Liquidity Risk
Liquidity risk is the risk that the
Group will not be able to meet its financial obligations as they fall
due. The Group’s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group’s
reputation.
The following table shows when the liabilities are due:
LIABILITIES
| T€ | Total | 2008 | 2009 | 2010 | 2011 |
| Trade payable | 72,424 | 72,424 | |||
| Borrowings | 608,662 | 176,695 | 72,000 | 72,000 | 287,967 |
| Other liabilities | 119,234 | 102,563 | 16,671 | ||
| Total | 800,320 | 351,682 | 88,671 | 72,000 | 287,967 |