WindarPhotonics AnnualReport 2018 All - Flipbook - Page 22
DIRECTORS´ REPORT
continued
DIRECTORS’ REMUNERATION
The value of all elements of remuneration received by each Director in the year was as follows:
Wages and
Fair value of
salaries
Fees
warrant costs
Total
€€€€
Year ended 31 December 2018
Executive Directors
Jørgen Korsgaard Jensen
-
-
Non-executive Directors
Simon Barrell
-
11,224
Johan Blach Petersen
-
13,423
Søren Høffer
-
11,224
Total
-
35,872
-
-
-
-
-
11,224
13,423
11,224
-
35,872
Year ended 31 December 2017
Executive Directors
Jørgen Korsgaard Jensen
-
-
-
Non-executive Directors
John Weston (resigned 29 December 2017)
-- 3,7713,771
Simon Barrell
-
-
1,885
1,885
Johan Blach Petersen
-
-
-
Søren Høffer (appointed 29 December 2017)
-
-
-
Total
-
-
5,656
5,656
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The Company has put in place qualifying third party indemnity provisions for all of the directors of
Windar Photonics Plc.
FINANCIAL INSTRUMENTS
Currency
The Group reports its revenues and costs in €, whilst some of these revenues and costs may arise in
currencies other than this including, inter alia, US Dollars, Pounds Sterling, Chinese Yuan and Danish
Krone. As a result, the Group is exposed to risks associated with fluctuations in foreign currency
exchange rates, which may adversely affect the Group’s reported profits or make its overseas
contracts relatively less valuable. In particular, customers are invoiced in their local currency rate,
which may in the future give rise to material currency exposure risks. The Group does not currently
engage in any currency hedging although as the business expands and foreign currency exposure
increases the Group will consider options to mitigate the exposure to foreign currency movements.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the finance charges and
principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in
meeting its financial obligations as they fall due.
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities
when they become due. To achieve this aim, the Group finances its operations through a mix of equity
and borrowings. The Group’s objective is to provide funding for future growth and achieve a balance
between continuity and flexibility through its bank facilities and future intergroup loans.
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Windar Photonics - Annual Report and Accounts 2018