Prueba en sistema operativo AS400:

To present the market risk, sensitivity analysis are required according to IFRS 7, which indicates how hypothetical changes of relevant risk variables would have affected our annual net income or other value changes recognized in equity. In this connection the Group is mainly affected by currency risks. The impacts are evaluated by hypothetical changes in risk variables on the portfolio of the financial instruments.

As at 31 December 2014 the financial instruments were recorded at the following book values and fair values:

EUR thousand Book values Total book values within scope of IFRS 7 Valuation category according to IAS 39 Fair Value of which Fair Value Level 1 of which Fair Value Level 2 of which Fair Value Level 3

Cash and cash equivalents 50,170 50,170

Loans and

receivables 50,170 50,170 - - Receivables from trade

accounts and other

receivables 14,056 14,023

Loans and

receivables 14,023 - 14,023 - Other financial assets 1,665 1,665

Loans and

receivables 1,665 - 1,665 -

Total assets 65,891 65,858 65,858 50,170 15,688 -

Payables from trade

accounts and other liabilities 12,520 10,894 Financial liabilities 10,894 - 10,894 - Borrowings 20,709 20,709 Financial liabilities 20,709 - 20,709 -

Total liabilities 33,229 31,603 31,603 - 31,603 -

The carrying amounts and fair values of financial instruments as of 31 December 2013 are as follows:

EUR thousand Book values Total book values within scope of IFRS 7 Valuation category according to IAS 39 Fair Value of which Fair Value Level 1 of which Fair Value Level 2 of which Fair Value Level 3

Cash and cash equivalents 38,802 38,802

Loans and

receivables 38,802 38,802 - - Receivables from trade

accounts and other

receivables 13,584 13,280

Loans and

receivables 13,280 - 13,280 - Receivables from related

companies 594 594

Loans and

receivables 594 - 594 -

Other financial assets 3,474 3,474

Loans and

receivables 3,474 . 3,474 -

Total financial assets 56,454 56,150 56,150 38,802 17,348 -

Payables from trade

accounts and other liabilities 9,317 8,055 Financial liabilities 8,055 - 8,055 - Borrowings 7,023 7,023 Financial liabilities 7,023 - 7,023 -

Total liabilities 16,340 15,078 15,078 - 15,078 -

Market risk

Interest rate risk

The Group’s fair value interest rate risk relates primarily to its fixed-rate bank borrowings. The Group’s cash flow interest rate risk relates primarily to its variable-rate bank balances and pledged bank deposits.

The management performs sensitivity analyses on a periodic basis by evaluating increases or decreases in interest rates.

During the reporting period, an increase or decrease of 25 basis points in interest rates would increase or decrease the Group’s post-tax profit and herwith also the equity by approximately +/– kEUR 105 (2013: +/– kEUR 105).

Currency risk

Certain Group transactions are denominated in foreign currencies, thereby creating risks due to exchange rate fluctuations. The Group’s operating transactions are performed in RMB, HKD, USD and EUR. No hedging transactions will be made.

The Group has material amounts of foreign currency monetary assets in USD (kEUR 80) and HKD (kEUR 106) as at the balance sheet date.

The sensitivity analysis of the management regarding the increase or decrease in currency rate leads to the result that an increase or decrease of exchange rates of RMB, USD or HKD to the Euro of 5% would result in a profit of

approximately +/– kEUR 3 (2013: kEUR 88).

Other price risk

The management believes that the Group does not have significant exposure to price risk. Therefore, no sensitivity analysis has been performed.

Credit risk

The management has taken measures in order to minimise credit risk. These measures include determining credit limits, diligent credit approvals and regularly monitoring accounts receivables. As a rule, new customers are required to pay in advance.

Trade receivables have the following aging structure:

in EUR thousand 2014 2013

Not due, not individually impaired 10,946 9,645

1 – 30 days past due 550 635

31 – 60 days past due 263 372

61 – 180 days past due 389 248

More than 180 days past due 35 281

Total past due, but not individually impaired trade receivables 1,237 1,536

Individually impaired 494 3

Net carrying amount 12,677 11,184

The value of the specific allowance for bad debts is determined on the assessment of the individual risk for each individual receivable. Due to the fact that no United Power customer accounts for more than 10% (2013: 10%), the liability and credit risk for the Group are negligible. No collateral has been received and there are no other credit enhancements.

The carrying amounts of financial assets correspond to the maximal default risk.

Liquidity risk

In order to reduce liquidity risk, the Group maintains a sufficient amount of liquidity. The Group did not have unutilised bank facilities as at 31 December 2014.

The following tables detail the Group’s remaining contractual maturity for its financial liabilities as at 31 December 2013 and 2014 based on agreed repayment terms. The tables have been drawn up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows:

Financial liabilities

Weighted average

interest rate < 3 months

3–6 months 6–12 months Total undiscounted cash outflows Carrying amounts as at 31 December 2014

% kEUR kEUR kEUR kEUR kEUR

Trade payables and

other liabilities 12,520 0 0 12,520 12,520

Borrowings from banks 7.13 11,514 8,671 942 21,127 20,709

Financial liabilities

Weighted average

interest rate < 3 months

3–6 months 6–12 months Total undiscounted cash outflows Carrying amounts as at 31 December 2013

% kEUR kEUR kEUR kEUR kEUR

Trade payables and

Fair value

The fair values of financial assets and financial liabilities are determined as follows:

• The fair value of financial assets and financial liabilities with standard terms and conditions and traded in active liquid markets is determined with reference to quoted market bid prices; and

• The fair value of other financial assets and financial liabilities is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices or rates from observable current market transactions.

The management considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost approximate their fair values.

Fair value measurements recognised in the combined statement of financial position

The financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active market for identical assets or liabilities.

• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).