mdg-annual-report-2013

MEDIGENE AG ANNUAL REPORT 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 107As at 31 December 2013, the Group’s financial liabilities were due as shown below. The amounts disclosed are basedon contractual payments.FINANCIAL LIABILITIESIN € KMATURITYUP TO 30DAYS30-90DAYS3-12MONTHS1-5 YEARS >5 YEARS TOTALBalance at 31 Dec 2013Trade accounts payable 1,419 0 0 0 0 1,419Financial liabilities to Cowen ≥ note (4) 0 0 1,044 5,681 4,675 11,400Other current liabilities 554 1,870 162 312 0 2,898Total 1,973 1,870 1,206 5,993 4,675 15,717Balance at 31 Dec 2012Trade accounts payable 719 0 0 0 0 719Financial liabilities to Cowen ≥ note (4) 0 0 927 5,042 6,864 12,833Other current liabilities 798 875 288 258 0 2,219Total 1,517 875 1,215 5,300 6,864 15,771Capital controlThe primary goal of Medigene’s management is to secure sufficient liquidity to finance ongoing research and developmentprograms. The most important control variable aside from the absolute amount of cash and cash equivalentsis the liquidity cover ratio, i.e. the share of cash and cash equivalents and securities in the balance sheet total. A sufficientlyhigh equity ratio is needed to make flexible use of the equity and debt financing opportunities arising on themarket.KEY FIGURES FOR CAPITAL CONTROLIN % 2013 2012Liquidity cover ratioEquitiy ratioCash x 100Balance sheet totalEquity x 100Balance sheet total19 3369 72In view of the cash outflow from operating activities which was not covered by the cash inflow from financing activities,and the net loss for 2013, the liquidity cover ratio decreased to 19% (2012: 33%) and the equity ratio to 69%(2012: 72%). The Executive Board expects to raise additional funds from external sources, e.g. further partnershipagreements with pharmaceutical companies or capital measures in time ≥ see also »Financial risks« in noteA) »Description of Business Activity, Information about the Company«.