107 25. Financial risk management objectives and policies continued The Group’s policy is to structure its maturities of current financial assets within the Group to meet 100% of the respective maturities of the liabilities.  The table below summarises the maturity profile of the Group’s financial liabilities at 31 December 2012, based on contractual undiscounted payments:  At 31 December 2012, the Group had unused short-term credit lines of US$35.0 million (2011: US$5 million) and a multi-currency revolving credit line  facility of £10.0 million (2011: £10 million) There were no amounts outstanding under these credit lines at 31 December 2012 (2011: nil).  The primary objective of the Group’s capital management is to ensure that it maintains healthy and strong capital ratios in order to support its business  and strategies for growth. The company is considering its total equity as capital.  The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions. To maintain or adjust its capital  structure, the Group may generally issue new shares. Also in 2012 the Group launched a 5 year convertible bond offering amounting to US$201 million  which has a significant impact on the capital structure of the group, amongst others it led to a decrease of the equity ratio. For further information  please refer to note 18. The Group monitors capital using an equity ratio (total equity divided by total assets). The equity ratio as of 31 December 2012 was 54.0% (2011:  75.7%). Capital includes net Shareholders’ equity. The Group’s policy is to finance operational business development and growth if at all possible with  equity rather than long-term liabilities. It is, therefore, also its policy to keep a strong equity ratio. This policy will be reconsidered as soon as sustainable  profits are earned in order to achieve leverage. However financing of strategic decisions focused on long term growth is ensured by long-term liabilities. At 31 December 2012, the Group held Forward exchange contracts and deposits (referred to as the “hedging instruments”) designated as hedges of  firm commitments and forecast transactions in Euros, Pound Sterling and Japanese Yen.  The hedging instruments are being used to hedge the foreign currency risk of contractual cash flows, principally resulting from wages and salaries, and  rental payments with the aim of eliminating the currency risk by transforming these cash flows from Euros, Pounds Sterling or Japanese Yen into US  Dollars. The fair values of the hedging instruments which equal the book values are as follows:  The critical terms of the deposits have been set to match the terms of the hedged cash flows.  Hedging activities  Capital management  Less than 3 months US$000 3 to 12 months  US$000  1 to 5 years US$000 Total US$000 Financial year ended 2012  Trade accounts payable  100,616 –  – 100,616 Other payables  5,600 –  – 5,600 Other financial liabilities  3,868 249  176,617 180,734 110,084 249  176,617 286,950 Financial year ended 2011  Trade accounts payable  46,567 –  – 46,567 Other payables  3,890 –  – 3,890 Other financial liabilities  7,213 –  373 7,586 57,670 –  373 58,043 At 31 December 2012  At 31 December 2011  Assets US$000 Liabilities  US$000  Assets US$000 Liabilities US$000 Fair values  Forward exchange contracts  2,752 472  25 6,552 Deposits  6,318 –  2,199 –