Annual Report 2010 - CMVM

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Notes to the Consolidated Financial Statements as at 31 December 2010According to the Board of Directors, the sensitivity analysis presented above, based on the position on the stated dates, may not be representative of the exchange rate riskexposure to which the Group is subject throughout the year.Credit riskCredit risk is primarily related to the balances receivable from customers and other receivables related to the Group’s operating activities. The deterioration of global economicconditions or adversities that affect the economies on a local, national or international scale may result in the inability of the Group's customers to meet their obligations,with possible negative effects on the Group.This risk is monitored on a regular basis by each of the Group's businesses for the purpose of:- limiting credit granted to customers, considering their profile and age of the account receivable;- monitoring the evolution of the level of credit granted;- analysing the recoverability of receivables on a regular basis.- the impairment losses of the accounts receivable are calculated considering:- the analysis of the age of the accounts receivable;- the customer’s risk profile;- the customers’ financial situation.As at 31 December 2010, the Board of Directors believes that the estimated impairment losses of the accounts receivable are adequately disclosed in the financial statements.As at 31 December 2010 and 2009, the accounts receivable from customers (Note 27) for which no impairment losses were recorded, because the Board of Directors consideredthat they are achievable, are as follows:2010 2009BalancesNot due 309.200 234.953Up to 180 days 99.234 83.176180 to 360 days 42.036 40.190More than 360 days 66.171 34.469516.641 392.788The credit quality of the accounts receivable which are not yet due included in the table above is monitored on a regular basis, based on the aforementioned objectives.Liquidity riskThis risk can occur if the sources of financing, such as the cash flows from operating activities, disinvestment, credit lines and from financing operations, do not meet thefinancing needs, such as the cash outflows for operating activities and financing, investments, remuneration of shareholders and debt repayment.In order to mitigate this risk, the Group seeks to maintain a liquidity position and an average maturity of debt that allows it to redeem its debt within reasonable periods oftime.Financial liabilities maturing within one year are replaced with medium and long term maturities as deemed appropriate.202
Notes to the Consolidated Financial Statements as at 31 December 2010The maturity of the financial liabilities as at 31 December 2010 and 2009 is as follows:2010Up to 1 year 1 to 2 years 2 to 3 years More than 3 years TotalLoans 506,965 145,483 397,372 154,806 1,204,626Suppliers 227,519 - - - 227,519Fixed assets suppliers 155 - - - 155Financial leases 23,873 20,502 17,802 190,427 252,604Other creditors 44,480 10,854 6,071 9,225 70,630Other liabilities 248,082 31,486 4,333 9,448 293,3491,051,074 208,325 425,578 363,906 2,048,8832009Up to 1 year 1 to 2 years 2 to 3 years More than 3 years TotalLoans 632,432 115,141 726,411 650,808 2,124,792Suppliers 233,405 - - - 233,405Fixed assets suppliers 1,107 - - - 1,107Financial leases 18,920 17,221 16,517 200,014 252,672Other creditors 44,574 19,631 1,071 4,721 69,997Other liabilities 203,692 8,552 3,235 13,176 228,6551,134,130 160,545 747,234 868,719 2,910,628As at 31 December 2010 and 2009, the amount of available cash and the unused amount of the commercial paper programme and credit lines reached EUR 303,528 thousand andEUR 242,546 thousand, respectively.43 - FINANCIAL ASSETS AND LIABILITIES UNDER IAS 39The accounting policies established in IAS 39 for financial instruments were applied as follows:2010Loans andaccountsreceivableFinancial assetsavailable for saleOther financialliabilities andloansFinancial assets /liabilities at fair valuethrough profit or lossDerivativehedginginstrumentsTotalAssets:Cash and cash equivalents 137,837 - - - - 137,837Customers 516,641 - - - - 516,641Financial assets available for sale - 208,220 - - - 208,220Other investments - 13,244 - 7,053 - 20,297Other receivables 56,661 - - - - 56,661Other assets 148,621 - - - - 148,621Total financial assets 859,760 221,464 - 7,053 - 1,088,277Liabilities:Loans - - 1,204,626 - - 1,204,626Suppliers - - 227,674 - - 227,674Other payables - - 70,630 - - 70,630Other liabilities - - 183,632 - 7,524 191,156Financial leases - - 252,604 - - 252,604Total financial liabilities - - 1,939,166 - 7,524 1,946,690203
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Financial Statements 2010NOTESAs at
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Annual Report 2010 - CMVM

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