THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
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The movement on allowances for impairment with respect to trade<br />
receivables during the year reported was as follows:<br />
T€<br />
Balance on January 1<br />
Currency translation differences<br />
Impairment loss recognized<br />
Utilized during the year<br />
Reversal<br />
Balance on December 31<br />
The major currency exposure that <strong>Symrise</strong> has is with respect to<br />
the US dollar. For other currencies, items are generally either denominated<br />
in the functional currency of the respective territories<br />
or in euros. The net risk from foreign currency translation was as<br />
follows:<br />
Dec. 31<br />
Currency risk from<br />
balance sheet items<br />
Thereof financial<br />
assets<br />
Thereof financial<br />
liabilities<br />
Change in future net<br />
income and equity<br />
resulting from a 10%<br />
rise in the euro<br />
2007<br />
in TUS$<br />
12,609<br />
33,566<br />
-20,597<br />
545<br />
2007<br />
in T€<br />
8,573<br />
22,822<br />
-14,004<br />
371<br />
2007<br />
3,024<br />
-124<br />
2,803<br />
-1,001<br />
-555<br />
4,147<br />
2008<br />
in TUS$<br />
31,553<br />
70,435<br />
-38,883<br />
2,868<br />
2008<br />
4,147<br />
14<br />
2,304<br />
-916<br />
-3,228<br />
2,321<br />
2008<br />
in T€<br />
22,987<br />
50,593<br />
-27,606<br />
2,734<br />
This sensitivity analysis is based on the assumption that all<br />
variables other than a change in foreign currency exchange rates<br />
remain constant.<br />
Liquidity Risk for Loans<br />
The following summary shows the contractually agreed redemption<br />
payments with respect to financial liabilities, including estimated<br />
interest payments (5%), as the loans deriving from revolving credit<br />
lines will be available to us on a long-term basis.<br />
2007<br />
T €<br />
Financial<br />
liabilities<br />
2008<br />
T €<br />
Financial<br />
liabilities<br />
Carrying<br />
amount<br />
605,556<br />
Carrying<br />
amount<br />
708,720<br />
Disbursements<br />
666,283<br />
Expected<br />
disbursements<br />
804,178<br />
Terms - disbursements<br />
less than more than<br />
1 year 1 year<br />
79,799<br />
586,484<br />
Expected<br />
terms - disbursements<br />
less than more than<br />
1 year 1 year<br />
108,322<br />
695,856<br />
Cash Flow Forecast for Derivatives<br />
The following summary shows the periods in which cash flows<br />
arise from contracted interest hedges.<br />
2007<br />
T €<br />
Receivables<br />
2008<br />
T €<br />
Liabilities<br />
Carrying<br />
amount<br />
10,552<br />
Carrying<br />
amount<br />
-15,362<br />
Receipts<br />
4,396<br />
Expected<br />
disbursements<br />
-9,431<br />
Receipts - terms<br />
less than more than<br />
1 year 1 year<br />
-333 4,729<br />
Term - expected<br />
disbursements<br />
less than more than<br />
1 year 1 year<br />
-4,020 -5,411<br />
* Expected cash flow deriving from financial instruments with a remaining term to<br />
maturity of less than/more than one year.<br />
140 Annual Report 2008 <strong>Symrise</strong> AG
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