Vantaa, Finland, 2013-12-17 — /travelprnews.com/ — The company immediately updated its procedures when the 2011 auditing of the accounts found out that Finavia Corporation has acquired structured interest derivatie contracts in 2009–2011. The contracts were non-hedging, i.e. in violation of the Group’s financing policy.
The use of derivatives, which started during CAA, the predecessor of Finavia Corporation, was not appropriate in all respects. The risk management and reporting of financing, and the management and follow-up of contracts, had not always been organised according to internal instructions, so that the risks of derivative contracts and their real nature would have been shown.
In its Q3 results for 2013, Finavia has entered an appraisal loss of €9.2 million due to the structured interest derivative contracts acquired in 2009–2011.
The National Audit Office of Finland will publish a report on the matter on 17 December 2013.