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Notes to the Consolidated Financial Statements at 31 st December 2008 Exchange rate risk management is grounded on a permanent quantification and monitoring of the relevant financial and accounting exposures. The eventual impacts generated in the Group’s financial statements, if there was 5% variation in the above referred currencies, can be summarized as follows: 2008 2007 Currency Results Equity Results Equity Venezuelan Bolívar (36) - - - Algerian Dinar (3,148) - (2,120) - Dirhan Marroquí (390) - (232) - US Dollar 514 - (1,352) - Canadian Dollar (240) - (3) - Ukrainian Hryvnia (1,362) - (1,051) - Japanese Yen (10) - (150) - Sterling Pound - - (1) - Mozambican Metical 366 - - - Pataca of Macao (5) - (4) - South African Rand (5) - (2) - Brazilian Real (974) - (2,679) - (5,290) - (7,594) - In the Board of Directors’ opinion, the analysis of the sensitivity exposed above, based on the position on the indicated dates, cannot be representative of the Exchange rate exposure which the Group faces throughout the year. Credit risk The credit risk is essentially related to the receivable balances from customers and other debtors, related to the Group’s operational activity. The worsening in global economic conditions or adversities that affect the economies at a local, national or international scale may be the source of the Group customers’ incapacity to settle their obligations, with potential negative effects on the Group’s results. This risk is monitored on a regular basis by each of the Group’s business units with the objective of: - Limiting the credit granted to customers, considering the respective profile and the maturity of the accounts receivable - Following-up on the evolution of the credit level granted - Analyzing the recovery capacity of the receivables on a regular basis. The adjustments in accounts receivable, are calculated considering: - the analysis of the maturity of the accounts receivable; - the customer’s risk profile - the customers’ financial conditions. On the 31 st December 2008, it is the Board of Directors conviction that the adjustments estimated in accounts receivable, are adequately recorded within the financial statements. On the 31 st December 2008 and 2007, the customers’ accounts receivables for which no adjustments were registered, because the Board of Directors considers that the same are realizable, are the following: 2008 2007 Balances: Not matured 118,956 88,430 Up to 180 days 83,320 116,323 From 180 to 360 days 35,655 12,335 More than 360 days 32,803 42,703 270,734 259,791 228
Notes to the Consolidated Financial Statements at 31 st December 2008 Liquidity risk These risks can occur if the financing sources, such as operational cash flow, disinvestment, credit lines and cash flow obtained from financing operations, do not fulfil the financing requirements, such as cash withdrawals for operational and financing activities, investments, shareholders’ remuneration and debt reimbursement As a way of mitigating this risk, the Group seeks to maintain a liquid position and an average maturity of the debt that allows it to settle its debt within appropriate deadlines Financial liabilities with maturity up to one year is, whenever deemed adequate, replaced with mid and long term maturity terms The financial liabilities maturity on the 31 st December 2008 and 2007 are as follows: 2008 Up to 1 year 1 to 2 years 2 to 3 years More than 3 years Total Loans 536,331 67,620 86,684 1,266,745 1,957,380 Suppliers 220,278 - - - 220,278 Fixed assets suppliers 2,353 - - - 2,353 Financial leasings 13,395 13,584 13,538 219,984 260,501 Other creditors 31,508 23,268 - 2,074 56,850 Other liabilities 230,153 18,625 7,227 21,275 277,280 1,034,018 123,097 107,449 1,510,078 2,774,642 2007 Up to 1 year 1 to 2 years 2 to 3 years More than 3 years Total Loans 348,165 561,846 101,087 781,348 1,792,446 Suppliers 175,636 781 - - 176,417 Fixed assets suppliers 11,742 - - - 11,742 Financial leasings 5,650 5,882 5,465 26,162 43,159 Other creditors 6,546 26,928 4,703 17,753 55,930 Other liabilities 166,877 28,175 21,366 29,259 245,677 714,616 623,612 132,621 854,522 2,325,371 On the 31 st December 2008 and 2007, the amount of cash funds and the amounts not used in the commercial paper program and credit lines amounted to 394,050 thousand Euros and 456,719 thousand Euros, respectively. 45 - FINANCIAL STATEMENT APPROVAL The financial statements of the year ended on the 31 st December 2008 were approved by the Board of Directors on the 20 th April 2009, however the same are still subject to approval, under the terms of the commercial legislation in force in Portugal, by the Shareholders’ General Meeting, which is foreseen to be held on the13 th May 2009. 229
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