METKA ANNUAL REPORT 2015 - page 114-115

114
115
Annual Financial Statements for FY 2015
04
Price Risk
The Group is exposed to the price fluctuation of raw materials and the stocks belonging to its portfolio as a financial instrument avail-
able for sale. Price risk regarding financial instruments available for sale is considered limited since the stocks represent a minimal
part of the total Group Assets.
41.3 Credit Risk
The credit risk of the Group mainly consists from the customer’s inability to pay in time partially or in total his liabilities.
The assets exposed to credit risk on the statement of Financial Position reporting date analyzed as follows:
The Group’s turnover mainly comes from transactions with pub-
lic institutions and also with foreign companies of low risk rating.
As a result, the credit risk is minimal. According to the above the
Credit risk of the Group is estimated to be minimum. Receiva-
bles which are not impaired and are delayed, are not considered
doubtful. The amounts included in the table above do not include
non-invoiced receivables from construction contracts under IAS
11.
The Group continuously monitors defaults of customers and oth-
er counterparties, identified either individually or by group.
Group management considers that all financial assets that are
not impaired for each of the reporting dates under review are of
good credit quality. None of Group’s financial assets are secured
by collateral or other credit enhancements.
There is a concentration of credit risk from clients, since a signifi-
cant percentage of the consolidated turnover is formed by only a
few clients. This credit risk is counterbalanced by the high credit
ratings of those clients and the advance payments received by
them.
41.4 Liquidity Risk
Liquidity risk is the risk that arises when illiquid assets are insuf-
ficient to meet the liabilities at the date of expiry.
The liquidity risk is kept at a low level, having sufficient cash
equivalents and negotiable securities.
The Group is managing its cash requirements, due to close over-
view of its borrowings and daily payments.
A potential cash flow risk lies with the good execution and pro-
curement of the projects, since there might be a cash elimina-
tion due to non-conformity to the terms and conditions of the
contracts.
The table below analyzes the financial liabilities of the Company
and of the Group into relevant maturity groupings based on the
remaining period at the reporting date of the financial statements
until the date of expiry of current liabilities. The amounts dis-
closed in the table are the contractual undiscounted cash flows.
Balances due within 12 months equal their carrying balances, as
the impact of discounting is not significant and does not include
liabilities from construction contracts under the scope of IAS 11.
The maturity of the financial liabilities as of 31/12/2015 and as of
31/12/2014, for the Group and Company, are as follows:
Group METKA
METKA S.A.
(Amounts in thousands €)
1/1-31/12/2015
1/1-31/12/2014
1/1-31/12/2015
1/1-31/12/2014
Trade and other receivables
269,770
208,768
263,471
200,618
Cash and cash equivalents
154,621
288,314
140,697
192,866
424,391
497,082
404,168
393,484
Group METKA
Liquidity Risk Analysis - Liabilities
(Amounts in thousands €) 2015
up to 6
months
6 to 12
months
1 to 5
years after 5 years Total
Long Term Loans
-
-
1,251
526
1,777
Short Term Loans
2,189
156
-
-
2,345
Leasing liabilities
-
-
-
-
-
Trade and other payables
144,064
15,257
49,026
- 208,347
Other payables
13,180
49,424
-
-
62,604
Current portion of non-current liabilities
-
-
-
-
-
Total
159,433
64,837
50,277
526
275,168
Group METKA
Liquidity Risk Analysis - Liabilities
(Amounts in thousands €) 2014
up to 6
months
6 to 12
months
1 to 5
years after 5 years Total
Long Term Loans
-
-
1,268
822
2,090
Short Term Loans
2,194
156
-
-
2,350
Leasing liabilities
-
-
-
-
-
Trade and other payables
83,729
5,355
13,773
-
102,857
Other payables
5,950
8,320
-
-
14,270
Current portion of non-current liabilities
-
-
-
-
-
Total
91,872
13,832
15,042
822
121,567
METKA S.A.
Liquidity Risk Analysis - Liabilities
(Amounts in thousands €) 2015
up to 6
months
6 to 12
months
1 to 5
years after 5 years Total
Long Term Loans
-
-
-
-
-
Short Term Loans
-
-
-
-
-
Leasing liabilities
-
-
-
-
-
Trade and other payables
97,918
7,873
19,490
-
125,281
Other payables
9,091
19,424
-
-
28,514
Current portion of non-current liabilities
-
-
-
-
-
Total
107,009
27,297
19,490
- 153,796
METKA S.A.
Liquidity Risk Analysis - Liabilities
(Amounts in thousands €) 2014
up to 6
months
6 to 12
months
1 to 5
years after 5 years Total
Long Term Loans
-
-
-
-
-
Short Term Loans
-
-
-
-
-
Leasing liabilities
-
-
-
-
-
Trade and other payables
82,893
5,355
13,773
-
102,022
Other payables
5,222
8,320
-
-
13,542
Current portion of non-current liabilities
-
-
-
-
-
Total
88,115
13,676
13,773
-
115,564
1...,94-95,96-97,98-99,100-101,102-103,104-105,106-107,108-109,110-111,112-113 116-117,118-119,120-121,122-123,124-125,126-127,128
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