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Annual Report & Accounts 2007
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Cash & Cash Equivalents 31 December 31 December In thousands of euro 2007 2006 Euro 15,773 6,904 Sterling 63 2,188 USD 9 311 Other 14 4 15,859 9,407 Trade and other payables 31 December 31 December In thousands of euro 2007 2006 Euro 2,982 2,867 Sterling 638 216 USD 741 530 Other 69 8 4,430 3,621 A signi˘cant proportion of the Group’s ˘nancial assets and liabilities are denominated in Euros, which minimises the Group’s exposure to foreign exchange risk. Interest rate risk The Group and Company earn interest from bank deposits. During the year, the Group and Company have held cash on deposits with a range of maturities of less than three months. The Group had no committed borrowing facilities as at 31 December 2007. Credit risk The Group has no signi˘cant concentrations of credit risk with exposure spread over a large number of customers. The Group does not grant credit facilities to any of its customers and the maximum exposure to credit risk is represented by the carrying amount of each ˘nancial asset in the balance sheet. Liquidity risk At 31 December 2007, the Group had cash and cash equivalents of C15.9 million (2006: C9.4 million) and considers liquidity risk to be low for the business. Fair values The carrying amounts of the ˘nancial assets and liabilities in the balance sheet at 31 December 2007 and 2006 for the Group and Company are a reasonable approximation of their fair values. All trade and other receivables and payables have a maturity of less than one year. 27