalled EUR
222.3 million at the end of the year, which included the instalments to
be paid during 2007. Longterm interest-bearing loans totalled EUR 219.3
million at the end of the year and short-term interest-bearing loans EUR
3.0 million. A total of EUR 26.3 million was taken out in new loans and
EUR 15.1 million was repaid on old loans. The amount of interest-bearing
loans increased by EUR 10.8 million on the previous year.
Finavia’s interest-bearing loans at the end of the year stood at
EUR 116.4 million, which includes the repayments for 2007. Finavia repaid
its loan portfolio during the year to the sum of EUR 8.5 million.
The average rate of interest on Finavia’s interest-bearing loans
was around 3.59 % at the end of the year. According to the Group’s
interest rate risk policy, 25–100 % of the loan portfolio must be
secured. Finavia’s hedging rate at the end of 2006 was 35 %. The impact of hedged agreements has been taken into account in calculating
the average rate of interest of the loans. The short and long-term interest
rate investments included in the balance sheet also reduce the Group’s
open interest rate risk. Interest rate investments and derivatives together
covered around three quarters of the Group’s interest rate risk.
Finavia’s financial position weakened slightly during the year. Operating cash flow before investments was EUR 59.7 million, which was EUR 5.2 million less than the previous year. Cash flow after investments stood at EUR 3.3 million. Capital gains of around EUR 2.0 million were entered against long-term securities investments held as liquid assets.
All financial investments have been valued in the financial statements in profit or loss at the lower of acquisition price or probable redemption price.
Back to top