112
113
Annual Financial Statements
MYTILINEOS GROUP
Liquidity Risk Analysis - Liabilities
(Amounts in thousands
€
)
2015
up to 6 months 6 to 12 months 1 to 5 years after 5 years
Total
Long Term Loans
-
20,335
346,452
56,255
423,043
Short Term Loans
41,583
104,105
1,251
526
147,465
Trade and other payables
301,744
16,273
62,609
-
380,627
Other payables
(296,205)
362,073
850
-
66,718
Current portion of non - current liabilities
29,910
134,248
-
-
164,157
Total
77,031
637,034
411,163
56,782
1,182,010
MYTILINEOS GROUP
Liquidity Risk Analysis - Liabilities
(Amounts in thousands
€
)
2014
up to 6 months 6 to 12 months 1 to 5 years after 5 years
Total
Long Term Loans
74
7,432
413,688
102,828
524,023
Short Term Loans
28,084
92,664
-
-
120,748
Trade and other payables
234,917
33,388
24,906
-
293,212
Other payables
(202,703)
251,552
58
-
48,907
Current portion of non - current liabilities
-
42,090
-
-
42,090
Total
60,373
427,126
438,653
102,828
1,028,980
MYTILINEOS S.A.
Liquidity Risk Analysis - Liabilities
(Amounts in thousands
€
)
2015
up to 6 months 6 to 12 months 1 to 5 years after 5 years
Total
Long Term Loans
-
17,245
-
-
17,245
Trade and other payables
4,411
-
13,583
-
17,994
Other payables
2,299
116,913
-
-
119,212
Current portion of non - current liabilities
3,450
3,680
-
-
7,130
Total
10,160
137,838
13,583
-
161,581
MYTILINEOS S.A.
Liquidity Risk Analysis - Liabilities
(Amounts in thousands
€
)
2014
up to 6 months 6 to 12 months 1 to 5 years after 5 years
Total
Long Term Loans
-
7,432
144,549
-
151,981
Short Term Loans
-
3,832
-
-
3,832
Trade and other payables
4,294
-
11,061
-
15,355
Other payables
250
125,064
-
-
125,314
Current portion of non - current liabilities
-
9,167
-
-
9,167
Total
4,544
145,494
155,610
-
305,649
4.29.3 Liquidity Risk
Liquidity risk is related with the Group’s need for the sufficient financing of its operations and development. The relevant liquidity require-
ments are the subject of management through the meticulous monitoring of debts of long term financial liabilities and also of payments
made on a daily basis.
On 31/12/2015, the positive balance between Group’s Working Capital and Short-Term Liabilities secures the adequate funding of the Par-
ent Company.
The Group ensures that there is sufficient available credit facilities to be able to cover its short-term business needs, after the calculation of
cash flows arising from the operation as well as cash and cash equivalents which are held. The funds for long-term liquidity needs ensured
by a sufficient amount of loanable funds and the ability to sell long-term financial assets.
The tables below summarize the maturity profile of the Group’s financial liabilities as at 31.12.2015 and 31.12.2014 respectively:
It must be noted that the above table does not include liabilities to
clients from the performance of construction projects, as the maturity
of such values cannot be assessed.
Moreover, cash-advances from customers, construction contacts li-
abilities as well as the provisions and accrued expenses are not in-
cluded.
Capital Control imposition in Greece
The Greek government and the Institutions, after almost five months
of negotiations, failed to reach an agreement until the extended Greek
program expired on the 30th of June 2015. During said period a con-
tinuous and escalated leak of bank deposits occurred as a result of
the increasing uncertainty. Said fact, along with the decision of the Eu-
ropean Central Bank (ECB) for no further increase in the Emergency
Liquidity Assistance (ELA), led to the Legislative Act (L.A.) of the 28th
of July 2015 that introduced the impose of capital controls along with
a Bank holiday period. With a later L.A. on the 18th of July 2015, the
Greek government decided the termination of the Bank holiday, but
retained the measure of capital controls.
The Group monitored and still does said developments very close-
ly, taking every necessary measure to safeguard its going concern.
Through the strength of its international profile and export orientation,
the Group copes with existing difficulties, supports the liquidity of the
Greek system and achieves a smooth and normal operation for all its
sectors of activity.
4.30 Fair Value Measurements
The following table presents financial assets and li-
abilities measured at fair value in the statement of fi-
nancial position in accordance with the fair value hi-
erarchy. This hierarchy groups financial assets and
liabilities into three levels based on the significance
of inputs used in measuring the fair value of the fi-
nancial assets and liabilities. The fair value hierarchy
has the following levels:
- Level 1: quoted prices (unadjusted) in active mar-
kets for identical assets or liabilities;
- Level 2: inputs other than quoted prices included
within Level 1 that are observable for the asset or li-
ability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices); and
- Level 3: inputs for the asset or liability that are not
based on observable market data (unobservable
inputs).
The level within which the financial asset or liability
is classified is determined based on the lowest level
of significant input to the fair value measurement.
The Group’s financial assets and liabilities meas-
ured at fair value in the statement of financial po-
sition are grouped into the fair value hierarchy for
31/12/2015 and 31/12/2014 as follows:
