Annual report - HSE

in €
Changes in allowances for short-term receivables 2012 2011
Balance as at 1 January 29,965 458,922
Written-off receivables collected 0 -189,035
Allowances for receivables 824,308 19,336
Final write-down of receivables 0 -259,258
Balance as at 31 December 854,273 29,965
Receivables by maturity date Not yet due Up to From 3 to From 6 to Over one year TOTAL
3 months 6 months 12 months
Short-term operating receivables 142,868,760 7,417,155 0 29,965 0 150,315,880
Short-term financial receivables 109,317,324 0 0 0 0 109,317,324
Long-term operating receivables 870,313 0 0 0 0 870,313
Balance as at 31/12/2011 253,056,397 7,417,155 0 29,965 0 260,503,517
Short-term operating receivables 206,076,457 9,190,366 0 1,109,647 29,965 216,406,435
Short-term financial receivables 303,576,705 0 0 0 0 303,576,705
Long-term operating receivables 676,352 0 0 0 0 676,352
Balance as at 31/12/2012 510,329,514 9,190,366 0 1,109,647 29,965 520,659,492
in €
Receivables with maturity of up to three months were settled before the end of January
2013.
As at 31 December 2012, the company had EUR 3,189,580 of overdue trade liabilities which
were repaid by 4 January 2013. A portion of its liabilities to suppliers are secured with bank
guarantees, bills of exchange and other forms of insurance.
4.5.8.8.2 Liquidity risk
Liquidity or solvency risk is the risk associated with insufficient financial sources and the
subsequent inability of the company to settle its liabilities in due time. In accordance with
Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP),
the company HSE manages its liquidity risks by preparing and exercising the policy of
regular liquidity management, which is confirmed by the SB in the Annual Business Plan.
For this purpose, the company’s liquidity is monitored on daily, monthly and annual basis.
The Supervisory Board and management are informed about it regularly.
The company monitors and actively manages the liquidity risks with:
Annual Report HSE 2012
4 Financial Report of the company HSE
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• regular monitoring of cash flows on daily, monthly and annual level,
• cash management on the Group level; the main goal of cash management is optimisation
of liquidity of the Group companies through exploitation of synergy effects of the Group
as a whole,
• assuring liquidity reserve in form of credit lines approved at commercial banks (in form
of revolving loans and limits on bank accounts),
• allocation of short-term liquidity surpluses in form of safe and liquid short-term deposits
at commercial banks and in form of cash pooling on the Group level,
• active relationship towards financial markets.
During financial crisis, the management of solvency risks is of utmost importance, which is
why we additionally intensified our carefulness in managing solvency risk. The company
devotes special attention to efficient cash flow planning, which enables timely prediction
of possible liquidity surpluses and deficits and their optimal management.