165 348
165
[e] Liquidity risk
Prudent management of the liquidity risk arising from the
Group’s normal operations involves the maintenance of
adequate levels of cash and cash equivalents and short-term
securities as well as ensuring the availability of funds by
having an adequate amount of committed credit lines.
The Group Finance Department uses cash flow forecasts to
monitor the projected level of the Group’s liquidity reserves.
The amount of liquidity reserves at the reporting date is as
follows:
31 December 2014
31 December 2013 (*)
Cash and cash equivalents
494
510
Financial assets held for trading
76
93
Unused committed lines of credit
1,470
897
Total
2,040
1,500
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
Unused committed lines of credit at 31 December 2014 refer
to the Revolving Credit Facility 2011 and Syndicated Revolving
Credit Facility 2014 (Euro 1,400 million) and to the Revolving
Credit Facility 2014 (Euro 70 million); at 31 December 2013,
they had comprised Euro 797 million for the Revolving Credit
Facilities 2010 and 2011 and Euro 100 million for the EIB loan.
The following table includes an analysis, by due date, of
payables, other liabilities, and derivatives settled on a net
basis; the various due date categories refer to the period
between the reporting date and the contractual due date of
the obligations.
31 December 2014
Due within 1 year Due between 1 - 2 years Due between 1 - 5 years
Due after 5 years
Borrowings from banks and other lenders
585
433
355
25
Finance lease obligations
3
3
4
12
Derivatives
47
5
-
-
Trade and other payables
2,242
6
3
4
Total
2,877
447
362
41
31 December 2013 (*)
Due within 1 year Due between 1 - 2 years Due between 1 - 5 years
Due after 5 years
Borrowings from banks and other lenders
325
448
686
3
Finance lease obligations
3
3
4
11
Derivatives
42
3
4
-
Trade and other payables
2,097
3
6
11
Total
2,467
457
700
25
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
(in millions of Euro)
(in millions of Euro)
(in millions of Euro)