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28.1. Principles of financial risk managemen

The Group is exposed to the following categories of risk related to financial instruments:

  • credit risk;
  • liquidity risk;
  • commodity risk;
  • currency risk;
  • interest rate risk.

This note presents information on the Group’s exposure to each of the aforementioned risks as well as the risk and capital management objectives, policy and procedures.

Development of the general guidelines and rules of the risk management policy is the responsibility of the Management Board of the Parent.

Risk is managed on an ongoing basis. Risks are analyzed in connection with the impact of the external environment as well as changes in the structure and activity of the Group. Taking these into consideration, appropriate steps are undertaken aimed at mitigation of the risk or its transfer beyond the Group. In order to do so, the Group ensures that its employees are aware of possible occurrence of risks and their influence on the activity of individual organizational units.

Aware of the risks relating to its business activities, Enea SA continues actions aimed at development of an integrated, formalized risk management system covering credit, liquidity, market, currency and interest rate risks. In 2012 the Management Board of Enea SA adopted Liquidity Risk Management Policy, Currency Risk and Interest Rate Risk Management Policy. As a consequence, in 2013 supplementary procedures concerning Policies in the range of process has been also adopted. In 2014 the principles and methods of measurement and mitigation of the commodity risk were developed by the Company. In 2014 the Company carried out further development of an integrated risk management system.