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c) Price risk
Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market prices. The
Company’s exposure to equity securities price risk is limited to the investment in an unlisted entity which represents less
than 1% of total asset. The Company is not exposed to commodity price risk.
d) Credit risk
Credit risk arises from cash and cash equivalents held with banks and credit exposures from customers.
Cash and cash equivalents
For banks and financial institutions, only independently rated parties with minimum ratings described below, as set out
under the Master Facility Agreement between the Company and the EIB, are acceptable. The Company could cooperate
with banks or financial institutions that satisfy the following criteria:
• Long term unsecured and unguaranteed debt should be rated at:
a. A3 or higher by Moody’s; or
b. A- or higher by S&P; or
c. A- or higher by Fitch
• Operates a branch in Greece or such other places as may be agreed between the Company and EIB; and
• Is acceptable by EIB
All cooperation banks are acceptable by EIB.
The analysis of bank deposits’ balances based on credit ratings is presented in the following table:
Bank deposits’ balances analysis based on credit ratings
Credit rating 2011 Credit rating 2010
Aaa-A3 229,395,824 Aaa-A3 76,758,295
143,712,797
Baa1-B3 0 Baa1-B3
0
Caa1-C 37,573,174 Caa1-C
220,471,092
Total 266,968,998
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and procedures in place
aiming to minimise collection losses. Credit control assesses the credit quality of the customers, taking into account
independent credit ratings where available, their financial position, past experience and other relevant factors. Cash and
other collateral are obtained from customers when considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2011 2010
Fully performed 22,229,813 23,084,159
Past due but not impaired 11,732,793
Impaired 19,206,325 7,855,366
Total trade and other receivables subject 53,168,931 35,184,298
to impairment testing 66,123,823
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 28 of 50
c) Price risk
Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market prices. The
Company’s exposure to equity securities price risk is limited to the investment in an unlisted entity which represents less
than 1% of total asset. The Company is not exposed to commodity price risk.
d) Credit risk
Credit risk arises from cash and cash equivalents held with banks and credit exposures from customers.
Cash and cash equivalents
For banks and financial institutions, only independently rated parties with minimum ratings described below, as set out
under the Master Facility Agreement between the Company and the EIB, are acceptable. The Company could cooperate
with banks or financial institutions that satisfy the following criteria:
• Long term unsecured and unguaranteed debt should be rated at:
a. A3 or higher by Moody’s; or
b. A- or higher by S&P; or
c. A- or higher by Fitch
• Operates a branch in Greece or such other places as may be agreed between the Company and EIB; and
• Is acceptable by EIB
All cooperation banks are acceptable by EIB.
The analysis of bank deposits’ balances based on credit ratings is presented in the following table:
Bank deposits’ balances analysis based on credit ratings
Credit rating 2011 Credit rating 2010
Aaa-A3 229,395,824 Aaa-A3 76,758,295
143,712,797
Baa1-B3 0 Baa1-B3
0
Caa1-C 37,573,174 Caa1-C
220,471,092
Total 266,968,998
Trade receivables
Regarding credit exposure from customers, the Company has an established credit policy and procedures in place
aiming to minimise collection losses. Credit control assesses the credit quality of the customers, taking into account
independent credit ratings where available, their financial position, past experience and other relevant factors. Cash and
other collateral are obtained from customers when considered necessary under the circumstances.
Trade and other receivables are analysed as follows in terms of credit risk:
Trade and other receivables subject to impairment testing 2011 2010
Fully performed 22,229,813 23,084,159
Past due but not impaired 11,732,793
Impaired 19,206,325 7,855,366
Total trade and other receivables subject 53,168,931 35,184,298
to impairment testing 66,123,823
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 28 of 50
