Annual Report

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Astarta Holding N.V.Company financial statements as at and for the year ended 31 December 201111 FINANCIAL INSTRUMENTS BY CATEGORYFinancial instruments as at 31 December are recorded in the financial statement line items as follows:2011 2010(in thousands of Euros)Loans and Loans andreceivables receivables31 DecemberFinancial assets as per balance sheetLoan receivable from subsidiary 12,351 15,506Other accounts receivable 72 23Cash and cash equivalents 47 1412,470 15,543Liabilities atamortized costLiabilities atamortized costFinancial liabilities as per balance sheetLoans and borrowings 13,374 15,928Loan payable to subsidiary 2,179 1625Other liabilities and accounts payable 83 8815,636 17,641The credit quality of financial assets that are neither past due nor impaired can be assessed byreference to external credit ratings (if available) or to historical information about counterparties defaultrates. As at 31 December 2011 loan receivable from subsidiary and other accounts receivable of EUR12.470 thousand (2010: EUR 15.543 thousand) are neither past due nor impaired. These relate to anumber of existing counterparties for whom there is no recent history of credit problems. No externalratings in respect of other accounts receivable and cash and cash equivalents at bank are available.The carrying amount of financial assets represents the maximum credit exposure. The maximumexposure to credit risk as at 31 December is as follows:(in thousands of Euros) 2011 2010Loan receivable from subsidiary 12,351 15,506Other accounts receivable 72 23Cash and cash equivalents 77 1412 ,470 15,543The table below analyses non-derivative financial liabilities excluding interest payments and excludingthe impact of netting agreements into relevant maturity groupings based on the remaining period at thestatement of financial position to the contractual maturity date. Balances due within twelve monthsequal their carrying balances as the impact of discounting is not significant.155
Astarta Holding N.V.Company financial statements as at and for the year ended 31 December 201131 December 2011 Carryingamount(in thousands of Euros)Contractualcash flowsLess thanone yearFrom oneto twoyearsMore thantwo yearsBank loans 13,374 13,374 2 ,972 2 ,972 7, 430Loan payable to subsidiary 2,179 2,179 - 2,179 -Other accounts payable 83 83 83 - -15 ,636 15 ,636 3,060 5,151 7 ,43031 December 2010 Carryingamount(in thousands of Euros)Contractualcash flowsLess thanone yearFrom oneto twoyearsMore thantwo yearsBank loans 15,928 15,928 2, 677 2 677 10,574Loan payable to subsidiary 1,625 1,625 - 1,625 -Other accounts payable 88 88 88 - -17,641 17,641 2,765 4,302 10,574Changes in interest rates impact primarily borrowings by changing either their fair value (fixed rate debt)or future cash flows (variable rate debt).With respect to variable rate instruments, a change of 100 basis points in interest rates over thereporting period would have increased (decreased) equity and net profit by EUR 251 thousand providedall other variables are held constant.At 31 December 2011 the Company does not have outstanding guarantees.12 NUMBER OF EMPLOYEES AND EMPLOYMENT COSTSThe Company has no employees other than directors. Hence, it did not pay any wages and related socialsecurity contributions.13 COMMITMENTSAs at 31 December 2011 Shareholders Mr. Ivanchyk V.P. and Mr. Korotkov V.M. pledged 4.6 % ofAstarta Holding NV issued shares in equal parts totaling EUR 44,259 thousand to secure bank loans inthe amount of EUR 15,734 thousand.The Company’s subsidiaries commitments details are disclosed in the Note 33 of the consolidatedfinancial statements.14 DIRECTORSThe Company is managed by the Board of Directors which consists of five members: three ExecutiveDirectors and two Non Executive Directors. The composition of the Board of Directors is as follows:Viktor IvanchykPetro RybinMarc van CampenValery KorotkovWladyslaw BartoszewskiChief Executive OfficerChief Operating and Financial OfficerChief Corporate OfficerChairman of the Board, Non Executive DirectorVice Chairman of the Board, Non-Executive Director.156
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Annual Report

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