/
2013
Registration Document
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Financial Report • 107
19 –
FINANCIAL STATEMENTS
Analysis of the Group’s exposure to currency risk (IFRS 7) based on notional amounts is as follows:
€
000
Euros
CAD
CHF
USD
GBP
ZPN
Other
Total
currencies
Dec 31, 2013
Trade receivables
31,663
6,346
473
6,607
4,439
1,811
6,925
58,264
Impairment of trade receivables
(1,237)
(63)
(24)
(0)
(4)
(223)
(224)
(1,774)
Net trade receivables
30,426
6,283
450
6,606
4,436
1,589
6,701
56,490
Prepayments
432
720
0
513
0
103
79
1,846
Prepaid expenses
469
462
2
4
242
88
171
1,436
Receivables from government agencies
5,805
285
93
0
0
84
542
6,809
Other operating receivables
417
0
0
0
0
115
125
656
Miscellaneous receivables
436
11
11
17
3
201
35
714
Provisions
0
0
0
0
0
0
(10)
(10)
Total other receivables
7,559
1,478
105
533
245
590
942
11,452
Trade and other payables
45,011
7,651
638
3,192
2,946
3,040
3,571
66,048
Net trade and other payables
45,011
7,651
638
3,192
2,946
3,040
3,571
66,048
Total gross balance sheet exposure
(7,026)
110
(83)
3,947
1,735
(862)
4,072
1,893
€
000
Euros
CAD
CHF
USD
GBP
ZPN
Autres
Total
monnaies
Dec 31, 2012
Trade receivables
26,584
5,871
426
6,515
4,179
2,309
5,882
51,766
Impairment of trade receivables
(1,244)
(64)
(22)
(47)
(3)
(183)
(207)
(1,771)
Net trade receivables
25,340
5,807
405
6,468
4,176
2,125
5,675
49,995
Prepayments
254
444
282
108
256
1,345
Prepaid expenses
583
338
8
25
210
134
151
1,450
Receivables from government agencies
5,341
461
281
567
6,649
Other operating receivables
153
3
171
10
95
432
Miscellaneous receivables
980
32
15
25
210
53
1,314
Provisions
0
0
0
0
0
0
(10)
(10)
Total other receivables
7,311
1,275
26
503
210
743
1,111
11,179
Trade and other payables
44,537
8,584
329
3,194
3,400
2,326
4,178
66,549
Net trade and other payables
44,537
8,584
329
3,194
3,400
2,326
4,178
66,549
Total gross balance sheet exposure
(11,886) (1,502)
101
3,776
985
542
2,608
(5,375)
19.1.4.2. Interest rate risk management
The Group’s general policy on interest rate risk is to globally
manage its exposure through the use of swaps and options.
Pursuant to the provisions of IAS 39, whenever the conditions
for hedge accounting are met, the Group applies the relevant
procedures. When these conditions are not met, or if the
amounts concerned are not material, as has been the case in
recent years, derivatives are carried on the balance sheet at their
fair value, and all changes in fair value are posted to income, in
accordance with the provisions of IAS 39.
Normally, the Group’s exposure to interest rate risk is insignificant
and concerns basically two line items on the balance sheet:
financial liabilities and cash.
As of December 31, 2013, 59% of the Group’s financial liabilities
(including bank overdraft facilities) bore interest at a fixed rate,
compared to 32% as of December 31, 2012. Floating rate
commitments amounted to
€
15.1 million as of December 31,
2013, compared to
€
34.2 million as of December 31, 2012.
The latest
€
16 million loan taken out by the Group to finance
the Orsco acquisition was swapped in 2013.
The Group’s investments consist of fixed-rate term deposits
with major banks, whilst the corresponding bank overdrafts are
subject to a floating rate. This enabled the Group to minimize its
interest costs for the 2013 financial year.
On the basis of the 2013 financial statements, an increase of
100 basis points in interest rates would have increased earnings
by
€
328,000, whereas in the previous year it would have
decreased earnings by
€
180,000.
