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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
31/12/2011
31/12/2010
USD
Exc. Rate
Differences
USD
Exc. Rate
Differences
44,877
1.2939
2,112
13,643
1.3362
332
Sensitivity Test
44,877
1.0947
8,407
13,643
1.1414
2072
44,877
1.4931
(2,502)
13,643
1.5310
(965)
3. Liquidity risk
The Company’s financial structure is at a low liquidity risk, given the low level of financial leveraging and the high levels
of operating cash flows generated each year.
Liquidity risk would result from the Company having insufficient funds or access to sufficient funds at an acceptable cost
to meet its payment obligations at all times.The Company’s objective is to maintain sufficient available funds.
The Company’s policies establish the minimum liquidity levels required at all times:
• Excess liquidity may only be invested in cer tain types of assets (see previous section on credit risk/investment
activities) the liquidity of which is guaranteed.
• The amount of the Company’s revolving credit lines ensures that the Company is able to meet its operating needs
as well as finance new shor t-term investment projects. At year-end 2011, the credit lines available totalled EUR
303,000 thousand (EUR 61,759 thousand had been drawn down), at the date of preparation of these financial
statements, this amount had not increased, at year-end 2010, the credit lines available totalled EUR 330,000 thou-
sand (EUR 60,185 thousand had been drawn down). Given the difficult market situation, these credit lines have
been contracted under very competitive financial conditions, which strengthens the financial sector’s perception
that the Company is creditwor thy and sound.
The undiscounted contractual maturity dates of financial liabilities at 31 December 2011 were as follows:
Thousand of Euros
Up to 6
months
6 months -
1 year
1-5 years
More than
5 years
Total
Non-current borrowings
-
-
93
8
101
Current borrowings
98,098
61,759
-
-
159,857
Current borrowings from Group
companies and associates
524
128,558
-
-
129,082
Trade and other payables
195,288
27,031
-
-
222,319
293,910
217,348
93
8 511,359
The table below presents information with respect to Law 15/2010 of 5 July, amending Law 3/2004 of 29 December
establishing measures against late payment in commercial transactions,