Page 73 - Annual Report 2013
P. 73
Annual Report 2013
Cash and cash equivalents – Held-to-maturity financial assets
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 European
Investment Bank, are acceptable. The Company could cooperate with banks or financial institutions or
proceed with the purchase of financial assets 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
• The maturity date of an investment should not exceed the period of 2 years from the investment date
• 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 held-to-maturity financial assets and bank deposits’ balances based on credit ratings is
presented in the following table:
2013 2012
Aaa-A3 Caa1-C Aaa-A3 Caa1-C
Held-to-maturity financial assets 220,486,204 0 201,094,607 0
Bank deposits' balances 28,493,468 6,505,982 5,538,899 7,995,009
Total 248,979,672 6,505,982 206,633,506 7,995,009
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 in payments 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 2013 2012
Fully performing 26,097,360 29,410,452
Past due but not impaired 24,846,939 32,618,643
Impaired 17,670,044 18,011,498
Total trade and other receivables subject to impairment testing 68,614,343 80,040,593
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2013 2012
1-30 days 9,567,602 6,819,364
31-60 days 5,388,830 8,262,932
Over 60 days 9,890,507 17,536,347
Total of past due but not impaired receivables 24,846,939 32,618,643
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for
doubtful debt. The Company has established a credit policy which requires the customers to extend
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 32 of 58
Cash and cash equivalents – Held-to-maturity financial assets
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 European
Investment Bank, are acceptable. The Company could cooperate with banks or financial institutions or
proceed with the purchase of financial assets 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
• The maturity date of an investment should not exceed the period of 2 years from the investment date
• 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 held-to-maturity financial assets and bank deposits’ balances based on credit ratings is
presented in the following table:
2013 2012
Aaa-A3 Caa1-C Aaa-A3 Caa1-C
Held-to-maturity financial assets 220,486,204 0 201,094,607 0
Bank deposits' balances 28,493,468 6,505,982 5,538,899 7,995,009
Total 248,979,672 6,505,982 206,633,506 7,995,009
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 in payments 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 2013 2012
Fully performing 26,097,360 29,410,452
Past due but not impaired 24,846,939 32,618,643
Impaired 17,670,044 18,011,498
Total trade and other receivables subject to impairment testing 68,614,343 80,040,593
Any past due account that is fully covered by guarantees or collaterals given is not tested for impairment.
The aging analysis of the past due, but not impaired amount is presented in the following table:
Aging analysis of past due but not impaired receivables 2013 2012
1-30 days 9,567,602 6,819,364
31-60 days 5,388,830 8,262,932
Over 60 days 9,890,507 17,536,347
Total of past due but not impaired receivables 24,846,939 32,618,643
Credit quality of financial assets
The credit quality of the financial assets is quite satisfactory, taking into account the allowance for
doubtful debt. The Company has established a credit policy which requires the customers to extend
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 32 of 58
