2009 - Jaarverslag

Other information51 FINANCIAL INSTRUMENTSAs part of the normal business operations, the Group incurs liquidity, credit, interest and currency risks.The risk of fluctuations, mainly in exchange rates and interest rates, is hedged using derivatives.51.1 Liquidity riskThe liquidity risk is the risk of the Group being unable to meet its liabilities when they fall due. The Group’spolicy on control of the liquidity risk is to guarantee to the best of its ability that sufficient liquidities areavailable to meet its liabilities on time, in both normal and exceptional situations.The term of the financial liabilities as at 31 December 2009 is as follows:Book valueContractualcash flow(includinginterest)2010< 1 year20111-2 years2012/142-5 years2015and after> 5 yearsFinancial liabilities(excluding derivatives)Long-term debts 193.6 – 198.9 – 3.5 – 5.6 – 187.0 – 2.8Cash loans, overdrafts 14.7 – 14.7 – 14.7 – – –Trade and other creditors,excluding derivatives 111.0 – 111.0 – 111.0 – – –DerivativesInterest rate swaps 0.7 – 11.9 – 3.2 – 3.2 – 5.0 – 0.5Forward foreign exchangecontracts 0.4 – 0.4 – 0.4 – – –Total financial liabilities(including derivatives) 320.4 – 336.9 – 132.8 – 8.8 – 192.0 – 3.3Royal Ten Cate Annual Report 2009 127