62 ANNUAL REPORT 2012 Currency risk The Company operates internationally and is exposed to risk from changes in foreign currency rates The Company is mainly exposed to fuctuations in the US dollar The Companys currency exposure to US dollars arises primarily from its investments in the Quito Airport concessionaire Quito construction joint venture and from its US operating unit within the Infrastructure segment The functional currency of these entities is the US dollar The impact of changes in currency rates for these investments does not impact proft or loss but is instead reported as currency translation differences in other comprehensive income For these investments the Companys sensitivity to a 10 change of the US dollar against the Canadian dollar as at December 31 2012 would have been a change in comprehensive income of approximately 13600 The Companys sensitivity to a 10 change of the US dollar against the Canadian dollar as at December 31 2012 to proft or loss for currency exposures other than those discussed above would be 570 The sensitivity analysis includes foreign currency denominated monetary items but excludes all investments in joint ventures and hedges and adjusts their translation at period end for the above 10 change in foreign currency rates Additional information on fnancial instruments Fair value through Loans Total Total proft Held to and Amortized carrying fair or loss maturity r e c e i v a b l e s cost amount value Cash and cash equivalents 66917 66917 66917 Restricted cash 39293 39293 39293 Trade and other receivables 624469 624469 624469 Unbilled revenue 331547 331547 331547 Longterm fnancial assets 3485 1321 4806 4806 3485 1063547 1067032 1067032 Bank indebtedness 10368 10368 10368 Trade and other payables 631854 631854 631854 Deferred revenue 141599 141599 141599 Current portion of nonrecourse project debt 11926 11926 11926 Current portion of longterm debt 61899 61899 61899 Nonrecourse project debt 156041 156041 156041 Longterm debt 146048 146048 146048 Convertible debentures 1589 251600 253189 279047 1589 1411335 1412924 1438782 Cash and cash equivalents restricted cash marketable securities trade receivables trade payables and accrued liabilities approximate their fair values on a discounted cash fow basis because of the shortterm nature of these instruments In general investments with original maturities of greater than three months and remaining maturities of less than one year are classifed as shortterm investments Investments with maturities beyond one year may be classifed as current based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations Other fnancial instruments held or issued by the Company include holdbacks receivable noninterest bearing project advances payable or holdbacks payable which are amounts directly related to construction contracts These amounts by their nature do not bear interest and consideration for the time value of money is thus negotiated into the price of the contracts The Company does not have plans to sell these fnancial instruments to third parties and will realize or settle them in the normal course of business No quoted market price exists for these instruments because they are not traded in an active and liquid market Accordingly the fair values of holdbacks receivable noninterest bearing project advances payable or holdbacks payable which are due within one year are considered to approximate their carrying values For those fnancial instruments that are due beyond one year the Company has fair valued them to refect the time value of money and the credit risk or the borrowing risk associated with these fnancial instruments The carrying values of longterm debt approximate their fair values on a discounted cash fow basis because the majority of these obligations bear interest at market rates Convertible debentures are discussed in Note 19 NOTES TO THE CONSOLIDA TED FINANCIAL ST A TEMENTS DECEMBER 31 2012 AND 2011 IN THOUSANDS OF CANADIAN DOLLARS EXCEPT PER SHARE AMOUNTS