Annual Report 2008 Sustainable design & engineering - Grontmij

Notes to the consolidated financial statements
23. Trade and other payables
In thousands of euros
31 December 2008 31 December 2007
Amounts due to customers for services and project work 88,705 90,756
Trade creditors 37,761 42,768
VAT and wage tax 21,093 22,983
Social insurance contributions 804 2,648
Pension contributions 3,590 927
Equity accounted investees 1,076 4,436
Employee related expenses 53,946 47,538
Deferred consideration relating to acquisitions 14,343 -
Derivatives used for hedging 1,117 -
Other 31,246 30,741
253,681 242,797
The Group’s currency and liquidity risk relating to trade and other payables is disclosed in note 24.
24. Financial instruments
Credit risk
The carrying amount of the financial assets represents the maximum credit risk. The maximum exposure to credit risk at the reporting date was as follows:
In thousands of euros
31 December 2008 31 December 2007
Loans and receivables 9,266 10,155
Investments held to maturity 3,281 -
Finance receivable 11,971 -
Trade and other receivables 167,065 171,562
Cash and cash equivalents 29,450 33,654
Interest rate swaps used for hedging:
Assets - 869
221,033 216,240
The maximum exposure to credit risk at the reporting date (by geographic region):
In thousands of euros
31 December 2008 31 December 2007
Belgium 20,591 22,538
Denmark 37,305 34,419
Germany/Poland 25,826 23,654
The Netherlands 97,855 86,091
Sweden 14,678 27,027
United Kingdom/Ireland 22,126 18,496
Other 2,652 4,015
221,033 216,240
GRONTMIJ | ANNUAL REPORT 2008 105