Annual Report 2012 - ORCO Germany

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In 2012 the trade receivables on development entities amount to EUR 25.1 million, out of which only EUR 7.2 million are fully performing
and EUR 7.7 million are related to a part of Bär litigation. EUR 2012 the Group recognized an net impairment of EUR 0.3 million.
At 3 1 D e c e m b e r 2 0 1 1
F u lly
p e rfo rm in g
L e s s th a n 6
m o n th s
P a s t d u e b u t n o t im p a ire d Im p a ire d B A L A N C E
3 1 D e c e m b e r
2 0 1 1
6 m o n th s a n d 1 M o re th a n 1 yea r
ye a r
T ra d e re c e iv a b le s g r o s s 1 7 ,5 9 0 3 4 5 - - 9 ,6 6 7 2 7 ,6 0 2
Im p a ir m e n ts a t 3 1 D e c e m b e r 2 0 1 0 (9 ,1 8 7 ) (9 ,1 8 7 )
Im p a ir m e n ts - M e rg e r 2 ,2 0 6 2 ,2 0 6
Im p a ir m e n ts - a llo w a n ce (1 ,5 2 7 ) (1 ,5 2 7 )
Im p a ir m e n ts - w rite -b a ck 1 ,6 0 7 1 ,6 0 7
Im p a ir m e n ts - tra n s fe rs (2 ,8 6 8 ) (2 ,8 6 8 )
Im p a ir m e n ts -O th e rs 99 99
T ra d e R e c e iv a b le - Im p a irm e n t - - - - (9 ,6 7 0 ) (9 ,6 7 0 )
T o ta l tra d e re c e iv a b le s 2 1 ,5 9 0 3 4 5 0 0 (3) 1 7 ,9 3 2
O th e r c u r re n t a s s e ts g ro s s 2 0 ,6 0 4 34 - - 409 2 1 ,0 4 8
Im p a ir m e n ts a t 3 1 D e c e m b e r 2 0 1 0 (7 5 7 ) (7 5 7 )
Im p a ir m e n ts - tra n s fe rs 345 3 4 5
O th e rs 3 3
O th e r c u r re n t a s s e ts - Im p a irm e n t - - - - (4 0 9 ) (4 0 9 )
O th e r c u r re n t a s s e ts - N e t V a lu e (i) 2 0 ,6 0 4 34 0 0 0 2 0 ,6 3 9
C a s h a n d c a s h e q u iv a le n t s g ro s s 1 4 ,7 9 7 - - - - 1 4 ,7 9 7
T o ta l c a s h a n d c a s h e q u iv a le n t s 1 4 ,7 9 7 - - - - 1 4 ,7 9 7
N o n c u rre n t lo a n s a n d re c e iv a b le s 2 5 ,0 5 0 - - - - 2 5 ,0 5 0
N o n c u rre n t lo a n s a n d re c e iv a b le s 2 5 ,0 5 0 - - - - 2 5 ,0 5 0
(i)
The other current assets excluded in this table represent mainly tax receivables amounting to EUR 1.1 million.
As a result of a prior-year adjustment described in Note 2, the trade receivables “full performing” have been restated by EUR 4.0 million. The total
amount of trade receivables decreased after the correction from EUR 31.6 million to EUR 27.6 million.
In 2011, the Group recognized impairments on trade receivables for EUR 1.5 million, a write back has been registered for EUR 1.6 million relating
partly to incoming payments on doubtful credits.
The table below shows the rating and the balance of the major bank counterparties at the balance sheet date.
Counterparty Moody's Rating S&P's Rating Fitch's Rating December 2012 December 2011
Deutsche Bank A2 A+ A+ 4.7 9.0
Berliner VB - AA- - 2.3 1.8
LBB/Sparkasse Aa1 - AAA 0.6 1.3
HypoVereinsbank (HVB) A A+ A+ 0.1 0.0
HSH Nordbank 0.0 2.1
in EUR million 7.7 14.3
In the opinion of the management, there is no significant credit risk on bank counterparties not included in the table above. The Group does not hold
any collateral.
(c)
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate
amount of committed credit facilities and the ability to close out market positions. Due to the inherent nature of its assets, the Group is subject to
liquidity risk (see note 2.1 on going concern and note 3.3 for covenant breaches).
The liquidity risk is the risk that the Group might encounter difficulties raising liquid funds to meet commitments as they fall due.
The Group management monitors the Group’s liquidity risk on the basis of expected cash flows and by managing its development agenda and
portfolio of investment properties (see note 2.1.1).
The table below analyses the Group’s financial liabilities and net-settled derivative instruments into relevant maturity groupings based on the
remaining period as from 31 December 2012 to the contractual maturity date.
As the amounts disclosed in the table represent the contractual undiscounted cash flows, these amounts will not necessarily reconcile to the amounts
disclosed on the consolidated balance sheet for borrowings, derivative instruments and other payables considered as financial instruments.
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 18