Company 32: Current financial liabilities

Other current financial liabilities include liabilities from hedges by derivatives in the amount of TEUR 5,527 (2010: TEUR 14,185) and liabilities from purchase of receivables in the amount of TEUR 3,434.

A significant portion of borrowings is collateralised by blank bills and the Pari-Passu and Negative Pledge clauses, as stipulated in individual contracts, and partly also by financial covenants. Some borrowings are simultaneously secured by several types of collaterals.

The loan contracts concluded with banks include financial covenants that are expected to be fully met in the financial year. The covenants are reviewed on the basis of the audited consolidated financial statements for the respective financial year. A portion of financial covenants relating to borrowings from International Finance Corporation (IFC) are reviewed on a three-month basis.  

Because of the expected breach of financial covenants, the Company applied at the year end 2011 to its bank partners (except International Finance Corporation IFC) for waiver of financial covenants requiring financial statements for 2011. The waiver was approved by all bank partners for all credit lines and guarantee transactions secured by financial covenants. The waiver of financial covenants applies to the financial year 2011.

Financial covenants relating to borrowings from International Finance Corporation (IFC) were met in full at the year end 2011.