AEG 21604 G Manual de usuario descargar pdf (Pagina 613)

100

101

F-372

Other loans include two interest-free government grants totalling € 744,000 from the Spanish Ministry of Educa-

tion in respect of research and development at the Company's Vitoria facility. The first grant of € 224,000 will be

reimbursed in equal annual instalments between September 2010 and September 2021. The second grant of €

520,000 will be reimbursed in annual instalments between September 2011 and September 2022.

a) Debt analysis by rate

2008

2007

€ 1,000

Total fixed rate debt .....................................................................................

15,449

15,518

Total floating rate debt.................................................................................

13,040

33,553

28,489

49,071

The Group does not use hedging instruments and all of the Group's debt was denominated in Euros at 31 De-

cember 2008 and 2007.

b) Fair value

The fair value of the Group's debt is determined for each loan by discounting the future cash flows using a dis-

count rate corresponding to bond yields at the end of the year, adjusted by the Group's credit rate risk. The fair

value of debt and bank overdrafts at floating interest rates approximates the net carrying amounts.

c) Market-related exposures

The Group has a centralised treasury management in order to minimise the Group's exposure to market risks,

including interest rate risk, foreign exchange risk and counterparty risk. At 31 December 2008 and 2007, the

Group did not use derivative financial instruments.

Firm commercial contracts or other firm commitments are not hedged. Due to the diversity of its customer base

and their diverse geographical locations, Group management considers that the credit risk relating to customers

is limited and that there is no risk of significant credit concentration.

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