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Annual Report & Accounts 2012 - NOTES
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H ANNUAL REPORT 2012 o l d i n g G~VC s 20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 20.2 Foreign Exchange Risk (continued) The Group considers its net exposure to currency risk to be low and that the potential savings from managing this exposure to be minimal. The Group has investments in foreign operations which are all denominated in Euros minimising the Group's exposure to currency translation risk. 20.2.1 Analysis of the Balance Sheet by Currency At 31 December 2012 Euro GBP USD TRY Other Total €000's €000's €000's €000's €000's €000's Non-current assets 66,176 - - - - 66,176 Receivables and prepayments 10,608 1,286 1,462 3,453 547 17,356 Tax reclaimable 943 - - - - 943 Cash and cash equivalents 5,566 165 862 - 39 6,632 Total current assets 17,117 1,451 2,324 3,453 586 24,931 Trade and other payables (14,747) (2,721) (753) (482) (279) (18,982) Taxation payable (1,146) (38) - - (1) (1,185) Other taxation liabilities (20) (128) - - (38) (186) Total current liabilities (15,913) (2,887) (753) (482) (318) (20,353) Net current assets 1,204 (1,436) 1,571 2,971 268 4,578 Long Term Liabilities - Deferred consideration* (12,283) - - - - (12,283) Total assets less total liabilities 55,097 (1,436) 1,571 2,971 268 58,471 *priced in US Dollars but at a fixed Euro exchange rate. At 31 December 2011 Euro GBP USD TRY Other Total €000's €000's €000's €000's €000's €000's Non-current assets 67,776 - - - - 67,776 Receivables and prepayments 6,545 12 263 1,559 604 8,983 Tax reclaimable 1,529 - - - - 1,529 Other tax reclaimable - - - - - - Cash and cash equivalents 7,764 59 1,895 - 135 9,853 Total current assets 15,838 71 2,158 1,559 739 20,365 Trade and other payables (13,324) (795) (753) (684) (370) (15,926) Taxation payable (1,697) (57) - - (17) (1,771) Other taxation liabilities (146) (113) - - (71) (330) Total current liabilities (15,167) (965) (753) (684) (458) (18,027) Net current assets 671 (894) 1,405 875 281 2,338 Long Term Liabilities - Deferred consideration* (12,940) - - - - (12,940) Total assets less total liabilities 55,507 (894) 1,405 875 281 57,174 *priced in US Dollars but at a fixed Euro exchange rate. A significant proportion of the Group's financial assets and liabilities are denominated in Euros, which minimises the Group's exposure to foreign exchange risk. Management do not consider the impact of possible exchange rate movements based on current market conditions to be material to the net result for the year. 50 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2012