Annual report 2012

24. Cash and cash equivalents

EUR thousand 2012 2011
Cash in hand and bank balances 25,602 21,094
Bank deposits with a maturity of up to three months 18,472 40,171
Total 44,074 61,265

Bank balances bear interest at bank rates for positive cash balances, while over-night deposits bear interest at contractually agreed rates. Short term deposits are made for varying periods of between one to three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

The Group records short-term and long-term credit lines or revolving loans which are secured by blank bills of exchange. Short-term revolving loans bear interest at 3.00% and mature in 2013. Long-term credit lines or revolving loans mature in 2015. The latter are subject to a variable interest rate and a premium ranging from 3.80% to 4.80%. In addition, the Group concluded agreements with banks on bank-account overdrafts subject to an interest rate of between 5.50% and 6.35%.