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RADIO TELEFÍS ÉIREANN Notes (continued) forming part of the Group financial statements 22 Financial Instruments (continued) (b) Credit risk (i) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Carrying amount Note 2008 2007 €’000 €’000 Trade receivables 12 52,803 61,294 Cash and cash equivalents 13 68,267 16,730 Liquid investments 14 - 73,405 The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was: Carrying amount 2008 2007 €’000 €’000 Ireland 49,403 57,573 United Kingdom 3,316 3,660 Other Regions 84 61 All other financial assets are held with counterparties in Ireland. The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: Carrying amount 2008 2007 €’000 €’000 Non-agency debtors 11,335 12,396 Other debtors - agency 41,468 48,898 Trade Receivables 12 52,803 61,294 An agency debtor represents an advertising agent or agency, being a person, firm or company which selects or books advertising space on behalf of the advertiser. The Group’s most significant debtor, an Irish company, accounts for €6.2 million (11%) of the trade receivables carrying amount at 31 December 2008 (2007: €6.6 million). (ii) Impairment losses The aging of trade receivables at the reporting date was: Gross Impairment Gross Impairment 2008 2008 2007 2007 €’000 €’000 €’000 €’000 Not past due 26,675 - 29,774 - Past due 0-30 days 26,059 1,325 29,605 - Past due 31-120 days 1,761 775 1,847 - Greater than 120 days 666 258 4,239 4,171 55,161 2,358 65,465 4,171 The movement in the allowance for impairment in respect of Trade Receivables during the year was: 2008 2007 €’000 €’000 Balance at 1 January 4,171 4,361 Impairment loss recognised (14) (81) Bad debts written off in the year (1,799) (109) Balance at 31 December 2,358 4,171 70
ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2008 22 Financial Instruments (continued) (c) Liquidity risk The following are the contractual maturities of financial liabilities: 31 December 2008 Carrying Contractual 6 mths amount cash flows or less 6-12 mths 1-2 years €’000 €’000 €’000 €’000 €’000 Non-Derivative Financial Liabilities Trade payables 9,257 9,257 9,257 - - Accruals 60,720 60,720 60,720 - - Derivative Financial Liabilities Forward exchange contracts: Outflow 148 22,775 10,671 8,510 3,594 70,125 92,752 80,648 8,510 3,594 31 December 2007 Carrying Contractual 6 mths amount cash flows or less 6-12 mths 1-2 years €’000 €’000 €’000 €’000 €’000 Non-Derivative Financial Liabilities Trade payables 6,716 6,716 6,716 - - Accruals 55,432 55,432 55,432 - - Derivative Financial Liabilities Forward exchange contracts: Outflow 984 17,193 9,819 7,374 - 63,132 79,341 71,967 7,374 - (d) Currency risk (i) Exposure to currency risk The functional currency of all Group entities is Euro. Due to the nature of certain aspects of its business, in particular acquired television programmes and rights from overseas, RTÉ is exposed to the effects of fluctuations in foreign currency exchange rates. The currencies that give rise to this risk are US Dollars and Sterling. The group primarily uses forward exchange contracts to hedge its currency risk. Changes in the fair value of forward foreign exchange contracts are recognised in the income statement. The fair value of forward exchange contracts is based on their spot price. At 31 December 2008 the fair value of forward contracts was €148,000 (2007: € 984,000). Breakdown of Trade Payables by Currency 2008 2007 €’000 €’000 Euro 8,703 6,418 GBP 442 215 USD 83 7 Other 28 75 9,256 6,715 The following significant exchange rates applied during the year: Reporting date Average rate spot rate 2008 2007 2008 2007 Euro Euro Euro Euro USD 1 1.4708 1.3082 1.3917 1.4721 GBP 1 0.7963 0.68611 0.9525 0.73335 71
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