AMPER, SA and Subsidiaries Consolidated Financial Statements for ...

The following table details the Group's exposure to the risk of the exchange rate at 31 December
2011. The attached tables reflect the book value of the financial instruments or the types of financial
instruments of the Group denominated in foreign currency.
Thousands
of USD
Thousands
of BRL
Non-current financial investments 264 17,634
Other non-current assets 4,014 ---
Total non-current assets 4,278 17,634
Trade receivables and other accounts receivable 87,341 100,616
Cash and other equivalent liquid assets 16,902 18,650
Total current assets 104,423 119,266
Total assets 108,521 136,900
Non-current financial debt 26,024 3,722
Other non-current accounts payable 3,440 ---
Total non-current liabilities 29,464 3,722
Current financial debt 11,349 22,010
Trade creditors and other accounts payable 105,480 39,358
Total current liabilities 116,829 61,386
Total liabilities 146,293 65,090
Gross exposure of the balance sheet (37,772) 71,810
Liquidity risk
The Group maintains a consistent liquidity policy when contracting credit facility commitments, for a
sufficient sum to cover forecast needs for a given period based on the situation of the debt and capital
market. This is reflected in Note 13 (information on credit facilities arranged). During the financial year,
the Company proceeded to sort the entire financial debt with the bank (note 13), and therefore the
Directors of the Company consider that there are no significant risk in this respect.
Credit risk
The Group does not have a significant concentration of credit risk, except for the situation described in
Note 15 on transactions with Grupo Telefonica. The Group has policies to ensure the recoverability of
the investments in projects as well as for the collectability of accounts receivable for the provision of
services to clients with an adequate credit history. The Group orchestrates the collection from certain
clients through non-recourse factoring lines. The Group does not maintain financial assets past due at
31 December 2011 or 2010 for any significant amount.
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