WindarPhotonics AnnualReport 2018 All - Flipbook - Page 69
21. Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise the following balances with
original maturity less than 90 days:
GroupCompany
As atAs atAs atAs at
31 December 31 December31 December31 December
2018201720182017
€ €€€
Cash at bank
1,721,8031,116,503 221,540180,727
The Group has restricted cash balances of € 518,138 (2017: € 234,692) which are not part of cash balances
for the cash flow statement. The restricted cash balances relate to transactions entered into between the Group
and external financial parties. When EKF has credit approved a customer EKF, issues a non-recourse payment
guaranties to an external financial party typically of 80% to 90% of the face value of the transaction. Upon
shipment of the products the Group then sells the invoice to the external financial party at face value subject
to depositing and pledging a cash amount equal to the difference between the face value of the invoice and the
EKF guaranties. When the customer pays typically one year later, the full invoice amount to the financial party,
the deposit is paid in full to the Group.
22. Notes supporting statement of cash flows
Non-current
loans and
borrowings
€
As at 1 January 2017
Repayment of loans
921,751
Current
loans and
Invoice
borrowingsdiscounting
Total
€€
€
4,586
239,528
1,165,865
(118,320)
(118,320)
-
(4,580)
-
-
107,937
-
-
Loans and borrowings classified
as non-current in previous period
becoming current in this period
(4,579)
4,579
-
-
Foreign exchange rate differences
(1,300)
(6)
-
(1,306)
1,023,809
4,579
Repayment of Invoice Discounting
Accrued interests on
non-current loans
As at 31 December 2017
Repayment of loans
Repayment of Invoice Discounting
Accrued interests on
non-current loans
Loans and borrowings
classified as non-current
in previous period becoming
current in this period
Foreign exchange rate differences
As at 31 December 2018
-
(4,579)
121,208
-
(4,580)
107,937
1,149,596
(4,579)
-
-
(110,473)
(110,473)
120,754
-
-
120,754
(5,250)
5,250
-
(3,569)
1,135,744
(10)
5,240
-
10,735
-
(3,579)
1,151,719
Windar Photonics - Annual Report and Accounts 2018
67