Financial instruments in Euro

Value threat
The Group has restricted publicity to adjustments within the costs of the shares held both for buying and selling or as
accessible on the market monetary property.
Money circulation and honest worth rate of interest threat
The interest-rate threat has been partly mitigated by way of the conversion of a big a part of
borrowings into fastened price, whereas it’s estimated that through the present monetary 12 months the precise
threat might be restricted since it’s thought of extremely possible that rates of interest will stay secure within the
medium-term or that might be barely decreased after the primary semester.
The next tables current the sensitivity of the Group’s web leads to doable fluctuations of the
rates of interest for the years 2014 and 2013. The evaluation takes into consideration borrowings and
money and money equivalents of the Firm as at thirty first December 2014 and 2013 respectively.
Monetary devices in Euro
Enhance in curiosity
charges (base items) by
Impact on web
outcomes 2014
Impact on web
outcomes 2013
25 (72.369) (99.012)
50 (144.738) (198.023)
75 (217.106) (297.035)
100 (289.475) (396.046)
Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 51 of 89
(b) Credit score threat
The gross sales transactions of the Group are made to personal corporations and public sector organisations
with an acceptable credit score historical past, with which in lots of instances there’s a lengthy standing relationship.
Relating to credit score threat associated to money deposits, the Group collaborates solely with monetary
establishments of excessive credit standing.
The Group is just not uncovered to credit score threat focus, together with threat of default, due to the actual fact
that it successfully offers with varied companies of the European Union and, to a lesser extent,
establishments of varied European governments. Because of this, the credit score threat that the Group
faces is just not vital.
(c) Liquidity threat
Every Group firm attracts up and screens on a month-to-month foundation a money circulation schedule that features
the working in addition to the investing money flows. All subsidiaries undergo Intracom Holdings on a
weekly foundation an in depth report of their money and credit score place, so that an efficient
monitoring and co-ordination on a bunch degree is achieved.
Prudent liquidity administration is achieved by an acceptable mixture of money and money
equivalents and accredited financial institution amenities. The Group manages the dangers which will come up from lack of
satisfactory liquidity by guaranteeing there are all the time accredited financial institution amenities to be used. The accessible
undrawn borrowing amenities to the Group are enough to deal with any potential shortfall in money.
On 31 December 2014 present and non-current borrowings of the Group amounted to 82,5%
(2013: 99,6%) and 17,5% (2013: 0,4%) of complete borrowings respectively. Present borrowings have
been granted since 2006 for working capital functions and are rolled over on quarter foundation with no
main adjustments. The Group focuses on gradual redemption of the debt and on this respect all
amenities associated to the present borrowings should not thought of to be topic to withdrawal from
monetary establishments within the foreseeable future. It needs to be identified that the Group takes
additional motion to switch short-term borrowings with medium-term resulting from their higher flexibility,
not like its prior coverage to enter into bond loans.
3.2. Capital threat administration
The Group’s targets when managing capital are to safeguard the Group’s potential to proceed as a
going concern and to take care of an optimum capital construction to scale back the price of capital. Group’s
capital is taken into account enough on the idea of the gearing ratio. This ratio is calculated as web debt
divided by complete capital employed. Internet debt is calculated as complete borrowings (together with ‘present and
non-current borrowings’ as proven within the consolidated stability sheet) much less ‘money and money
equivalents’. Complete capital employed is calculated as ‘fairness attributable to Firm’s fairness
holders’ as proven within the consolidated stability sheet plus web debt.
01/01-31/12/2014 01/01-31/12/2013
Complete borrowings (word 23) 50.223.802,68 54.125.209,64
Much less: Money & money equivalents (word 20) (21.276.293,08) (14.520.579,09)
Internet borrowings 28.947.509,60 39.604.630,55
Fairness 7.603.406,39 7.911.460,35
Complete Capital Employed 36.550.915,99 47.516.090,90
Gearing ratio 79,20% 83,35%
Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 52 of 89
3.3. Honest worth estimation
The Group gives the required disclosures regarding honest worth measurement by way of the
hierarchy into three ranges.
On 31 December 2014 the Group had:
– Accessible-for-sale monetary property valued EUR 504.022,06 are categorized in Stage 3.
On 31 December 2013 the Group had:
– Accessible-for-sale monetary property out of which EUR 1.640.447,99 are categorized in Stage 1 and
EUR 507.421,52 are categorized in Stage 3.
The honest worth of monetary devices traded in energetic markets is predicated on quoted market charges at
the stability sheet date (‘Stage 1’).
The honest worth of monetary devices that aren’t traded in an energetic market is set by
utilizing valuation methods and assumptions which can be primarily based on observable market information on the
stability sheet date (‘Stage 2’).
If the honest values of monetary devices that aren’t traded in an energetic market are primarily based on
valuation strategies and assumptions that aren’t primarily primarily based on observable market information, the
devices are categorized in Stage 3. Investments in shares, which aren’t publicly traded and for
which the honest worth can’t be reliably estimated, are introduced at price much less impairment.
3.4. Offsetting monetary property and monetary liabilities
On 31 December 2014 and 2013 the Group doesn’t have any monetary property and liabilities
topic to offsetting, enforceable grasp netting preparations and comparable agreements.
4. Important accounting estimates and judgments
Estimates and judgements are regularly evaluated and are primarily based on historic expertise and
different components, together with expectations of future occasions which can be believed to be cheap beneath the
The Group makes estimates and assumptions in regards to the future. The estimates and
assumptions which have a big threat of inflicting a fabric adjustment to the carrying quantities
of property and liabilities throughout the subsequent monetary 12 months are mentioned under:
 The Group is topic to earnings taxes in quite a few jurisdictions. Important judgment is
required in figuring out the worldwide provision for earnings taxes. There are various
transactions and calculations for which the final word tax willpower is unsure throughout
the abnormal course of enterprise. The place the ultimate tax final result of those issues is completely different
from the quantities that have been initially recorded, such variations will impression the earnings tax
and deferred tax provisions within the interval wherein such willpower is made.
Consolidated Monetary Statements in accordance with IFRS
31 December 2014
Web page 53 of 89

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