Vetoquinol Universal Registration Document 2019

68   Vetoquinol  Universal Registration Document 2019  Financial report 6 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements Analysis of the Group’s exposure to currency risk (IFRS 7) based on notional amounts is as follows: €000 EUR USD CAD GBP INR PLN BRL AUD CHF Other Total currencies Dec 31, 2019 Trade receivables 32,890 13,680 11,982 4,093 4,152 978 6,195 606 524 3,694 78,796 Impairment of trade recei- vables (1,410) (157) (2) (103) (235) (449) (23) (163) (37) (113) (2,691) Net trade receivables 31,481 13,524 11,980 3,990 3,917 529 6,173 443 488 3,581 76,104 Prepayments 508 572 30 3 372 15 27 - - 12 1,540 Prepaid expenses 678 520 879 68 52 73 73 1 7 215 2,565 Receivables from govern- ment agencies 7,493 - 276 74 113 85 1,635 13 - 560 10,250 Other operating receivables 437 92 206 41 - 20 119 - - 27 941 Miscellaneous receivables 351 6 11 - 85 124 953 1 6 7 1,543 Provisions - - - - - - - - - - - Total other receivables 9,467 1,190 1,402 186 623 317 2,808 15 12 821 16,840 Trade and other payables 51,124 9,934 8,365 2,972 3,458 2,279 4,285 338 413 1,383 84,551 Net trade and other payables 51,124 9,934 8,365 2,972 3,458 2,279 4,285 338 413 1,383 84,551 Total gross balance sheet exposure (10,176) 4,779 5,017 1,204 1,081 (1,432) 4,696 120 87 3,018 8,394 €000 EUR USD CAD GBP INR PLN BRL AUD CHF Other Total currencies Dec 31, 2018 Trade receivables 29,739 11,308 6,938 4,717 3,481 1,142 1,356 667 515 3,734 63,597 Impairment of trade receivables (1,738) (136) (2) (1) (199) (439) (58) (157) (53) (85) (2,868) Net trade receivables 28,002 11,172 6,936 4,716 3,281 703 1,297 510 462 3,650 60,729 Prepayments 665 135 533 1 16 4 4 - - 5 1,363 Prepaid expenses 707 729 948 73 54 102 2 1 - 182 2,798 Receivables from govern- ment agencies 8,231 - 269 40 323 181 645 5 3 407 10,105 Other operating receivables 975 18 93 39 - 19 178 - - - 1,321 Miscellaneous receivables 346 - 9 - 76 138 23 - 14 11 617 Provisions - - - - - - - - - - - Total other receivables 10,924 883 1,851 154 469 444 851 6 16 604 16,204 Trade and other payables 47,688 7,457 8,252 2,992 2,887 2,599 828 390 275 1,117 74,486 Net trade and other payables 47,688 7,457 8,252 2,992 2,887 2,599 828 390 275 1,117 74,486 Total gross balance sheet exposure (8,762) 4,597 535 1,877 864 (1,451) 1,320 126 203 3,137 2,447 6.5.4.2 Interest rate risk management The Group’s general policy on interest rate risk is to globally manage its exposure through swaps. Pursuant to the provisions of IAS 39, whenever the conditions for hedge accounting are met, the Group applies the rele- vant procedures. When these conditions are not met, or if the amounts concerned are not material, as has been the case in recent years, derivatives are carried on the balance sheet at their fair value, and all changes in fair value are posted to income, in accordance with the pro- visions of IAS 39. The Group’s exposure to interest rate risk is not mate- rial and primarily concerns two balance sheet accounts: financial liabilities and cash. As of December 31, 2019, 92.3% of the Group’s finan- cial liabilities (including bank overdrafts) bore interest at a fixed rate (2018: 99.0%). Floating rate commitments amounted to €0.9 million as of December 31, 2019 (2018: €0.1 million). The latest loans taken out for €41 million to finance the Bioniche acquisition were swapped in 2014. These loans had been fully repaid by December 31, 2019.